Mexico – Third Largest Real Estate Market in the World
The AMPI International Summit, “AIRES” will be held on June 12-15, 2014 and will highlight market opportunities, resort communities and connect with key Mexico destinations for international investment.
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Puerto Vallarta, Jal. – May 5, 2014.
Mexico is the third largest real estate market in the world and it is expected to continue to grow. Canadian investors are flocking to Mexico to buy retirement and investment properties. A recent informal survey conducted by Mexi-Go! of real estate offices across Mexico indicated that Canadian buyers make up as much as 70% of all purchasers of vacation product within some destinations in Mexico. Vallarta-Nayarit estimates 50% buyers from Canada while Mazatlan sees closer to 70% and Los Cabos 30%. Canadians are the second largest nationality of travelers to Mexico making up nearly 20% of all visitors. (Americans are first with about 60%.) Mexi-Go! CEO, Madeline Milne will be discussing this Canadian market at the AMPI Summit in Riviera Maya from June 12-15th, 2014.
Rapid yet stable development is occurring in many prime regions throughout the country. Popular vacation destinations are now welcoming the influx of North American, European and Russian investors who are looking for warm weather, low real estate prices and luxury amenities. Los Cabos, Vallarta-Nayarit, Riviera Maya and Huatulco are attracting more tourists, snowbirds, retirees and investors each year. Minister of Tourism for Nayarit, Rodrigo Perez Hernandez recently stated that, “over 450 million pesos has been invested in the past six years in Nayarit by foreigners purchasing real estate and investments. Projections put this at double in the next five years.”
“We are seeing investors, both Mexican and foreign, building amenities to accommodate the wave of ex-pats that are coming”, says Madeline Milne, “when they are building hospitals and a Starbucks on the corner, due diligence shows that the dollars are coming.”
Understanding this force of buyers, and presenting the message and brand in Canada is key to a successful Mexican development these days. Canadian consumers and realtors are eagerly looking to Mexico as a real estate opportunity. For home owners the options are varied and prices range from $99,000 to the sky’s the limit. Strong vacation rental markets ensure that properties see a return on the investment. Real estate brokers are beginning to understanding the power of the referral when it comes to this international real estate boom.
Canadians can purchase a two or three bedroom townhome with luxury amenities in Los Cabos for as little as $145,000 at Ventanas Residences, an ocean view condo in historic Old Town Puerto Vallarta for $190,000 at The Park or at Papaya 15 in Playa del Carmen a one or two bedroom condo from $145,000. With prices like these, low interest rates in Canada and pent up demand from the newly retiring Boomer generation, the real estate market in Mexico is set to sky rocket.
Attending the AMPI Summit this June is an opportunity for realtors, developers and brokers to network, create referrals and learn more about the influence of the foreign buyer in Mexico. Extremely affordable, the three day event is only $100. There is an opportunity to become AMPI certified during the event for $450. Hosted at Bahia Principe Master Development in Tulum only adds to the attraction of attending.