Americans’ interest in Mexican property triples in 2016: study

The good quality and price of the properties that can be acquired in Mexico caused interest by American citizens to become owner of a property in the country to triple during 2016, according to data of the National Association of Realtors Of the United States (NAR for its acronym in English).

According to the information, of the clients who wanted to buy a property outside the U.S., 13 percent wanted to do it in Mexico, which represents an increase of more than 3 times, compared to the 4 percent of intention  in 2015.

“Buyers want to spend winter time in better weather sites, in places like the Riviera Maya. So for these people buying a beach house in a place like Florida is much more expensive, especially in the tax and maintenance part, than in Mexico,” explained Margarita Sanclemente, CEO of Sanclemente Group in the United States.

According to the NAR document, 87 percent of American citizens who are looking for a property abroad want it for use as a vacation residence or as an income business.

According to the executive, while in the United States the maintenance of a property represents annually 1.8 percent of the value of the property, in Mexico this cost is only 0.2 percent.

He also highlighted the fact that areas of greater interest to Americans, such as the Riviera Maya or San Miguel de Allende, began to record a dollarization in the price of their properties.

As a result, developers and real estate brokers increase their earnings, due to the depreciation of the peso against the greenback in recent months.

Source: elfinanciero.com