First: 17 New Mexico City Real Estate Projects Approved
The Mexico City government has authorized the construction of 17 real estate projects in the capital as part of a plan to combat the economic impact of the coronavirus pandemic.
The government has announced 14 projects on Paseo de la Reforma in the central borough of Cuauhtémoc, and three others along the avenue’s extension in the boroughs of Álvaro Obregón and Cuajimalpa.
A public notice in the government’s official gazette states that developers must register their interest in building one or more projects within 15 days. If their application is approved, they must begin construction within 30 days of the lifting of restrictions put in place to limit the spread of Covid-19.
New Projects to Provide Jobs and Help Stimulate Economy
The notice, signed by mayor Claudia Sheinbaum, states the projects are being supported in order to stimulate the economy. And developers are told to offer jobs to people who live near the area where the project will be built. Those chosen as developers and builders will also be required to provide information about their projects to people who live and work in the area within 15 days of commencing construction. This information can be provided either online or in booths set up near the construction site.
Developers will also be required to obtain all environmental and other permits which apply to construction projects. The projects must be sustainable, with ecological design features, and use of solar panels, rainwater collection systems, and green walls.
Second: Tourism, Airlines and Property Buyers
For our tourism areas, airline flights from Mexico, Canada, and USA is key to success. The more flights, leaving and coming at times convenient for the travelers’ point of origin, the better.
So, it looks like now, with the cash flow problems of major airlines and selling off of airline stocks by icon Warren Buffet, restructuring and reinvention to a new business model is incumbent upon these airline giants.
Puerto Vallarta Remains a Desirable Location for Buyers
Mexico has some opportunities here. It is fortunate that Mexico, as part of North America, is so close geographically to its partners Canada and the United States of America. We expect buyers and sellers from all three countries to continue to want vacations, second homes and permanent homes. Our client base, historically through prior crises, continues to seek locations. As soon as the ¨pause¨ ends and we open up, we will begin to learn about demand of properties. We hope to establish a reasonable supply, which can service the demand without being so large that we have an over-supply (which lessens demand).
Our location needs to be accessible by car, plane and boat. We do not know yet who the demographic will be exactly and what they will be requesting. Perhaps short-term rental, long term rental, second homes, permanent homes. But we expect to learn this in the coming weeks and months.
We are fortunate to have Aero-Mexico, Volaris, Interjet, as well as other Mexican airlines, taking care of current routes. We expect they will be adding new flights to the key cities in North American who have flyers coming to our Mexican beaches and iconic colonial cities.
Right now, Mexican Airlines owned and managed by North Americans have regular routes to major destinations such as Montreal, Toronto, Vancouver. They service key cities in California, Oregon and Washington. Florida and Texas are well served. In addition to other departures from the northern east coast, New York has historically had may departure flights to both our eastern and western coasts.
Granted there will be adjustments and innovation to handle heath issues while maintaining an economy which can support its residents who need employment.
Puerto Vallarta and Mexico have advantages both geographically and economically which some countries do not have in as much abundance.
Puerto Vallarta Real Estate Blog published every week –
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This article is based upon Flex MLS reporting, legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review. If you have any other questions, contact me through my website.Harriet Murray