Last updateFri, 16 Oct 2020 1pm

General News

Pandemic takes a toll on local real estate market

In six short months, the lakeside area’s real estate market has gone from boom to bust, a collateral victim of the Covid-19 pandemic.

pg9aSales were not as brisk as usual during January and February, reports long-time broker Jaime Niembro of Ajijic Real Estate, attributing the trend to a lack of inventory, as the most appealing and moderately priced properties have been scooped up over the last two years.

He saw the market start to tank as worries about Covid-19 coming into Mexico first cropped up, curtailing the arrival of potential buyers from Canada and the United States, and keeping local ones cooped up at home. With realty offices forced to close shop, normal sales rates slacked off through March, plunging by as much as 80 percent during April and May.

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