According to the latest findings by the renowned real estate search engine, Point2 Homes, Mexico stands out as the top destination for American homebuyers considering properties within the Americas. This preference is evident from the significant number of U.S. web searches related to Mexican real estate. Over a 12-month period ending in June, there was an average of 136,530 Mexico-related real estate searches per month, marking a 3.3% increase from the previous year.
Notably, Mexico’s rich cultural heritage and breathtaking beaches continue to captivate potential buyers. The most sought-after locations in Mexico, as identified by Point2, include the Jalisco resort city of Puerto Vallarta, Guanajuato’s San Miguel de Allende, Baja Sur’s Cabo San Lucas, the trendy Tulum in Quintana Roo, and the historic Yucatán capital, Mérida.
An analysis of Point2 Homes’ internet traffic data reveals that men were responsible for 58% of these searches, while women accounted for 42%. Interestingly, a younger demographic, those aged between 18 to 24 years, displayed significant interest in Mexican properties, more so than the expected retiree age group of 65 and above. This shift signals a broader appeal of Mexican real estate across different age groups.
When it comes to property types, houses emerged as the primary choice, representing 57% of all Mexico-related real estate searches from the U.S. Apartments followed with a third of the searches, while land accounted for 10%
Additional insights from Bloomberg highlight the state of Yucatán as particularly enticing for real estate investors, primarily due to its low crime rates. Many investors, some from the U.S. and Canada, have taken to renovating historic properties in downtown Mérida, subsequently listing them on platforms like Airbnb. The New York Times also shed light on the resilience of Mexico City’s housing market, especially post-pandemic. By the first quarter of 2023, the average home price in Mexico City surged by 26%, demonstrating both the city’s economic recovery and its attractiveness as a real estate hub.
In summary, Mexico’s allure in the real estate sector isn’t solely attributed to its affordability in comparison to many U.S. markets. Its diverse cultural offerings, strategic locations, and potential for investment appreciation play a pivotal role in drawing international interest.