Mexico needs to build 800,000 housing units/yr to keep up with demand -study

Mexico needs to invest nearly 4% of its gross domestic product annually to build 800,000 housing units a year over the coming two decades to keep up with demand, a study led by a Massachusetts Institute of Technology (MIT) professor showed Wednesday. "That comes out to 3.87% of the (country's) GDP.

Mexico needs to invest nearly 4% of its gross domestic product annually to build 800,000 housing units a year over the coming two decades to keep up with demand, a study led by a Massachusetts Institute of Technology (MIT) professor showed Wednesday.

"That comes out to 3.87% of the (country's) GDP. ... That's what we need in Mexico. It's ambitious, but feasible," Albert Saiz, the MIT associate professor leading the study, told Reuters. Demand for houses in Mexico is rising, while the number of people living together is shrinking, Saiz said.

"In 1990, there were five people per home in Mexico. By 2020, there were only 3.6 per home," Saiz said.

Also Read: Mexico says ready to host talks between Venezuela govt and opposition

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)