Rojas Cobián, president of the Mexican Association of Real Estate Professionals (AMPI), affirmed that Mexico has become a great paradise for investors, who raise more returns from the capitalization of Mexican beach houses than from their investment bets in the United States and Europe.
“We are an investment paradise for beach products for the consumer and the capitals, because the returns they have today in Europe or the United States, which give you a return of 3 or 4 percent, here we offer returns of 10 percent, 11 percent and 12 percent, depending on the project and the area,” he said.
Currently, there are investors from the United States, Canada and Europe who bring real estate developments to build on the Mexican beaches, he said during his first press conference of 2024.
“They come foreigners one, two or three months here in Mexico, they attend to their health and are in their stay and they realize through all the potential that there is with our gastronomy, history, climate and the possibility that there is to generate business in these stages of life,” he declared.
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From 1990 to 2020, housing in Mexico went from 16 million to 35 million inhabited houses, it is a growth of practically 120 percent, commented Emilio Rojas Cobián.
He added that the increase in the cost of housing is due to inflation and the high demand registered in different areas of the Mexican Republic.
The prices of housing increased by 12.2 percent in the case of new units and by 10.3 percent in used housing, according to the latest official data available from 2023, he pointed out.
Even when the reference interest rates have increased considerably, the average mortgage rate has done so moderately, going from 9.23 percent in January 2022 to 10.33 percent in November 2023, he specified.
The demand for new housing in different regions will be high, due to the fact that the main effects of nearshoring are about to be consolidated in 2024.
By the third quarter of 2023, a record foreign direct investment had been registered with a collection of more than 32 billion dollars.
In Nuevo León, for example, nearshoring has had a great impact, as last year 35,737 properties were sold.
Jalisco, State of Mexico and Mexico City are other entities that have registered an increase in the sales of real estate.
Emilio Rojas Cobián called on municipal, state and federal authorities to pay more attention to this phenomenon, and to strengthen the coordination schemes to achieve a development that puts people, their quality of life and the environment at the center.
He said that hand in hand with nearshoring will come more formal employment for a population whose average is around 30 years old, so it will be necessary to generate real estate developments that meet their needs and a planning that does not extend the urban sprawl too much from vertical developments at prices and with accessible credit products.
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Source: https://mexicodailypost.news/2024/01/21/beach-housing-in-mexico-a-great-paradise-for-investors-ampi/
