Pandemic increased sales in the Cabo real estate sector

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Vincent Ferrero, member of FIABCI Mexico, pointed out that, although it generated great economic damages, the real estate sector was greatly benefited, since Los Cabos is a safe destination, many people considered it a viable option to acquire homes.

The health contingency made large cities risky and Los Cabos is classified as a safe destination, making many people use it as their new home, which increased sales in the real estate sector like never before, as reported by CPS News, Vincent Ferrero, member of FIABCI Mexico.

For Baja California Sur and specifically in Los Cabos, it was beneficial because there were many more sales during the pandemic, especially in the vacation home and retirement home market,” he said.

Vincent Ferrero highlighted that during the Covid-19 pandemic, large cities became dangerous, therefore, those who knew the municipality, as well as new buyers, put their eyes on Los Cabos for being a safe destination, and for two years they made home office with a sea view.

“Everything changed as a result of that, and new needs that finally generated more sales, and especially in the luxury market, here in Los Cabos it was a very active market like we have never seen,” he said.

To conclude, the member of FIABCI Mexico, stated that the average price of vacation and retirement home in Los Cabos increased, which brought great benefits to the economy of the municipality, since it has represented more property tax, therefore, plus collection for the City Council.

Personal opinion

The pandemic had hit the country in every sector of the economy in ways we would have never thought before, but it is interesting how geography has also been modified and the population displacement has favored less crowded areas, as there are not much people, the risk of getting inffected decrease.

On the other hand, I believe that even though this situation would defenitely push up the economy of Baja California Sur, it would have some disadvantages for the locals because as the same time the income increases the prices do too. In addition, it is no secret that one big problem of our country is corruption, so the more property taxes that are supposed to be destined to the city, are likely to end up serving for other purposes rather that being for the improvement of the city´s services, dependencies, and so on.

Mayra Vicencio

Source

The Cabo Post. (June, 2022). Pandemic increased sales in the Cabo real estate sector. Mexico Daily Post. Retrieved from: https://thecabopost.com/2022/06/16/pandemic-increased-sales-in-the-cabo-real-estate-sector/ 



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