Mexican real estate brokers say that American buyer interest remains high despite a recent uptick in news reports about grisly cartel-related crime.
Uppsala, Sweden (PRUnderground) March 29th, 2018
MIPARO, a residential real estate home listing portal for emerging markets, noted today that, according to a number of their Mexican brokers, interest remains high among foreign property buyers despite recent accounts of Narco-related murders. An uptick of drug cartel related violent crime, extortion and bombings at some of Mexico’s most popular resort and retirement communities have been widely reported in the international press. Many stories noted that the Narco-terror that plagued Mexico over the last two decades is spilling into places such as Cancun and Los Cabos, which are popular destinations for foreign tourists and retirees.
The United States embassy recently posted a security alert barring U.S. government workers from Playa Del Carmen because of the bombing of a tourist ferry there. A number of American and foreign nationals were injured by the blast. A second bomb was found on another tourist ferry shortly after the first explosion.
Canada, France and the U.K. have also posted travel advisories which have caused the Mexican government, real estate brokers and others that cater to foreigners, that a downturn in expats moving to Mexico will ensue.
According to MIPARO’s Country Manager in Mexico, Giovana Vitela, the volume of interest among foreign nations wishing to buy real estate in Mexico has not diminished. “Despite some of the dramatic reports of crime in and around some of our most sought after tourist and retirement areas, we’ve actually seen a slight increase in activity among foreign buyers, particularly Americans” said Giovana Vitela. This aligns with a recent report showing that tourism in Cancun was up actually up 9% in 2017, according to CGTN America, a global news organization.
Nevertheless, officials in Mexico remain concerned about the increase in Narco-related violent crime in and around Mexico’s most well-known destinations. In the state of Quintana Roo, where Cancun is located, organized crime was responsible for 277 killings in 2017, up from 86 in 2016. Robberies of businesses increased to 1,955, triple the amount from 2016. “Cancun has become the focal point of Narco-trafficing and all the violence that comes with it” said David Sanchez Reyes, a local activist.
The purchase of Mexican real estate among foreign nations is also driven by factors other than crime. Interest rates, currency exchange rates, the growing number of Americans and Europeans entering retirement, all impact the Mexican real estate market. Ms. Vitela of MIPARO noted, “Mexican real estate is still a good value for foreigners wishing to buy a second home or one for retirement. We have great weather, beautiful beaches and the cost of living is low compared to the States and Europe. We’ve even seeing more Chinese buyers entering the market, so things can’t be that bad.”
Founded in 2016 in Sweden, MIPARO provides real estate agents and brokers in developing markets with a global platform to showcase their client’s homes, providing unparalleled international exposure. Home buyers can easily find properties in the respective markets because MIPARO consolidates many of them on a single platform.
As done in Europe, MIPARO charges agents a small fee to post their properties on their platform. North American listing portals don’t charge agents to post their listings; instead they charge individual agents to advertise their services.
Listings are then easily uploaded to MIPARO’s website for millions of international and local home buyers to see. All listings are translated into the target audience’s own language for no extra charge.
MIPARO will mediate conversations between buyers and sellers if they don’t speak the same language. Importantly, MIPARO requires a rigorous two-step verification process to make sure listings are real so buyers don’t fall victim to thieves and scam artists who populate many home search platforms abroad.Press Contact
Original Press Release.