martes, 3 de marzo de 2015

New cities for new generations

The real estate market in our country, despite the frequent fluctuations caused by macroeconomic problems and insecurity, have remained into the favorites for the acquisition of a vacation home or spend a quiet retirement in Mexican surroundings and pleasant climate . Whether to enjoy a village nestled in the magical center of the country such as San Miguel de Allende or Lagos de Moreno or to delight with the beach in the traditional Puerto Vallarta, in the modern Cancun or in Los Cabos, a blend of tradition and modernity, we have many attractions and a growing housing development business to fit (so far) to (almost) all tastes and pockets.

The primary audience for residential developments focused on foreigners, are the Baby Boomers, the postwar generation born between 1940 and 1960 which today are between 75 and 55 years. They are hardworking, independent, with exquisite tastes and above all, most of them have the purchasing power to buy a 7 rooms villa at the beach. They love marble finishes, designer furniture and take a dinner in an elegant restaurant with a nice glass of red wine. They are clients of the modern movement; they grew with the ideas of Le Corbusier and minimalist cities in suburbs sprawled of cities and they are not only used to drive but enjoy moving by car.

And like any city designed for them, Los Cabos has the hallmark of the Baby Boomers. Not only has the best hotels, golf courses and restaurants in the country, but it is emerging as the most expensive city to live in Mexico; its layout is not unlike modern cities with ever wider roads, more parking spaces and an operation depending only in vehicles... has anyone tried to move on foot or by public transport around the city?

It is inevitable that new generations begin to take an interest in this wonderful and heavenly destination but along with them, we need to work in transforming both the city and the real estate that has traditionally been generated until now. The potential audience of Los Cabos for the next decades is the generation X composed by people born between 1960 and 1980, but are we ready for them?

Generation X is characterized by individualistic, skeptical and self-sufficient people; economic opportunities for them were not as easy or plentiful as it was for the previous generation and therefore are generally more professionally prepared and open to face challenges. Their lifestyle is healthier and sustainable, they decided to reduce car use and opt for the advantages that traditional cities offer them with faster and cheaper journeys, they prefer neighborhood shops to large supermarkets and a good nearby restaurant that offers similar quality than expensive ones… finally what matters is not the name but the quality and the cost-effectiveness of the products they consume so their consumption are more related to market research and the Internet than acquire products just because they need them.


The city of this generation is not the suburb, they has been reunited with the traditional centers and all the amenities they offer them. They have left large villas to live in townhouses or apartments in which they enjoy the benefits of living in community instead of having their own pool or gym; they are concerned not only in reduce energy payment but to contribute to a better world so they bet on renewable energies, reuse of resources and also to buy an old home to update and implement a local business, finally their future is not as assured as the generation of their parents.

And they must adapt to the actual towns or our cities must adapt to them? Surely we should create programs to update the real estate and modify the design parameters of subdivisions, condominiums and towns to a more contemporary and efficient use of space, as it have successfully done in other cities, especially if we want to continue being one of the most attractive destinations in Mexico for foreign audiences. Current offer is only looking at a specific clients that will keep interested only a few years more in Los Cabos; in no time, new generations looking for new products to meet their needs and finding none, will go to new markets leaving existing developments to gentrification and abandonment.

Contrary to the big break of current paradigms we expect from local governments, which will hardly occur, we better have to build cities for new generations from the private sector, adapting existing spaces instead of building new peripheral developments away from traditional life as they have done unsatisfactorily in other domestic destinations like Acapulco, Veracruz and Mazatlan. The task is to achieve a full of life continuous urban image with new and restyling buildings both provided with quality public spaces to adapt to the new generations and thus, to generate new tourism. Are we ready?

LMP

If you want to know more of the Baby Boomers, Generation X or Generation Y, we leave some links on which we base the blog this week.

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