Construction

 As I have mentioned a number of times, Mexico City continues to experience a building boom.  New office towers, shopping malls, and apartment buildings are under construction all over the city, including the neighborhood where I live.

Down the street from me, an older house on a large piece of property was demolished, and a new structure, most likely an apartment building, is going up.  I was able to peek through the barricade and see the work being done.  From the depth of the excavation, I would guess that the new building will be several stories high.

Across the street a new apartment complex is nearing completion.  It consists of three buildings with a total of 48 apartments.  The project is called "Blendhaus".  (I have no idea where they come up with the names for some of these buildings.)

One of the three buildings is actually on the next street over.  It appears that it will soon be ready for occupancy.  I could see workers inside painting the walls.

Almost next door is another brand-new apartment building called "Viewpoint".  Apartments are now ready for occupancy.

The two-bedroom apartments (which are smaller than the one I have) START at 5.3 million pesos (over 315,000 U.S. dollars).  

Although the cost of living is generally lower in Mexico City than in Ohio, real estate is expensive.  I suppose that if you compare the prices with someplace like Manhattan, they are affordable, but for someone coming from Cleveland they seem high.  I am in an older building that doesn't have amenities such as a roof garden or gymnasium, but I think I got my place for a very good price.

The construction boom concerns me.  I can't figure out who is buying all these expensive apartments or how they are finding tenants for the office buildings. I keep wondering when the bubble is going to burst.  Of course, I have been saying that for a number of years, and yet the boom continues.  More concerning is the strain that the continuing growth is putting on the city's finite resources.  You may have read that Mexico City is facing a water shortage, yet the growth continues unabated.