The real estate developer Be Grand announced its plans to invest 4.2 billion pesos (US $203.8 million) in the construction of two new luxury apartment buildings in the western state of Nayarit and Mexico City.
The investment will be split between a fifth Be Grand Alto tower in Polanco, and a first-of-its-kind Be Grand Ocean Nuevo Nayarit, the firm’s inaugural beach destination property.
The new developments follow several announcements about Be Grand’s expansion plans in other parts of Mexico.
“Potential investors had been telling us we were too concentrated in Mexico City,” Director of Be Grand Nicolás Carrancedo said in a 2023 interview with Bloomberg. “So, [the new developments] are all part of our plans to diversify.”
In June, the company announced a goal of developing 5,000 luxury apartments in Mexico over the next five years, in response to the resurgent housing market in many metropolitan areas of the country.
Nationwide, housing prices saw a nominal increase of 26.7% between 2015 and 2023, when adjusted for inflation. This real estate boom is driven by robust upper-middle-class demand and a steady flow of foreign homebuyers.
“Our client … is a working professional, successful, busy. They are looking to buy a house and not have to worry about it, they don’t have the time,” Carrancedo told the news magazine Expansión in 2023. Be Grand properties range in price between 3 million (US $146,000) and 12 million pesos (US $583,500), approximately double the average home cost in Mexico.
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As part of the company’s expansion plans, Be Grand recently bought a 50% stake in six apartment buildings in Mexico City and Monterrey, which will be launched under the firm’s newest brand — Vitant by Be Grand.
In addition, Be Grand is building a complex of four residential towers in Guadalajara — its first location in Jalisco — requiring an initial investment of 2.5 billion pesos (US $121.2 million).
According to Carrancedo, some of the company’s recent developments have been positioned at a lower price point to appeal to a broader market.
The strategy behind Vivant by Be Grand, for example, involves renovating existing apartment buildings and offering smaller units at price points ranging from 1.5 (US $73,000) to 6 million pesos (US $292,000).
Be Grand is a Mexican company that offers a portfolio of high-quality properties in AAA-rated areas, including 18 in Mexico City, six in Spain, and six between Guadalajara and Monterrey.
With reports from El Economista, Real Estate Market, Expansión and Bloomberg
