Colombian-Mexican startup La Haus is the latest addition to the list of companies to cut staff this year, with the company announcing 54 layoffs as part of a restructuring exercise.
According to a statement given to Business Insider Mexico, La Haus said:
"Given the slowdown in the real estate market due to the increase in rates and lower projected economic growth, La Haus has made various internal adjustments, and the latter is a reduction in the number of employees to adjust to this new reality."
The cuts—which represent roughly 7% of the company's 800-strong workforce—came as Mexican used car and selling unicorn Kavak cut circa 50% of its technology team.
It has been a mixed quarter in Mexico: Adevinta's September sale of Mexican portals Vivanuncios and Segundamano to Navent Group eventually led to 100 layoffs at the "unstable" Lamudi.
The downturn marks an unfortunate end to a "PR-friendly" run for La Haus, which announced a number of forward-thinking initiatives including allowing crypto transactions, the launch of a property comparison tool, and a "guaranteed sale" offer for property developers in 2022 alone.
Indeed, Online Marketplaces named La Haus as one of the rising stars in the LATAM real estate industry—the company has raised more than $210m in investment since it was founded in 2017 in Medellìn, Colombia before it expanded into the popular Mexican market in 2019.