Mexico City – A total of $3.5 billion will be invested between 2011 and 2016 in the construction of 16 skyscrapers in Mexico City's iconic Paseo de la Reforma, Mayor Marcelo Ebrard said.
"Real estate activity" has increased 14 percent this year, compared to 2010, in Mexico City, based on tax receipts, the mayor said during the opening of a real estate conference on Monday.
The projects planned by developers in the Paseo de la Reforma will cost more than those slated for the Caribbean resort city of Cancun, Ebrard said.
"All of these are multi-year projects, they speak of confidence in the city, no one would make an investment of $500 million, $800 million or more ... if they did not have confidence in what we are doing and in the future of our city," the mayor said.
The Paseo de la Reforma was constructed by Emperor Maximilian I during the 1863-1867 Second Mexican Empire to ease his daily commute from the imperial residence in Chapultepec Castle to the National Palace.
The avenue is home to a number of monuments, such as the Angel of Independence, as well as dozens of hotels, office buildings and public buildings.
Mexico City's government has authorized the construction of 657 projects so far this year, reflecting the "significant dynamism" of the real estate industry, the mayor said.
Ebrard said the capital's government was moving forward with plans to regulate those working in the real estate industry.
The city's government is also continuing the modernization of the property registry, which is "more or less the size of Chile," the mayor said.
"In the end, it is going to have to be digitalized and that is surely going to have a very favorable impact on economic activity in the city," Ebrard said.
The property registry's modernization is about 85 percent complete, the mayor said.