The costs of vertical and horizontal housing have increased in the last year by 5% and 13% respectively, due to the high demand, especially for the second prototype, despite the fact that the trend is to build apartment complexes due to the land shortage, reported the Mexican Association of Real Estate Professionals (AMPI).
Alejandro Muñoz Muratalla, president of the organization’s Puebla chapter, commented that families are looking to acquire single-family homes regardless of whether they are used or new.
He indicated that married couples with small children want properties with green areas, even if they are small, so that the children can play and a space for a garage, unlike families with teenagers, where their comfort needs are different.
He recalled that more than 120 housing projects are in the process of being executed, most of them vertical, which in turn has generated an oversupply that is difficult to sell, due to the fact that the interested parties are married couples with small children.
Under this scenario, he said, there is a slow sale of apartments, since the single house is being better placed, regardless of whether it is used.
Subdivisions from 20 years ago repriced
He indicated that in the subdivisions, built more than 20 years ago, the properties have been repriced even those that do not have construction modifications, which can occur 10 years after being acquired.
“Families with two, three or six years of formation want independent spaces and not apartments, whose condominium rules are stricter in terms of cohabitation,” he said.
The leader of the AMPI commented that, in subdivisions in the eastern part of Puebla capital and to the south, as well as in the border area with the municipality of San Andrés Cholula, the houses have risen up to 13% in their cost.
She indicated that the sector she leads is having more sales operations in single-family homes, which in turn has brought a 7% drop in rents.
She commented that this situation has been seen by the developers themselves, but the land shortage forces them to make apartments to give them a better use.
They put better amenities into vertical offering to sell them
In this sense, she said that, to make them comfortable for families with small children, they are providing them with better amenities. That is, they allocate green areas to place multimodal games and with spaces for parties even when it is social.
She indicated that, starting with the average housing is when developers offer better amenities, but given the situation of slow sales of apartments in the economic stratum, they are offering almost the same services in comfort.
In this regard, the National Chamber of the Housing Development and Promotion Industry (Canadevi) repeatedly pointed out that the less land, the more expensive the houses can be, so in the case of social interest, it ranges from 700,000 pesos, for 52 square meters, but the cost can vary by municipality.
And it mentioned that a house of the same dimensions in Huejotzingo can cost 550,000 pesos, but in the capital of Puebla it is around 850,000 pesos.
Oversupply in vertical housing
For the above, Muñoz Muratalla insisted that there is an oversupply of apartments in all social strata, because young families want detached houses and in social interest or semi-residential subdivisions, even when they are used.
“What Casas GEO built in its time in subdivisions is again in demand, and its properties make available to couples with children who are teenagers to look for apartments of up to 1.5 million pesos, which necessarily have three bedrooms and the essentials to live in,” he added.
He indicated that urban growth in the surroundings of subdivisions also caused the capital gains of the same to rise, since the houses went from costing 450,000 pesos, which was their original price, to a little more than a million pesos, which occurred in those that are located in the border area with San Andrés Cholula.
He commented that the Angelopolis area, as the area between Puebla and the municipality of San Andrés Cholula is known, where the construction of social interest subdivisions has been taking place, brought with it the arrival of more luxury apartment buildings, private university campuses, four and five star hotels, as well as large shopping malls and better road connections.
The above, he said, had a positive impact on the capital gain of these social interest subdivisions, to the point that it will be very difficult for them to be sold for less than a million pesos, but young couples are willing to pay the price.
Source: eleconomista
