The Mexican real estate market has undergone a major transformation since the onset of Covid 19. The pandemic has altered people’s lifestyles , with people now needing their home to also accommodate their work needs. Since Covid 19, Mexicans have gained access to better credit conditions and the readaptation of prices has helped the development of the real estate industry and the country’s economic growth.

Due to Covid 19, the medical industry in Mexico has also expanded and bettered, needing more office and examination room-space and the housing spaces were reinvented and adapted according to international client’s needs. More and more foreigners, tourists and visitors, consider Mexico among their favorite destinations to visit, relax, stay for longer periods of time or move definitely and work remotely.

Also since Covid 19, Mexicans have seen an increase in foreign companies investing in Mexico, opening businesses, offices or leisure centers, not only in border cities, but all over the country.

At the start  of the pandemic, the hotel sector was impacted by almost 80%. It has since  recovered and increase the occupancy rate to around 90%.

Approximately 65% of Mexican shopping centers closed during the pandeminc. This sector is now recovering, with 70% of centers having reopened and rental space i growing steadily.

At the start of the pandemic, the construction industry slowed down, but now the real estate market has recovered, especially in tourist and beach destinations such as Cancun, Yucatán, Puerto Vallarta, los Cabos and Tijuana.

Nowadays, PropTech technology in the world of real estate means: Property Technology, buying and selling real estate through technology and “blockchain” is the key!

The pandemic crisis has represented the opportunity to review how we are doing things and the need to innovate and adapt in order to live, work and invest better. It is the perfect time to act and invest in a growing real estate market such as Mexico´s.

“Be fearful when others are greedy, and greedy when others are fearful”. Warren Buffet

By Gabriela Chargoy  | Remax Icon Puebla