Querétaro, Qro. Faced with the development that the state is experiencing, it is necessary to reduce the risks of a real estate bubble being created.
At the national level, Querétaro is estimated to be the third state with the highest real estate growth, said the president of the state’s Council of Appraisers, Gerardo Ángeles Rocha.
Particularly the city of Querétaro, he said, is very attractive for investment, only after locations such as Guadalajara and Monterrey.
In this context, the councils of Appraisers and the State of Real Estate Professionals of Querétaro (CEPIQ) signed an agreement to provide information to the analyzes that determine the proposed changes to the values of the cadastral tables.
One of the secondary objectives of the agreement is to give certainty of the value of a unit and to avoid unfair competition in the real estate market.
“It also guarantees buyers to have the certainty of its value, because as in many areas there is unfair competition in the sense of advertising with a canvas with very low costs that does not guarantee a professional job. It is a feedback between both councils, which will benefit both parties and the citizens, ”he explained.
One of the purposes is to promote consensus in the technical analysis of what the real estate market in the state should be appreciated, since the state council of appraisers is the body that has the power to prepare cadastral tables each year and send them for approval to the State Congress, explained the president of CEPIQ, Arturo Hernández
This strategy is intended to reduce the vulnerability of the state falling into a real estate bubble, considered the excessive and unjustified increase in real estate or real estate, generally caused by speculation.
An economic bubble refers to situations in the economy in which there is a disproportionate and uncontrolled increase in the price of a good, substantially separating this amount from its theoretical value, defines the Single Housing Registry.
Currently, the president of CEPIQ explained, it has been detected that there may be a difference of about 10% between the commercial value and the cadastral value of a property, so the agreement seeks to reduce the gap.
“These values that are made with so many technical studies will also be complemented on a quarterly basis with the hard numbers that we are going to provide the marketers. So that we are going to be able to tie those values to avoid a real estate bubble, to avoid high taxes on disposal, perhaps even acquisition, it is important because in the end the benefit will be for each investor, “he said.
Mutual promotion
The agreement also proposes the mutual promotion of the councils, while the CEPIQ recognizes that real estate advisers cannot carry out appraisals, the experts’ union is not allowed to do real estate marketing work, in order to avoid bad practices.
As of 2020, the state’s housing stock was around 826,069 units, according to reports from the National System of Housing Indicators and Information (SNIIV).
It is estimated that 668,487 (80.9%) are inhabited dwellings, 112,408 (13.6%) are uninhabited and 45,174 (5.5%) are of temporary use. In the country, the concentration of the housing stock is higher in the State of Mexico, Mexico City, Veracruz, Jalisco, Puebla and Nuevo León.
Reference-www.eleconomista.com.mx