Whether the catalyst is politics, economics or good publicity campaigns, the concept of snapping up properties in Mexico has taken off among U.S. citizens, according to National Association of Realtors.
In 2015, only 4 percent of Americans shopping for homes outside the country were looking in Mexico. By the following year, that percentage more than tripled to 13 percent.
“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,” explains Margarita Sanclemente, CEO of Sanclemente Group in Miami.
According to the NAR, 87 percent of U.S. citizens who are looking for a property abroad want it for a vacation residence or as an income business.
In the U.S. the annual maintenance of a property represents 1.8 percent of the value of the property, while in Mexico this cost is only 0.2 percent, according to Sanclemente.
She noted U.S. sellers representing high-interest areas, such as the Riviera Maya or San Miguel de Allende, began to “dollarize” their properties. That is, they are listing their properties in U.S. dollars rather than pesos.
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: El Financiero