Mexico: salsa-ing its way to becoming a hotspot

Posted by Catherine Deshayes on Tuesday, November 18, 2008

Mexico has traditionally been overlooked by property investors due to its unstable political history and the associated economic risks, but now, with increased stability, the country is starting to be considered...

Interest in Mexico has started to grow of late alongside increased political and social stability.

One group of people very keen to invest in Mexico are Canadians, as they look to avoid the unstable US market. An increase in the number of flights from Canada to Mexico has made accessibility far easier and has pushed up the number of visitors and investors. The strong Canadian dollar and Mexico's low cost of living and relatively affordable property prices have pushed interest even higher.

Alfonso Sumano, the Mexican Tourism Board's regional director for Canada, said, "Canadians can leave home in the morning and be on the beach by lunchtime."

It's not just the Canadians though; tourists from all over the world are keen to travel to Mexico to make the most of the beautiful coastline and the warm climate. More than 22 million visitors traveled to Mexico last year.

Foreigners can buy or invest in real estate in Mexico without any restrictions, except in the coastal and border areas. There, foreign individuals can have 100 per cent control of property through a real estate bank trust.

To cater for the ever growing numbers of tourists, there has been a huge influx of apartments and new build properties in the popular resorts of Los Cabos, Puerto Vallarta and Ixtapa.

In these hotspot regions, property prices have risen at around ten per cent year on year over the last few years.

Those investors who are looking for something off the beaten track should consider Mexico's less developed areas, such as Manzanillo on the Pacific Coast in central Mexico.

Miles of stunning undeveloped coastline make this a spot worth considering and property prices in the area have been rising by around 15 per cent year on year. Despite these rises, you can still pick up a beachfront home for around £70,000.

Party animals

Infamous spring break destination of Cancun has grown over the last few years and has enjoyed considerable investment. As well as being a party hotspot, it also has a well developed infrastructure unlike many other, less developed parts of the country.

Cancun also boasts stunning beaches and excellent surfing and diving. As a tourist destination, Cancun has really boomed in the last five years, causing property prices double.  

New build apartments are generally considered a good investment, with solid capital growth and good rental potential of around eight per cent annually. You can pick one up for around £75,000.

Browse property for sale in Mexico

Picture by byrdiegyrl

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