The strength of the dollar against the peso is the main reason for foreigners buying real estate in Mexico right now.
In 2016 and 2017 the number of closed sales to foreigners rose to 1,105 on an annual average. From 2008 to 2015 it was 663 on average, according to information obtained through a Transparency request to the Ministry of Foreign Affairs (SRE); so far in 2018 there have been 290 properties sold to foreigners.
This investment is occurring mainly in the historic centers of colonial cities such as San Miguel de Allende, as well as in the border strip and beach destinations, such as Los Cabos and Cancun.
Mexico ranks first out of 30 for favorite US and Canadian destinations for second home searches, according to research conducted by the property portal Point2 Homes. From January 2017 to January 2018, the most sought after locations on Google were beaches such as Puerto Vallarta, Playa del Carmen, Cabo San Lucas and Cancun, as well as destinations such as San Miguel de Allende and Mérida, Yucatán.
For this year it is estimated that there will be between 1,300 and 1,500 home acquisitions by foreigners, which represents a growth of almost 30%, said Miguel Ángel Lemus Mateos, director of Lemmus Resort Real Estate México.
Currently, the housing inventory of the Mexican Association of Real Estate Professionals (AMPI) is 420,000 housing units, and foreign investment operations represent 3%.
For some time now, several entities of the real estate market in the country have been looking for the modification of the constitutional Article 27, which would facilitate the purchase of properties by foreigners.
This is because it would have a positive impact on the sector, especially in relation to tourist housing, since there would be an increase of 30% in sales of these properties.
more recommended stories
Tulum has a new trail and an inclusive beach for people with disabilities
Governor Carlos Joaquin and the president.
Izamal to be serenaded this weekend
The Orchestra and Three Singers Celebrate.
Remains of a chapel and a former convent found in Downtown Merida
The discovery was made during work.
Government and business chambers of San Miguel de Allende deny Bloomberg’s publication
In an exclusive interview with The.
Inside the cell where a Guatemalan boy died in Border Patrol care
SOUTH TEXAS United States (Times Media.
US attorney general meets Mexican president on crime
Mexico City (AFP) – Mexican President.
Mayor of Valladolid lowers municipal officials salaries to invest in recreational aeras
The mayor of Valladolid, a municipality.
Maya Language will be obligatory at Elementary Education in Yucatan
With the aim of rescuing and.
Ribbon cutting today at the Feria de la Naranja 2019
Ribbon cutting today at Oxkutzcab’s the.
New tax would be charged on the CFE receipt in 2020
Among the new taxes proposed by.