Housing demand increases 50% in neighborhoods affected by the 7.1 quake

Real estate companies have warned that the depreciation of the affected areas can reach more than 30%
Condesa and surrounding neighborhoods aerial view - Photo: File photo/EL UNIVERSAL
28/09/2017
18:00
Antonio Hernández
Mexico City
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A week after the 7.1-magnitude earthquake that hit Mexico City, demand for new housing in areas surrounding the affected neighborhoods has increased up to 50%, according to real estate company Coldwell Banker Mexico.

"There has been a significant increase in rents in surrounding neighborhoods since people still prefer to live closer to their jobs and schools," said Sandra Hendrix, Chief Operating Officer of the company.

According to Hendrix, the neighborhoods that would benefit from this situation are Nápoles, Escandón, Álamos, Portales, San Rafael, Periodista, Pensil, Tabacalera, as well as some areas near Lindavista.

However, she insisted that there is a chance that the properties located in affected areas will decrease in price, thus, she recommended to avoid precipitated transactions.

Real estate companies have warned that the depreciation of the affected areas can reach more than 30% however, Coldwell Banker believes the loss should not be so drastic.

"We do not expect a drop in price so strong. Most buildings in Del Valle and Roma neighborhoods are not damaged, so they would not have a price decrease. In the last 15 years, the urban landscape has changed so much that there are areas that have had capital gains between 50% and 75%. Only those who had bought in the last year would lose money," she assured.

For the owners who own buildings that were completely compromised, the firm recommends being attentive regarding lot selling.

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