Acapulco’s Drug Gangs Curb Oceanfront Condo Sales: Mortgages

Sare Holding SAB, the builder offering $1.4 million condominiums on the Pacific coast beach of Acapulco, is struggling to sustain sales and share prices amid increasing bloodshed from Mexican drug cartels.

Revenue in Acapulco, Sare’s one-time biggest market, dried up completely in the fourth quarter, dragging full-year home sales in the city down 54 percent to 330.2 million pesos ($26 million), according to a Feb. 27 report and additional figures provided by the company. Security concerns were among the biggest obstacles to growth, with its home sales nationwide plunging 90 percent, the company said.