Guatemalan McMansions built with remittances

There may be McMansions built in Guatemala with remittance funds but they require a lot of resources:

The paradoxical strength of Guatemalan migrants’ transnational dreams is nowhere more evident than in the clash between these McMansions — often decorated in red, white and blue — and below-subsistence everyday life in largely indigenous areas like Cabricán…

The remittances they send have increased nearly sevenfold since 2001, according to the International Organization for Migration. The money is projected to reach a record $5.9 billion this year, according to the Banco de Guatemala – over 10 percent of the country’s GDP…

Worse, many experts argue that big houses — unattainable with quetzales, the Guatemalan currency — are risky investments for remittance dollars, too, especially since most migrants already used what little assets they have — land and their existing homes — as collateral for the large loans necessary to pay smugglers’ fees.

A home like the one built from the money sent by the Rojas children’s in San Antonio costs around 500,000 quetzales ($64,000) to build there.

Critics of McMansions might note that such homes in Guatemala reflect the illusory nature of all McMansions: lots of space and an impressive facade but difficult to sustain in the long run with what they cost to build and maintain (and how that money might be better spent elsewhere) and their dubious quality. The Guatemalan McMansions illustrate the downsides of globalization where cultural tastes and spending habits (big homes, lots of features) may cross borders but not all the potential consumers are able to realistically purchase the goods they see.

At the same time, given the cheaper costs for such homes in Guatemala, how long before we see HGTV featuring American retirees looking at McMansion neighborhoods in Guatemala as they try to escape higher costs in the US but still want the private home of the American Dream?

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