NAR chose Mexico as the “Spotlight” country in 2013 – and with good reason! Mexico has consistently been a top investor in US real estate over the past 10 years. On the outbound investment side, Mexico is the #1 destination for Americans and baby-boomers that retire abroad, with an estimated 1 million+ Americans residing there. Up to half of these expatriates own real estate. Anecdotally, Mexican practitioners report increasing sales to Americans, thanks to an improving economy and security situation in the country.
That number is poised to grow even more, if the constitutional amendment to lift the long restriction on foreign ownership of coastal properties is approved.
How will this affect you? For snowbirds, retirees, and investor clients alike, Mexico will become a far more attractive destination if they can purchase real estate by the water. If the constitutional amendment indeed goes through, an increased interest in Mexico from all over the United States is almost inevitable.
How can you take advantage of this opportunity? Build relationships with Mexican agents now! Over 30 Certified International Property Specialists (CIPS) reside in Mexico, and have extensive education and training on international real estate. They will be most likely to do business with fellow designees, so consider taking the courses and becoming a designee as well. Last but not least – take a look at how the Texas Association of REALTORS® and AMPI ((Asociación Mexicana de Profesionales Inmobiliarios, the real estate trade organization in Mexico) have partnered to enhance cross-border transactions among their members.
Will you start marketing Mexico if this amendment is passed? How is your board facilitating international business for members – did the initiatives from Texas and AMPI give you new ideas? We’d love to hear from you!