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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…

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Pablo Soria de Lachica – Discusses Potential Employment Boost in Earthquake-Hit Mexico Areas

Human tragedy is the immediate observable consequence when natural disasters of devastating magnitude strike, but after the initial shockwave, the affected society turns its attention to matters such as infrastructure, housing, and public services. The process of restoration begins and with it come new opportunities, especially in the areas of building construction and civil engineering. This is likely to be the case in Mexico, which was rocked by two massive earthquakes in September this year and faces the onerous task of rebuilding. But reconstruction campaigns could actually provide an economic boost to the affected areas and create opportunities for new employment, according to acclaimed foreign exchange broker Pablo Soria de Lachica. Despite the damage caused by the two temblors, the Mexican central bank said in October it did not expect the national economy to be significantly impacted in the long term. Although short-term growth could slow down, the country is likely to make up for the decline, the…