Luxury Real Estate Projects Are Reactivated in Mexico

Luxury real estate projects are reactivated

06/10/2010 07:49



Mexico. The real estate developments suspended in 2008 in areas such as Paseo de la Reforma, Santa Fe or in the Historic Centre – Alameda corridor, resumed works since the banking system reactive mortgage lending, reported President of the Mexican Association of Real Estate Professionals (AMPI) of Mexico City, Alejandro Kuri Pheres.

For AMPI other factors that will trigger the 'resurrection' of these projects, which are added to the good news, is the new Law of Urban Development, that allows the construction and/or rental of housing, services or businesses in wasted areas of the city that have improper land use, 'but this doesn’t necessary depends on political whims.

The completion of the cadastre update program will allow the secretariats of Urban Development and Housing, Finance, Works and Services, Environment and Economic Development to have the details of each lot, block or place of the city, and give legal certainty to investors regarding whether the project to be develop is viable, thereby 'minimizing the risk of losing their money.'

Another action that will boost the real estate sector is the digitization of Public Property Register, for 'legal certainty is given for each of real estate transactions in the city, which for years was the corruption focus of inefficiency and where large-scale fraud hatched by falsifying deeds,' said AMPI.

In the issue, currently has an advance of 40% of the deeds that have more movement, which reduced the number of people who daily came to this offices, from 1500 and the goal is to reach 100, so that 90% will be made via the Internet from their own notaries.