A new amendment would see foreigners allowed to buy coastal property in Mexico Photo: Scaturchio
The latest stats from the Mexican Association of Real Estate Professionals shows that sales have jumped 30 per cent in the last month.
Executive Vice President of the AMPI, Hanna Grayeb Antonio, announced that the average income of the property sector jumped almost one-third. The rise has been attributed partly to the hotspot of Veracruz, which has seen its profile boosted by the Central American and Caribbean Olympic games amid both international and national promotions.
Those who come to the area for seasonal work or speak well of Velacruz also help to boost its profile, added Antonio, in a “virtuous circle” of attention.
The figures follow the AMPI’s backing of Article 27 of the Constitution, which would see foreigners permitted to buy property in coastal areas. The approval of the amendment, says Hanna Grayeb Antonio, would boost investment in the country by 10 to 15 per cent.
Foreign buyers currently account for 5 per cent of property sales across Mexico, but in tourist hotspots, that proportion climbs to 20 or even 30 per cent.