Mazatlan’s Real Estate sector not affected by COVID-19 (AMPI)

Mazatlán, Sinaloa (April 5, 2020).- The real estate sector has not been seriously affected by the Covid-19 contingency, according to the president of the Mexican Association of Real Estate Professionals in Mazatlán, Luis Enrique Peraza Reyes.

He explained that in terms of real estate investment, it has not stopped during the health emergency in the municipality.

“In Mazatlán, until now no investment has been stopped. Investments somehow continue. Construction works somehow continue too”, said Peraza Reyes.

As in the case of real estate sales, which have not been affected by the contingency.

Peraza Reyes reiterated that construction works have not stop either, since many works under construction in the tourist area of Mazatlan.

Luis Enrique Peraza Reyes (Photo: AMPI)

Construction

“All the works that were under construction continue, none has stopped,” he stated.

However, Peraza Reyes acknowledged that all those in charge of the works are concerned to know what will happen in the next two months.

Investment
In the case of the investment, the AMPI president guaranteed that there are no cancellations, some transactions are only detained for the moment.

“I have had talks with people who are willing to invest in Mazatlán, because it is positioned as an excellent investment point, some those investments are somehow in stand by, but have not been canceled.”

Rent
House and apartment rents for vacation periods have decreased by 95 percent, Peraza Reyes admitted.

“Right now in Mazatlán, there have great losses in rent of condominiums, and houses, because everyone canceled, and that has affected us significantly”, he continued.

Finally, Peraza Reyes explained that due to the Covid-19 health contingency, the owners of the properties warned the people who would rent, that the beaches were closed, as well as entertainment centers such as nightclubs, bars and others, so tourists decided to cancel their rents.

Source: Debate

The Mazatlan Post

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