Xochimilco Rehabilitation Boosts Residential Real EstateBy Lorenzo Núñez | Tue, 07/27/2021 - 09:26
The recent rehabilitation of the ecological Xomichilco park is projected to increase the real estate value of the neighboring communities. There will also be an added value for the housing park in the medium term, as the rehabilitation of this space will have multiple benefits for the area and its residents.
For Leonardo Gonzalez, an analyst for the real estate website Propiedades.com, the improvements to the environment will give the surrounding areas a better perspective for development and habitability. He also mentioned that this is an excellent time to buy a home in the surrounding areas. For Colonia Magistral, considered the closest neighborhood to Xochimilco's Ecological Park, a house for sale is valued at an average price of US$255,000 (MX$5.1 million), while the monthly rent hoovers around US$940 (MX$18,886). In Granjas Coapa, a house for sale reached a median price of US$175,000 (MX$3.5 million) while this rental housing is close to MX$19,183 per month. At Villa Quietud, a house for sale has a median price of US$245,000 (MX$4.9 million). Rentals go for an average price of US$984 (MX$19,675) per month.
The Xochimilco Ecological Park was declared a World Heritage Site by UNESCO on November 11, 1987, and it has spaces for young people and adults to develop outdoor activities, enjoy bird watching and enjoy a natural landscape.
In regards to rehabilitation, according to the Ministry of Works and Services, Mexico City rehabilitated this green space in the south of the city in two stages. The first was carried out in 2019 and 54 hectares were recovered with reforestation, habilitation of trails, installation of service modules and 10 surveillance booths. In Lago Mayor, 31 hectares of lake bodies and two urban wetlands were recovered. 1,200 trees and 100,000 specimens of plants such as lavender, rose laurel and platanillo were planted. The second stage of improvements was completed this year and work was done on 30 hectares, in addition to a jogging path and recreational areas were installed. Also, an improved irrigation system and educational chinampas were implemented. The rehabilitation project had a total cost of US$9.2 million (MX$185 million).