Market Trend -- Mexico Real Estate Is Booming
2016 Should be a great year for residential real estate in Mexico.
It will be continuing from a strong 2015 and should be even stronger. It will be a Buyers market for US Buyers because of the strong US dollar. The dollar can buy about 40% more than it could two years ago.
US Buyers have helped many areas to have a record year in 2015. San Miguel de Allende, Los Cabos, Puerto Vallarta, Chapala and Rosarito , Cancun have seen a strong demand for both homes and condominiums.
And it is not just foreign buyers who are driving the real estate boom. The domestic market is also hot. Manufacturing and exporting are booming and Mexico is becoming the powerhouse of Latin America. It is equal to all of the rest of Latin America in the amount of goods manufactured and exported. Over 3/4 of the exports go to the US and make Mexico the 15th largest exporter in the world. Mexico's GDP is now a much larger than Canada. Mexico is also the world's eight largest producer of oil.
The dollar steadily increased against the peso for 2014 and 2015 and then jumped even more in January of 2016. This makes it the best time ever for foreign investors to enter the Mexico real estate market, either for commercial real estate or vacation homes in Mexico.
The strength and consistency of the market has led to an extensive selection of properties. There are condos, single family homes and impressive custom homes. The price range is also extensive and ranges from an entry level to very expensive..
Along with the long time investment buyers, there is a huge increase in retirees. 25 million baby boomers reach retirement age each year and many of them can not afford to retire in the US. However, they can live well on Social Security if they retire in Mexico. There are now over 3/4 of a million US citizens living in Mexico legally and an unknown number who are undocumented. If only 10-25,000 more US citizens move to Mexico each year it is still a huge boost to the economy and the real estate market.
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