Fernando Lelo de Larrea: Mexico City becomes a Home Office destination for US citizens
—Fernando Lelo de Larrea
MIAMI, FLORIDA, USA, Jan. 17, 2022 /EINPresswire.com/ — Mexico City is an incomplete transformation, and it’s not just a usual transformation in a city of this magnitude. The Department of the Interior has made Mexico City and the famous Condesa/Roma neighborhood a favorite location for many foreigners, primarily North Americans who choose to pursue their remote work activities from Mexico City.
Various employees of companies in these regions point out that it is now necessary to speak English to provide their services. It is common to hear different diners conversing in English at famous restaurants in the area. This phenomenon is on the increase; in January 2021, the NYT had already begun to analyze this situation, pointing out the advantages of Mexico City compared to the high cost of rentals in New York or Los Angeles. The American newspaper underlined: “walking in the streets of the trendy districts of Mexico City these days, one sometimes has the impression that English has become the official language”.
In this regard, we asked the main businessman of the Mexican tourism sector, Fernando Lelo de Larrea, his opinion on this subject. Here is an excerpt from the interview:
Fernando Lelo de Larrea, What are the causes of this change in the population of Mexico?
Indeed, what you say is very noticeable. First of all, this change relates to the high vaccination rates that Mexico City has. The second is the proximity to the United States and the cosmopolitan vision of CDMX, and the third is Home Office technologies and platforms such as Airbnb. Various sources point out that the fastest growing segment that has decided to migrate to CDMX is 25-35 year olds, single or in a relationship, North Americans who have found these CDMX neighborhoods attractive due to their communities and the excellent climate they gift. Mexico. It is also important to note that people from Europe are appreciated.
How important is this change for a city as big as Mexico City?
Enough. Tourism is the second largest revenue-generating activity in the country’s capital, and only foreign direct investment ranks above it. But this tourism revenue data has traditionally come from tourists staying at CDMX hotels. Here we are seeing a shift as tourists extend their stay in CDMX, consume in small and medium businesses and travel to beach destinations in Mexico on weekends; this has a sustained impact with greater capillarity.
Do you think Mexico’s tourism industry is finding a way to recover?
In 2020, Mexico was the third most visited country in the world, ahead of eighth place. We believe the Mexican tourism industry has fallen the least in international comparisons. Many comments say that Tulum dethrones Bali in many respects, and finally, Los Cabos, becomes the destination par excellence for high-end tourism. The new Four Seasons in Los Cabos opens the door to a first-class tourism development unique in Mexico.
But let’s get to the data. Let’s analyze this topic from technology platforms such as Google and Airbnb. We find the following: a) Mexico City is the fourth most related topic in US Google searches for the keyword Mexico City, above Cancun, which is ranked number 7. The word La Condesa is in the top 25 related topics in United States searches for the keyword Mexico City.
b) According to a study by Kanza Bouhaj, expert in Airbnb data analysis, from 2019 to 2020, the growth of Airbnb integrated accommodations in Mexico City was 20%. The town hall with the highest density of housing on Airbnb is Cuauhtémoc, followed by Benito Juárez, and in 3rd place the town hall of Miguel Hidalgo. During this period, Cuauhtémoc experienced a 12% price increase on Airbnb. That’s why I agree that a transformation is underway.
Finally, Fernando Lelo de Larrea pointed out the following: Mexico City is becoming less and less remote for North Americans. It is a city where the NFL, the NBA and the MLB organize games. There is Formula 1; most of its artists and singers determine CDMX as the mandatory basis for their world tours. Its proximity by air guarantees them the ability to quickly take care of any important business in the United States. It has fiber optic internet access in the areas where they operate.
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