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Mayan Train to improve property values, says industry analyst

Home values will grow 12.75 percent on average, says analyst

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The Mayan Train will increase the surplus value of land, houses and apartments in the Yucatan and the other Southeast states, according to a study conducted by real estate portal Propiedades.com.

This year, Yucatan state presented the largest increase in property values, compared to the other states in which the railroad will be built: Quintana Roo, Chiapas, Campeche and Tabasco. For the analysis, prices from last year and until November 2018 were evaluated.

According to estimations of the real estate portal, home values in the region will grow 12.75 percent on average.

The Mayan Train is estimated to cost between 120 billion and 150 billion pesos, which will be obtained through a combination of government and private funds.

Leonardo González, real estate analyst at Propiedades.com, said that as the Mayan Train increases the connectivity between the states, the economy will benefit from the synergies that develop.

The real estate specialist commented that in the last year, land appreciated in value by an average of 25 percent. Houses in the southeast rose 5.6 percent in value on average, but in Yucatan in particular, the average was 6.4 percent. 

Chiapas home values actually dropped 57 percent.

“The project has a regional profile, which should trigger a greater diversity of resident population, a concurrence of points of interest and a flow of residential investments, as well as promoting new business centers, better coordination with local governments and greater habitability of its population,” said González.

The president of the Professional Appraisal College of Yucatan (CVPY), Hebert Zumárraga Rejón, pointed out that the project, although in its initial phase, is expected to generate a good flow of investment to the state and its neighbors. 

“The Mayan train project will increase real estate costs where it will go through … Without a doubt, it will bring many benefits to the real estate sector, such as the increase in the value of the land through which it crosses,” said Zumárraga Rejón.

He indicated that it will generate many opportunities for restaurateurs, hoteliers, companies dedicated to amusement parks and real estate operators in the region.

Source: Sipse

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