New merging Mexico real estate markets
Thinking of buying real estate in Cancun or Playa del Carmen. Economists are saying this is the time to get in on deals due to new merging markets.
Economists are shelling out the best advice of the year, saying investors should be looking toward industrializing and developing countries.
Danielle Goldfarb, associate director of the Conference Board of Canada’s Global Commerce Centre says that those looking to the emerging world for trade and investment opportunities should cast their gaze toward, what he calls, mint countries.
Countries like Mexico are turning out to be economic powerhouses with their young populations, growing wealth and beneficial geographical placement. While other economic powerhouse countries like Southeast Asia and Indonesia share close relations with China, it’s Mexico that shares in the benefit to its close relations with the US.
Alberto Quiroz, vice-president of sales at Consolidated Energy Inc., a Toronto company that makes equipment to control humidity in supermarkets, says that the company plans to enter Mexico.
“It’s a logical step,” he says, noting that Mexico has had GDP growth of more than 5 per cent in each of the last four years, has a stable exchange rate, relatively low unemployment and free trade with Canada. “Of course there’s risk, but there’s risk everywhere.”
Goldfarb adds, “Our trade has flat lined,” as many Canadian companies continue focusing on the slow-growth US market at a time when other economies are exploding.
This goes hand-in-hand with the exploding housing market seen in the Cancun-Riviera Maya region over the past few years. As the country opens itself up to outside investors and the state invests more in infrastructure, property investors continue to reap in the rewards with prime real estate at unheard of prices, which as any real estate agent will tell you, won’t last forever.