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October 31, 2014

Global Real Estate: Spotlight on Mexico

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Global Real Estate: Spotlight on Mexico

Mexico is the No. 1 destination for Americans living abroad — especially retiring baby-boomers. An estimated 1 million Americans residing in Mexico, and about half of these expatriates own real estate.

Likewise, Mexican-born buyers are a significant force in the U.S. economy. After Canada and China, Mexico is No. 3 in U.S. foreign direct investment, and in 2011, Mexicans (including Mexican-born U.S. residents) purchased $5.74 billion in U.S. real estate. That represents 7 percent of properties sold to international buyers.

According to NAR’s Commercial & Global Services Group, Mexico’s commerce has largely moved to neighboring Texas, Arizona, and California. But in the last decade, Mexico’s shipments of oil, electronics, and other products through South Florida have increased, thus making it increasingly desirable location for Mexican-born real estate purchasers as well.

For practitioners looking for opportunities with inbound or outbound Mexican real estate markets, here are three ways to connect.

Get involved. NAR offers groups, events, and resources related to internationally-focused real estate. Join and volunteer in state or local association committees. Participate in events sponsored by REALTOR® associations.

Educate yourself. Earn the Certified International Property Specialist (CIPS) Designation. Learn more at www.realtor.org/global. Find mentors who can help you learn the business. Attend events where you can network with other international real estate practitioners.

Extend your Mexican network. Look for ways your region is promoting itself to Mexican buyers and get involved. Get in touch with regional economic development offices and your local Chambers of Commerce.

Source: "Spotlight on Mexico" (March 2013) and "Establishing a Network in Mexico" (Feb. 2013) NAR

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