Riviera Maya, Q.R. — Quintana Roo real estate authorities say the industry has seen a sharp decline due to a slowdown in sales. National real estate head Wilberth Gutiérrez Álvarez, says the decrease in sales will likely be much as 15% by year end.
Wilberth Gutiérrez Álvarez, who heads the Mexican Association of the Real Estate Industry (AMII) in Quintana Roo, says the sector is going through a period of slowdown.
He says this slowdown has registered a drop in sales, which, by the end of the year, will likely be as high as 15% due mostly to increased buyer caution.
The growth of developments and the arrival of investments, which are key factors in the transformation of municipalities, are currently on hold, he says. Therefore, it is essential to implement measures to regain the confidence of investors and offer greater incentives to reverse the crisis impacting the real estate sector.
“The truth is that the industry has been going through a somewhat complicated situation in general terms. We perceive a contraction in the economy that has meant that we are perhaps not in the best times compared to other periods we have experienced,” he said.
“Where there has been an economic slowdown, we will probably end up with a decrease in sales of between 10 to 15% compared to other times.”
According to Gutiérrez Álvarez, agents of the Asociación Mexicana de la Industria Inmobiliaria (AMII) in Quintana Roo have not received any type of support from the federation, which is incentivizing construction through welfare housing.
He says that this type of housing does not benefit the real estate industry, which is more focused on the marketing of houses and residential and commercial properties built by the private sector.
“To be very frank, the truth is that there has been no impetus from the federal government to incentivize the construction of affordable housing which doesn’t benefit us at all because we market housing built by the private sector.
“What we need is for the economy to continue growing, for the investments that are so often announced to finally materialize because that will generate demand for land, housing, and commercial spaces,” said Gutiérrez Álvarez.
