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Pablo Soria de Lachica – Discusses Impact of Mexico Earthquakes on Local Property Market

Mexico was struck by three earthquakes in the month of September, with the 7.1 magnitude earthquake that struck Mexico City on September 19 causing widespread damage to municipal infrastructure, in addition to over two hundred deaths. The capital is home to 27% of the country’s population and generates 17% of its national gross domestic product. As the city implements reconstruction plans, Pablo Soria de Lachica points to improved building codes since the 1980s as a key factor in the reduced number of casualties relative to the capital’s infamous 1985 quake, in which 10,000 people lost their lives. According to the LA Times, city officials reported the earthquake affected 7,649 properties, of which 321 buildings are now considered uninhabitable. Shortly after the disaster, the city announced a 3 billion pesos reconstruction plan, making financial aid and loans available to residents commensurate with degrees of damage. The destruction of property caused demand for housing in neighborhoods surrounding affected areas to rise by 50%. In…