One of the biggest challenges facing Tijuana is meeting the demand for housing, which is growing every year due to the city's economic boom and the arrival of more people. In addition, this real estate boom has caused properties to increase drastically in value. However, more factors come into play in this revolution, such as urban planning, purchasing power and external factors.
To address this issue, we had the opportunity to speak with Othoniel Barrón, real estate advisor at ONE Realty, who told us what the high prices in Tijuana are the result of.
"It is not a whim of the real estate companies, it has a lot to do with the selling client and the developers, who sell in dollars".
He mentioned that the real estate sector is rebounding with more people coming from the United States who are buying their homes here. The increase in costs, he said, depends a lot on mirroring the market in California.
According to a study by home improvement website Porch, homes in San Diego could be worth close to $1 million by 2022, following a steep 24.7% rise in the price of homes and apartments in the metro area, making it attractive to look to destinations such as Tijuana to buy a home.
One of the areas that clients are looking for the most is the Golden Zone, which ranges from Las Palmas, including Residencial Agua Caliente, Colonia Gabilondo, Chapultepec, Colonia Madero (Cacho), to Cumbres de Juárez, Cubillas and Zona Río.
Othoniel Barrón alluded to the fact that there are currently 90 vertical projects in Tijuana, with only a third of them under construction.
"In the next 10 to 15 years this is going to be full of towers. It will be a zone of habitats with commercial zones together, a phenomenon that is also occurring in large cities in Mexico".
He highlighted the example of Residencial Tamayo and Yain Tower, which will sell in dollars and target a very specific sector of the population, meeting all needs.
People will not only live there, but will be able to do business, go to the gym, have a recreation area, restaurants, and even work thanks to its coworking space.
When addressing the issue of high costs, the real estate consultant was sincere:
"Nationally, Tijuana is having the biggest boom in terms of overpricing, but it has a very dynamic capital gain"
He said that businessmen from the United States and Mexico are the ones who buy the most homes in Tijuana, especially the vertical ones, which, in terms of logistics and security, are proving to be ideal for them.
"Unlike in the United States, here in Mexico there is a more or less strong percentage of people who buy from the county or finance half and pay the other half in cash".
When asked if the prevailing insecurity in Tijuana affects buyers' decisions, he clarified:
"People are still coming and asking about real estate. You will realize that this part is contracted when people do not come to party, when you see that Rosarito or all those places are not full, at that moment you can think that people are already afraid".
Undoubtedly, so many developments and construction projects will bring to the city not only an important economic benefit, but also a worrying traffic congestion and lack of spaces, to which Othoniel Barrón responded:
"I would like to think that the city has already been planned, because otherwise in 10 years this is going to be chaos".
Currently the Sayan complex, located across from Club Campestre, holds the record for the most expensive vertical housing in the city, with prices up to $1.4 million.
"It is much more than you can imagine, but there is a market, it is a Californian effect, it is mirroring that part and it does affect us because of how it is there and because they also consume us from there," said Othoniel.
Regarding the houses, the real estate consultant revealed that there are some in the locality that are around 6 to 7 million dollars, real mansions, which are within the Golden Zone, although he avoided giving specific examples.
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