Tijuana is rapidly growing: condos and medical tourism facilities creating a construction boom
Most of the condominium buyers are Mexicans
Construction in Tijuana, Baja California, is seeing a boom that by next year will add 700 new condominiums in at least 30 projects.
The new Alta Baja project, will cost 3.5 billion pesos (US $188 million), and generate about 10,000 direct jobs, said the president of the Tijuana economic development council.
The new Alta Baja project, will cost 3.5 billion pesos (US $188 million), and generate about 10,000 direct jobs, said the president of the Tijuana economic development council.
“Tijuana’s got a great potential because it’s growing fast but there’s no place to do so going sideways, so we have to think ‘up.’ We expect that upper middle class buyers will acquire these condominiums, as they represent a niche opportunity,” said Humberto Inzunza.
Besides the condominium buildings proper, Alta Baja will also include a five-star hotel, high-end shopping malls and private hospitals that will cater not only to the domestic market but to foreign tourists too.
The municipal government estimated that the construction project would generate 8,000 jobs per year, and that the whole complex would yield up to 420 million pesos per year in property taxes.
The 30-plus condominium projects are concentrated in Tijuana’s exclusive Golden Zone, and represent to date an investment of $100 million.
“Tijuana doesn’t even have 30 such buildings now. We’re building more [condominiums] right now than in the last 126 years. By 2018, there’ll be more buildings in town than ever,” said real estate expert Héctor Bustamante.
One of the first of the developments was New City. Built in 2006, the five-building complex has everything its residents may need, but its major selling point is its proximity to the San Isidro border crossing, located just a kilometer away.
Despite this characteristic, New City managers claim that the buyer’s profile remains national, with about 80% of all available condos having been bought by Mexicans.
One of the managers, Isacc Abadi, believes that Tijuana’s industrial growth has changed the buyer’s profile, which for many years was predominantly American.
“Foreigners come looking for second homes, but they don’t buy right away because financing and interest rates are more favorable in the United States.”
For years the coastal region of the state of Baja California has been a popular destination for American retirees, where they end up buying homes or condos.
Source: El Economista (sp)
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