Real estate trends are like anything else; they change from country to country and decade to decade in accordance with the economy and society in question. Mexico’s real estate trends in 2015 are entirely different from those in 2005. In order to keep you ahead of the game, so to speak, we’ve made up a list of the recent real estate trends to affect Mexico.
Mexico’s Real Estate Trends 2015
- Responsible Lending
The only trend that you could think of as a downward turn for 2015 is the overhaul of the Mexican banking system that’s set to make it more difficult for foreigners to get loans and mortgages with foreign income as a qualifying factor. This means that those people in the strongest position are those who have cash ready, or who already have a job in Mexico. Most reputable developers are beginning to offer developer financing to combat this real estate trend in Mexico.
- Smaller and Cheaper Luxury Homes
There has been a trend away from traditional architecture and large houses towards smaller, more affordable condos in a modern, clean cut style. This is especially the case in tourist hotspots like Cancun, Cabo san Lucas, Riviera Nayarit, and Puerto Vallarta. The result is that it’s more affordable to buy a second home or retirement home in these areas without losing any of the touches of luxury and modernity.
- Dollar Vs Pesos
The combination of falling oil prices and the growing strength of the dollar mean that the average American family has a little more money in their pockets when you change them into Mexican pesos. This means that you will be more able to take full advantage of the low house prices in Mexico to buy your dream home for much less than back home.
- House Prices are Slowly on the Rise but still afforable
The drop in house prices over the last 6 or 7 years is not the only thing that is shaping up to make 2015 a great year to invest in Mexico. The Mexican government has started to focus more heavily on education and the creation of job opportunities which means that this is a great time to be thinking about investing in business opportunities too.
Mexico can offer you gorgeous scenery, great weather, value for money, and a warm welcome! So why not take advantage of these trends and shifts in the real estate market; there really has never been a better time to invest in a new life in Mexico.