Homex to Target Foreign Tourists

Mexican housing developer Homex is preparing to enter a new line of business in Mexico, Gerardo de Nicolas Gutierrez, CEO, tells LatinFinance. “We have just launched a new program to build second homes for foreigners in Los Cabos, Puerto Vallarta and Cancun,” said Gutierrez. Homex, the country’s largest developer and the only homebuilder that is traded in New York, is known for building houses that fall within two general price ranges: $18,000-$60,000 houses and $60,000-$300,000 ones. The new initiative will focus on houses worth $200,000-$600,000, and will be largely financed with existing cashflow, says the CEO. The company will work with Mexican banks such as BBVA Bancomer, Banorte and Banamex to develop mortgage products for the foreigners that can be denominated in pesos or dollars. “The number of foreigners coming to Mexico is growing every year, with a large part in the post-retirement stage,” says Gutierrez.