Mexico is the refuge of thousands of Americans, who avoid the stress of high inflation and interest rates experienced in the United States by buying cheap houses facing the sea and white sand beaches of Cancun, Tulum, Puerto Vallarta, Los Cabos and other cities.
This preference for Mexican land was seen in the real estate sector, which in two months of this year sold more than 300 apartments to Americans, especially residents living in California, who paid more than 5 million pesos for some property in Tijuana.
“High inflation and interest rates in the United States, the Covid-19 pandemic, digital nomads and the fact that a Netflix or several technology companies institutionalized the home office helped make the Mexican market increasingly attractive to the US and Canadian markets. ”, says Romain Benenatti, Director of Operations of Clikalia Mexico.
Each tourist destination in Mexico has its role within the US macroeconomy, since Los Cabos, Puerto Vallarta and San Miguel de Allende are cities for retirees and retirees, while Tijuana is becoming a corridor for health and dental tourism for Californians, adds the manager.
According to figures from Softec, the Covid-19 pandemic plummeted the sale of luxury apartments and houses in different tourist cities such as Los Cabos, Tulum, Cancun, Playa del Carmen, Puerto Vallarta, San Carlos, Puerto Peñasco, Mazatlán, Acapulco by 34%. , Huatulco, Ixtapa Zihuatanejo and Riviera Nayarit.
In 2020, Americans only bought 8,000 luxury homes in Mexico, when a year earlier they purchased more than 12,270 apartments a few meters from the beach, explains Softec.
After a massive vaccination in Mexico and the United States against the coronavirus that causes Covid-19, luxury home sales totaled more than 11,000 units in different tourist destinations in the Mexican Republic during 2021.
And by 2022, sales of luxury beachfront apartments in Mexico will increase by more than 32.08%, since more than 15,605 units are expected to be sold, adds Softec. Most foreigners who buy houses and apartments in Mexico do so in cash, since there are no loans or mortgages for clients from the United States, Canada and other parts of the world, says Towle.
Suddenly, banks offer credit to foreigners, but it is a very messy process; there are a couple of companies that offer loans to foreigners to buy properties in Mexico, but they have limited access, he adds.
The Americans saw that they could acquire an apartment in Mexico that did not have a beachfront, but with access to the sea and its white sand at a price between 100,000 dollars and 200,000 dollars, he explains.
The Riviera Maya is the area that has registered the most in the sale of condominiums and apartments to Americans and Canadians, while several border cities have been boosted by inflation and interest rates in the United States, says Romain Benenatti, director of Clikalia Mexico operations.
In 2021, the Riviera Maya registered a boom in the purchase of homes and beach apartments because Americans bought at interest rates from United States banks, but the purchasing dynamics changed with high interest rates and inflation, highlights Benenatti.