Friday, June 9, 2023

Nearshoring’s Big Challenge in Social Housing, Housing Matters: Banco Inmobiliario Mexicano

The shifting effect of companies known as nearshore, and from which Mexico has benefited due to its proximity to the United States, has begun to shift the housing industry; However, a bigger challenge will be the creation of the social segment, which has practically disappeared from the plans of the developers.

According to Gregorio Sanchez, corporate director of business at Banco Inmobiliario Mexicano (BIM), developers see the close with optimism, especially in areas where this influence is accentuated by the arrival of new companies such as the northern border and Bajio.

“You have to be careful depending on the region of the country we are turning to look at the near term, which will not only create significant industry and jobs, but people, workers will have to live and we have, as actors, to see Turn to how do we finance housing for those workers,” Sánchez explained in an interview.

The BIM manager stressed that the challenge lies in social housing, which in recent years has reduced its participation compared to the total number of homes built year on year, as it will be these types of places that are most in demand proximate effect…

“Obviously they won’t be workers with high purchasing power, so, all of us have to look at how do we build low-income housing so that these sources have a place to live, where their wealth is created,” Sanchez said. Can go.” ,

According to the Single Housing Registry, during the first four months of the year, 38,218 houses were registered in production, of which 37% were valued at up to 585,017 pesos, while the majority, 61%, were valued between 1 and 2 million pesos.

Benefitted sector

BIM has started its regional tour, wherein the bank’s officials visit different parts of the country to publicize its bridge loan operations and listen to the needs of its customers, who are home developers.

According to Sanchez, at the two events held by the bank so far this year, developers are optimistic about the near term, especially since they are from regions such as Culiacan, Sinaloa and Monterrey, Nuevo León.

“For sure (due to the close shore) there will be a lot of demand for housing construction in the northern border, also in the Bajío part, because it is already an important area in terms of services and vehicle manufacturers,” said Sánchez.

According to the manager, one of the advantages of the bank is that, in its 10 years of operation, the institution has strengthened its presence on the northern border, which is an area where the issue of proximity has had an immediate and favorable impact.

“Developers are gearing up with new arrivals of the industry so that they too have the potential of land and services to build homes.”

Good quarter

For this year, BIM plans to allocate approximately 12,000 million pesos in bridge loans for housing development. During the first quarter of the year, the bank held a total of 2.7 billion pesos, according to Sanchez, which gives a favorable outlook for the rest of 2023.

“We are very optimistic for the rest of the year, there are some indicators against it, the inflation share remains high, we continue to see the reference rate still high…the bank is doing very well in the first quarter, this bank The best first quarter in the history of BIM”, the BIM manager pointed out.

While Sanchez highlighted that there are still some indicators that play against the housing industry, such as rising inflation and interest rates, there are others that keep the industry’s course positive during the year.

“The interest rates offered by commercial banks for mortgage loans remain stable, some banks have reduced their interest rates, this is important because the bank is more important than Infonavit as a whole finance,” he explained.

During this year, the bank plans to organize around 17 meetings in different parts of the country to explain its business model and be closer to the developers who are its customers.

Nation World News Desk
Nation World News Desk
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