The superweight and the real estate business: How to face the new reality in Nayarit? The Nayarit real estate sector has experienced a decrease in sales during the 2023-2024 season, a phenomenon that responds to two main factors: inflation and the exchange rate.
Inflation in Mexico, more than double that in the United States
Between 2008 and the end of 2023, inflation in Mexico reached an alarming 91%, while in the United States it stood at 40.4%. This disparity has generated a significant increase in construction costs and, consequently, in real estate property prices.
Unfavorable exchange rate for foreign customers
The exchange rate has undergone a considerable change in recent years, going from $13.5383 per dollar in 2008 to $16.8931 at the end of 2023, representing a difference of 24%. This devaluation of the peso has reduced the purchasing power of international buyers, mainly Americans and Canadians, who can now acquire less with their money compared to previous years, and that is why the Mexican peso has strengthened, calling it the “super peso.”
Impact on the local economy
The decline in real estate sales has had a negative effect on the local economy, as it has generated a reduction in the demand for related services such as decoration, installations, furniture, and appliances. This has led to less labor activity in the real estate sector and its related industries, directly affecting job opportunities in the region.
Structural causes and strategies for the future
The high interest rates established by the Bank of Mexico, compared to those in the United States and Canada, have attracted foreign investment, but at the same time have negatively impacted the purchasing power of foreign buyers. In this scenario, it is crucial to implement creative and innovative strategies in the real estate sector that allow making products more accessible to foreign customers, maintaining attractive prices in an ever-evolving market.
Opportunities and call to action
It is essential that the real estate sector in Nayarit adapts to the new market needs, including a young audience that seeks a different lifestyle and has the possibility of working remotely. To do this, it is necessary to identify opportunities in the market and anticipate the needs of customers, driving the growth of the sector with creativity and innovation.
It's time to act!
The real estate sector in Nayarit is at a crucial moment, where adaptation and innovation are key to overcoming challenges and taking advantage of new opportunities. It is necessary to join forces to develop strategies that allow us to face the current economic reality and attract a diverse market, maintaining the dynamism and growth of the sector in the region.
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