The luxury housing boom reaches San Miguel de Allende; developer invests 1,450 million pesos

One of the cities with the largest tourism potential in the state of Guanajuato is San Miguel de Allende, whose colonial style and cultural offer has captured the attention of national and foreign travelers, a trend in which the real estate has found a market opportunity.

According to data from the State Tourism Observatory (OTEG), from January to September 467,521 tourists visited this city, which generated an economic spill of just over 4,561 million pesos, a figure 48% higher than that registered in the same period of 2021.

In this context, the market for real estate has found a formula to exploit the demand from foreigners: luxury residential homes, with the potential for vacation rentals.

Recently, Grupo Pueblo Bonito presented a new project that seeks to integrate this concept. Within the Distrito Corazón industrial estate, the firm plans to build a hotel and 45 residential units.

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The complex will have an investment of 1,450 million pesos and is planned to be inaugurated in 2023.

The project will create more than 350 direct jobs and 1,500 indirect jobs through alliances with local suppliers.

Among the characteristics of the luxury residences of Pueblo Bonito in San Miguel de Allende, the rental model stands out.

According to Alberto Coppel, general director of Pueblo Bonito, those who purchase any of the units will have the option of entering a rental program administered by the complex. The income generated will be divided 60% for the owners and 40% for the firm.

Currently, the residences They are in the pre-sale marketing stage with prices ranging from 11 million to 22 million pesos.

It is worth mentioning that Pueblo Bonito has hotel complexes in Los Cabos San Lucas, Baja California and in Manzanillo, Colima.

Coppel announced that among the firm’s future plans is the construction of a new hotel and residential project in the Riviera Maya, for which a natural reserve land has already been acquired.

Water scarcity, the challenge

The new Pueblo Bonito project is located within the Corazón District, a mixed-use development polygon in Guanajuato that will have a housing, commercial, hotel and service offer, promoted by the private initiative, in collaboration with the local government.

With the aim of detonating this area, in 2020, the authorities inaugurated the Obraje Zeferino Gutiérrez Park, which has an area of ​​three hectares and more than 55 million pesos were allocated to it, between state and municipal resources.

However, Guanajuato has another challenge: water scarcity. According to the Drought Monitor of the National Water Commission (Conagua), eight of its municipalities (17.4% of the total) have a degree of drought, of which seven have severe drought.

“The great challenge here has been the agua, San Miguel de Allende has an area of ​​opportunity in this matter. Corazón District is looking for alternatives together with the government to take care of the supply. You have to be very careful with that, but I don’t think that real estate development is going to stop because of this, as long as it is orderly and with everyone’s responsibility,” Coppel commented.