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Real estate “paralyzed” in south due to lack of projects

Chetumal, Q.R. — Real estate development in the southern portion of the state is unable to keep up with demand says the head of AMPI south. Elsa Varela Miranda, president of the Mexican Association of Real Estate Professionals (AMPI) Chetumal says there are no new projects scheduled, which is generating a housing deficit.

Varela says the industry has been stalled for the last two years due to the pandemic. She says real estate developments announced before the pandemic were suspended for a variety of reasons, however, the industry remains “paralyzed”.

The planned projects that were put on hold have not resumed, nor has their been any new projects, she explained. The most important project planned was an upper middle class project at the entrance to Chetumal, however, it was suddenly suspended and there is no word on when the housing project will resume.

Varela says the housing offers that do exists in region are “of ridiculously high prices, reaching comparisons with Cancun and Playa del Carmen, but here you do not have the same purchasing power,” added the head of the Asociación Mexicana de Profesionales Inmobiliarios (AMPI).

At the moment, we do not have real estate projects for Chetumal, so we must seek a commitment with the next government so that this southern area is taken into account and real estate developers come, she said.