In Mexico City (CDMX), new housing and work models are redefining the landscape for real estate development. In response to current challenges, developers are seeking to integrate workspaces and alternatives that address the housing deficit with low urban impact. This includes smaller units and co-living models.
Karen Scarpetta, CEO of WeWork Latin America, emphasizes that flexibility and sustainability are essential components for the success and resilience of cities, especially with the trend of expansion. Collaborative and flexible spaces are emerging as innovative solutions to tackle these challenges.
WeWork has integrated 22 coworking units in Mexico City, Guadalajara, and Monterrey since 2016. Hybrid work is seen as a trend that will favor labor flexibility and address employee mobility by reducing distances, times, and costs in commutes.
Regarding the housing market, it faces challenges such as the high demand for homes costing up to 2 million pesos from a quarter of the 12 million families in CDMX. This, combined with the housing deficit and a decrease in the construction of new homes, presents opportunities for a market that performs around 20,000 real estate transactions.
Between 2018 and 2023, the mortgage market in Mexico contracted by 11%, while new housing decreased by 21% in relation to this indicator. There is a concentration of projects, as only 5% of the supply focuses on homes costing 2 million pesos, despite a market of more than 10,000 units.
The increase in participation of used housing at the national level, especially among the middle and residential segment, indicates that the lack of affordable projects and products has led to a growth in sales of used housing. Currently, 30% of newly sold homes in Mexico are from the middle segment with average costs starting from 2.4 million pesos.
This landscape has highlighted the need to recycle urban areas, which would open potential for developers and urban management authorities to boost the city's growth and meet the housing demand in CDMX.
