mexico central bank keeps interest rate the same
News Posted On: 01 December 2009
Mexico's central bank is holding its benchmark interest rate at 4.5 percent for the fourth consecutive month. This is to curb inflation now that the economy has began to see some growth again, with GDP up 2.9% in the third quarter compared to the second.
The bank estimates inflation will be around 4 percent by the end of this year, which is above its goal of 3 percent, but continuing a downward trend.
Mexican property became popular with foreign buyers (well those from around the world anyway) in 2008. It subsequently received the emerging market seal of approval as prestigious new developments were announced, with celebrity designed golf courses and celebrity filled marinas.
Mexico suffered the biggest hit of all Latin American nations, because 80% of its exports go to the United States, so when it suffered, Mexico bled also. This understandably made investors think twice. The fact that swine-flu originated in Mexico, and caused massive damage to the tourism industry did nothing to help the situation.
Luckily, many of the developments were in the early stages, and were being sold as land-plots with the option to build, a common model for the Americas. This means that developers were not forced to cancel developments that were part constructed, but were left holding land-banks.
There will likely be a resurgence in developments aimed at the foreign market next year, but it will likely be 2011 - 2012 before there is any real purchasing activity from foreign buyers, well, those from around the world (non-American) anyway.
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