Mazatlán is experiencing a real estate market crisis marked by the economic slowdown and insecurity, as well as real estate fraud affecting both buyers and investors.
The real estate sector in Mazatlán continues to expand, with approximately 180 projects in progress, but the real estate boom could not be seen until the second quarter of 2025.
From January to April, sales in Mazatlán developments have contracted by up to 15 percent from the total of 110 transactions per week, due to the economic situation and violence.
Furthermore, complaints against companies and individuals offering nonexistent properties have multiplied in recent months.
The Real Estate Law is a fact in Sinaloa, and the formalization phase has already begun. They are one step away from the credentialing of real estate agents, which will provide legal certainty to the sector.
It is reported that there are 170 developments in Mazatlán and more than 800 agents, more than half of whom are members of associations, and the rest are independent.
Insecurity Depresses Sales
The president of the Mexican Association of Real Estate Professionals, Luciano Carrasco Altamirano, stated that the economic slowdown in Mexico is having an impact, and that Sinaloa is currently facing another problem: insecurity.
He admitted that the sector in Mazatlán continues to endure a contraction in commercial operations ranging from 10 to 15 percent, and investors’ primary concern is road safety, due to blockades and the eviction of units.
The businessman clarified that traditional housing sales through Infonavit have remained stable, while pre-sales of apartment towers have decreased.
“Pre-sales have slowed down slightly due to the current situation. This applies to all of Mexico. I think they’ve slowed down by 10 or 15 percent, but we’re also dealing with the current uncertainty surrounding the roads,” he said.
Carrasco Altamirano expressed confidence that the collaborative efforts of authorities at all three levels of government will improve security and allow commercial operations to continue normally.
He highlighted the projects that will be developed this year, both vertically and horizontally.
Regarding tourism developments, these will extend from the Historic Center to Cerritos, while social-interest projects will focus on the outskirts, where Infonavit will provide loans and support for those in need of housing.
Real Estate Fraud
Added to all this is the fact that in recent years, complaints against companies and individuals offering nonexistent properties have multiplied.
In the Torre Triana project alone, located on Paseo Claussen, at least 80 people from different states, the United States, and Canada were affected. They purchased properties more than seven years ago and to date have not completed their construction, even at a standstill.
Those affected, who purchased apartments priced between 2 and 5 million pesos, are holding constant demonstrations demanding the delivery of apartments to Grupo Universal Inmobiliario y de Industrias SA de CV.
This same developer has also failed to deliver properties in Citadel, Coto Platino Norte, Balandra, Coto Barcelona, and Coto Munich. There have also been some reports of other frauds.
Most buyers have already filed lawsuits against the company in the hope of recovering their investment or, at least, exerting pressure to complete the project.
The complaint has been filed with various government agencies, including the state Ministry of Economy and the office of the governor of Sinaloa, but so far they have not received a clear response.
Faced with the lack of solutions, those affected are calling on municipal and state authorities and demanding greater regulation in the real estate sector to prevent more investors from facing these types of situations.
Real Estate Law
The Real Estate Law is a reality in Sinaloa and has already begun the formalization phase. They are one step away from credentialing real estate agents, which will provide legal certainty to the sector.
It is reported that in Mazatlán there are 170 developments in progress and more than 800 agents, of which more than half are members of associations and the rest are independent.
Representative César Ismael Guerrero Alarcón explained that the training phase for all real estate agents in Sinaloa is still ongoing, and the State Real Estate Committee is about to be established so that licenses or credentials can be issued.
“They will have legal certainty that people are registered in the registry and can practice their profession. There are 177 procedures for licensing individuals and corporations,” he said.
Guerrero Alarcón indicated that once the Committee is established, the Ministry of the Interior, through the General Notary Archive, will begin the certifications or processes that agents will need to have the minimum basic knowledge to practice their profession.
Fraud
He indicated that the credential or license will include information about the real estate agent and a QR code that will be verified before a notary public.
Through Ciudadano Digital, buyers will be able to check whether the real estate agent has a license or certification.
“Real estate agents are transforming from the informality that often prevailed to formality, and creating a simplification of information that makes the procedures they carry out in a purchase and sale or in any transaction related to ownership or leasing easier and faster, so that the real estate agent has the added value to exercise,” he said.
Representative Carlos Escobar pointed out that the Sinaloa Real Estate Law provides legal certainty to sellers and buyers, especially in matters of investment in Mazatlán, a tourist and real estate development destination that has suffered from fraud, and this would reduce or even eliminate it.
Sinaloa would be the 23rd state with a Real Estate Law. It already exists in other states in the country, especially in states with tourist destinations, including Yucatán and Quintana Roo, but there is also a Real Estate Law in Sonora and others.
Economic Importance
Secretary of Economy Ricardo Velarde Cárdenas highlighted the growth of the real estate sector in Sinaloa, which represents 9.7 percent of the state’s GDP with a value of over 63 billion pesos, with 44 billion pesos generated in Mazatlán.
He emphasized that construction generates more than 53,000 formal jobs in the state, of which more than 15,700 are located in Mazatlán, reflecting the dynamism of the sector in this city.
He mentioned that the Government of Sinaloa promotes policies that provide certainty for investments and encourage orderly growth in cities.
Source: oem
