Foreigners interested in buying real estate in Mexico grew 25% during pandemic

The real estate market experienced an increase of 67% in digital searches for properties in Mexico during the first four months of 2021 (compared to the same period last year), where 65% of interest comes from the national market and the remaining 35% from foreigners, the latter experiencing a growth of 25%, according to Lamudi.

The 10 states with the highest demand for residential real estate are: Morelos (+ 159.1%), Estado de México (+ 116.9%), Querétaro (+ 107.3%), Guerrero (+ 91.8%), Quintana Roo (+ 88.5%) , Jalisco (+ 87.1%), Nuevo León (+ 84.8%), Puebla (+ 80.2%), Baja California Sur (+ 66%) and Guanajuato (+ 65.4%).

In addition to the states close to Mexico City, the beach and sun destinations have attracted the interest of national and foreign buyers, who continue with the second home trend in the real estate market during the pandemic.

“Baja California both North and South in the part of Los Cabos experienced growth and even the part of Valle de Guadalupe and Rosalito have experienced a boost from the fact that they represent an opportunity for prices, investment, equity growth and large spaces that they have a competitive advantage when it comes to climate or tourism”, explained Daniel Narváez, Lamudi’s Vice President of Marketing, in an interview with Forbes.

He also pointed out that a trend towards border towns such as the Tijuana-Rosarito-Ensenada corridor has been observed; beach destinations such as Puerto Vallarta and Riviera Nayarit, Los Cabos, Riviera Maya; colonial and Magical Towns such as San Miguel de Allende have attracted the attention of both foreign and national buyers.

In January and April 2021 there has been a greater search for properties both for sale and for rent in residential, industrial, and commercial properties, which responds to a pent-up demand that did not make an investment decision last year due to high levels of economic uncertainty.

Regarding the general and national recovery of the real estate market, Lamudi’s Marketing Vice President specified that the search for land has been the one that has been the most driven in the pandemic followed by industrial and residential.

“We see specific cases where the search for land, industrial spaces, and the residential subsector are the type of products with the fastest growth in the first four months of 2021 compared to the same period in 2020. We have seen that offices are the only ones which have had a variation of -3%, while land has had a growth of 107%, residential 56%, commercial part 12% and industrial 62%”, concluded Narváez.

Puerto Vallarta News

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