Apartments of up to 300,000 pesos per square meter, the price of living in a skyscraper in the Reforma Corridor

The Avenue Corridor Walk of the Reformation It is characterized for being one of the busiest workplaces in Mexico City. Although its buildings are best known for housing offices, in recent years, it has seen the birth of various luxury residential towers.

According to Marisol Becerra, an analyst at the real estate monitoring firm Tinsa, this area has become one of the most expensive in Mexico, especially due to the supply of high-density projects, that is, skyscrapers with more than 100 departments.

In total, there are 10 towers under development that, together, add up to an offer of 2,499 units, whose average price is 100,695 pesos per square meter.

However, in emblematic projects such as the Chapultepec Uno tower, prices rise to 297,600 pesos per square meter.

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Another of the most recent projects is the University Tower, which required an investment of more than 1,800 million pesos and in which 469 departments deluxe.

Despite being one of the most expensive areas in the country, the pace of sales in the corridor has remained dynamic, even during the pandemic.

“On average, 60 are placed departments per month, therefore, if said absorption is maintained, the inventory would be exhausted in two years,” said the Tinsa specialist.

Becerra explained that this type of housing is consistent with the market that surrounds the corridor, since it is a population with a socioeconomic level between medium high and high, with family income above 200,000 pesos per month.

Additionally, some of the buyers are investors looking for a residential asset that can generate capital gains and income through leasing.

In this sense, Becerra indicated that the projects with the highest density have high levels of demand thanks to the added value that they can generate, in the Reform Corridor it has remained close to 10% annually in recent years.

“They are attractive real estate because they have more amenities, such as a pool, gym, multipurpose rooms, and they generate more capital gains. While those of low density are more conservative, in the order of 5 to 7% per year”, commented the expert.

Airbnb effect

One of the strategies of investors who acquire a Department luxury in the Reform Corridor is to enter the rental housing market.

On average, the traditional rent for a 113-square-meter furnished unit costs 65,108 pesos per month.

For example in reform tower 509, and Department You can rent up to 150,300 pesos per month, being one of the most expensive not only in the area, but in the country.

In addition, the rental boom to cater to digital nomads has also reached the broker.

According to Becerra, about the Walk of the Reformation 20 rental offers were analyzed from the Airbnb platform, with price ranges from 31,000 pesos to 422,000 pesos per month.