Having a dollarized dynamic makes it difficult for all rentals of housing, apartments or other real estate in Tijuana to be made in Mexican pesos, said the head of the State Council of Real Estate Professionals of Baja California (Cepibc).
Fermín Kim King acknowledged that at the time the initiative for rentals in the city to have the peso as the main currency was considered, but it did not come to fruition due to the law of “supply and demand.”
“We consider that the rent should definitely be in pesos, but we are in a very dynamic and dollarized border, which sets the tone and above all in the contracts that are the will of the parties,” he mentioned.
The head of Cepibc, Kim King, commented that there is no obligation or law that marks whether a house or apartment should be in a type of currency, since the free market and the laws support the transfer or acquisition of properties voluntarily.
On the other hand, he recalled that the rental ranges for properties in Tijuana are above one thousand dollars or above 20 thousand Mexican pesos per month, this in areas of high demand and depending on the amenities.
Kim King added that those polygons close to the international border crossings, such as Otay, Libertad or 20 de noviembre, as well as those in attraction centers such as the Downtown Zone, Río, Chapultepec or Hipódromo, are the most in demand for rentals.