overseas property where are we now part iii mexico
News Posted On: 30 August 2010
This is the second part in a multi-part series looking at what has changed over the last few economically rocky years.
Mexico property is one of the funniest stories of all. Always known as the poor relative of uncle Sam, Mexico has high crime and poverty rates. However, its economic relationship with the US also gives it great economic potential, especially at times when the US is growing rapidly (during booms for instance).
This potential never went unnoticed as the advent of budget airlines in the early-mid noughties made travel to far flung destinations easier and more affordable. American investors capitalised on the low property prices of their neighbour; turning a quick profit as the economy grew.
But it never really emerged onto the international scene until the end of 2007 and into 2008. This is when it received what I like to call the international emerging market seal of approval, new luxury developments with celebrity name golf courses (I think Tiger Woods did one in Mexico) and marinas.
But of course, as we all know, the credit crunch hit the world in the final quarter of 2008, Mexico included. Although with Mexico it was earlier because of falling American exports, but in the final quarter everyone was having to admit that this was no blip we were facing.
Mexico is still suffering from the US economy's struggle to recover, and it will likely be a few years before private investors have the confidence to invest in market's like Mexico -- especially in off plan property.
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