Some areas popular with tourist, including Puerto Vallarta, Veracruz, and Tijuana rank above the national average as high as 16% to 20% for abandoned properties.
In Puerto Vallarta the most affected communities are outside of the tourist zone and largely an unnoticed problem that contributes to vagrants and crime in the outlining areas.
Mexico’s uninhibited or abandoned real estate market is much higher than countries currently facing or emerging from an economic crisis.
Ireland ranked second in the list with a heavily hit housing bubble at 13.8%, the United States coming out of an economic crisis over the last few years has 8% uninhibited or abandoned homes.
Security, migration, and the economy are the leading causes for the uninhibited or abandoned homes around Mexico. The OECD reports that most are uninhibited because of structural issues that make the homes unsafe or unlivable.
“Bad location choices of new housing developments, migration, insecurity and the economy have also contributed significantly to this high rate of uninhabited dwellings,” says the OECD.
The OECD says most abandoned real estate is in the large cities of Mexico City, Guadalajara, and Monterrey. OECD notes the northern border states have the highest percentages hovering around 20%, this can be attributed to residents abandoning their homes and heading south to escape cartel violence along the border.
The report notes that the government has also paid greater attention to the quality and safety of construction over the past several years leaving some developments uninhabitable under building codes and restrictions.
Some areas popular with tourist, including Puerto Vallarta, Veracruz, and Tijuana rank above the national average as high as 16% to 20% for abandoned properties . . .
