Mexico’s real estate sector rebounds despite pandemic

RIO DE JANEIRO, BRAZIL – Mexico’s real estate sector is showing significant recovery despite the pandemic, with an increase in home buying intentions, according to a survey released Thursday (23) at the InCON 2021 Real Estate Summit.

Vivanuncios’ CEO Roberto Esses explained that “it is a fact that purchase intentions despite the pandemic have been growing, as 83% of respondents intend to buy.”

“The need to spend more time at home, along with medical recommendations to remain active, leads buyers to prefer homes with larger recreational spaces: gardens, patios and terraces,” Esses said.

“Half of respondents have not reduced their budget to buy a home during the pandemic; 73% did not need to move out of their home; and 59% did not change their space needs within the home,” according to the survey, “Real Estate Trends and Purchases from the Onset of the Pandemic to the New Normal.”

The InCON 2021 Real Estate Summit is Mexico’s most important and largest in the sector with the attendance of over 5,000 people with the purpose of improving the training of real estate professionals.

According to Esses, plans to buy a home during the pandemic have been postponed, albeit not halted, with 31% of respondents stating that they will pursue their plans to move by next year, while 59% said they will move again once the pandemic is over.

“It is clear that plans to purchase a home or apartment have been delayed, however, they have not been canceled, which bodes well for the real estate sector in the pandemic,” Esses said.

“It is only a matter of time before it rebounds and consolidates in light of the new normal, which will undoubtedly benefit the entire population and parallel markets,” Esses concluded.