Table of Contents
Executive Summary — 5 Key Features Of This
Report — 6 SWOT Analysis — 7 Mexico
Real Estate/Construction SWOT — 7 Mexico Economic
SWOT — 8 Mexico Business Environment
SWOT — 8 Real Estate Market
Overview — 9 Key Projects — 11
Construction Overview — 11 New And Ongoing
Projects — 11 Residential
Construction — 11 Commercial
Construction — 11 Major Projects — 12
Table: Mexican Major Infrastructure Projects — 12 Real
Estate Investment Trusts In Q309 — 14 Table: FTSE
EPRA/NREIT Global Real Estate Index, Total Returns (US dollar
terms) — 15 Table: US REITs, Total Returns (US dollar
terms) — 16 Pointers — 20 Industry
Finance Outlook — 21 International
Financing — 21 Table: Client Loans, 2007-2013 (% change
y-o-y) — 21 Table: Loan-Deposit Ratio,
2007-2013 — 23 Domestic Financing — 24
Table: Key Banking Levels (MXNbn) — 25 Monetary
Policy — 25 Table: Mexico – Monetary Policy, 2006
– 2013 — 27 Industry Forecast
Scenario — 28 Table: Housing prices at a glance –
Latin America — 28 Table: Office Rents – Latin
America – CBRE — 29
Construction — 29 Table: Mexico Infrastructure And
Macroeconomic Historic Data And Forecasts — 30
Macroeconomic Outlook — 31 Table: Mexico – Economic
Activity, 2006 – 2013 — 33 Real Estate/Construction
Business Environment Rating — 34 Table: Latin America
Business Environment Ratings — 34 Mexico’s
RECBER — 35 Project Finance Ratings: Outlook for the
Americas — 36 Table: Design And Construction
Rating — 38 Table: Commissioning and Operating
Rating — 40 Table: Overall Project Finance
Rating — 42 Mexico’s Business
Environment — 42 Table: BMI Business And Operational Risk
Ratings — 43 Institutions — 44 Table:
BMI Legal Framework Ratings — 44
Infrastructure — 47 Table: Latin America Annual FDI
Inflows — 49 Table: BMI Trade
Ratings — 51 Table: Top Export
Destinations — 52 Company Monitor — 54
Cemex — 54 Empresas ICA — 56
Corporacion Moctezuma — 58 DINE
S.A.B — 59 Grupo Cementos de
Chihuahua — 60 Financials (MXNmn) — 60
Desarrolladora Homex S.A — 61 Urbi Desarrollos Urbanos
S.A — 62 BMI Forecast Modelling — 63
How We Generate Our Industry Forecasts — 63 Construction
Industry — 63 Bank Lending — 64 Real
Estate/Construction Business Environment Rating — 64
Table: Weighting Of Indicators — 65 Project Finance
Ratings Indicators — 67 Table: Design And Construction
Phase — 67 Table: Commissioning And Operating Phase
– Commercial Construction — 69 Table: Commissioning
And Operating Phase – Energy And Utilities — 70
Table: Commissioning And Operating Phase –
Transport — 71 Sources — 72
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