The project to build 17,400 homes in the municipality of Los Cabos, presented by the Mexican President last October, appears destined for failure, as land for the construction of more apartment towers could not be secured.
Only one plot of land was acquired across from the Casa Blanca subdivision, where 36 buildings with a total of 576 apartments are currently under construction. The program has now been put on hold, as confirmed by Governor Víctor Castro.
Overall, this program was to begin with the acquisition of 10 plots of land, covering an area of approximately 87 hectares, across all municipalities of Baja California Sur.
However, due to the cost of land in the municipality of Los Cabos at 2,500 pesos per square meter, construction could no longer continue as originally planned, according to the Governor.
This means that for now, only the apartments at the program’s launch will be completed, and the rest remain “on hold.”
And the more real estate and condo development grow, the more difficult it is going to get.
The “Ejidatarios” won’t sell their land for pennies, and developers have the lead on this.