| | |  Puerto Vallarta Real Estate | December 2008 
Mexico Real Estate News and Market Update
 John K. Glaab - settlement-co.com
| | Puerto Vallarta's Ever-Changing Skyline: In resort and second home development, 18,000 units with a market value of 6.4 billion dollars were sold in Mexico in 2007. | |
Mexico's Tourism Industry Predicted to Grow in Spite of the Crisis
According to Miguel Torruca, President of Mexico's National Tourism Federation, Mexico's tourism industry remains strong in spite of the global economic problem. In 2008, Mexico will have 22,126,000 visitors representing an increase of 3.3% from 2007. In 2009, it is expected that 22,932,000 people will come to Mexico. This represents an increase of 3.6% over 2008.
Four year Development Prospects are Bright
In Resort and Second Home development, 18,000 units with a market value of 6,400 million dollars were sold in Mexico in 2007. In spite of the current crisis it is estimated that 35,000 units will be sold in 2012, almost double the 2007 figure. Sales are anticipated to be brisk in Cancun, Puerto Vallarta, the Ensenada-Rosarito corridor, La Paz-Los Cabos and along the Pacific coast but also in such interior cities such as San Miguel de Allende and Cuernavaca. (Softec, June 2008.)
New Vice President and New Advisory Board for AMPI
Hector Obregon Serrano of Leon Guanajuato has been elected Vice President of the Mexican Association of Real Estate Professionals (AMPI). The election took place at AMPI's recent Annual Meeting at the Mayan Riviera. Ten new members of the National Advisory Board were also elected. Linda Neil of AMPI La Paz has been asked to continue working on two major ongoing projects. Linda has completed her second and last year of a two year term on the National Advisory Board. Morelia, Michoacan will be the site of the 2009 National Conference and Annual Meeting.
Financing Options Available
Are you thinking about obtaining cash out of your Mexican property? Or perhaps you are thinking about buying Mexican property, but do need to obtain financing to do so? Or, maybe you are seeking to refinance your high interest developer loan. All these options are now available for Mexican properties.
In order to serve our clients in all the ways that we can and direct them to the best services available in the growing and maturing Mexico mortgage market, The Settlement Company is reviewing and investigating the options available. If you are interested in these products, please let us know.
Real Estate Fair in Ixtapa/Zihuatanejo
The Settlement Company will be co-sponsoring a Real Estate Fair, for the second year in a row. The Fair will be held in Ixtapa/Zihuatanejo and feature property tours, a trade show and educational sessions. The magazine, Another Day in Paradise will be the other sponsor. Dates for the Fair, January 19, 20 and 21, 2009.
Title Insurance in Mexico
For many years now, The Settlement Company has been referred to as "your safety net in Mexico." One part of property purchasing we recommend is a policy of title insurance. Our company orders the title investigation and supervises the acquisition of title insurance on behalf of our clients.
La Paz Association Wins UN Award
Niparaja, based in La Paz, Baja California Sur, is an organization that was created to undertake environmental protection. The association has been awarded UN Habitat's 2008 Dubai International Award for Best Practices. The award was given for Niparaja's community based advocacy work to promote Playa Balandra as a municipal protected area for La Paz, Baja California Sur. It was among 12 nonprofit organizations selected from over 500 entries worldwide. The award which includes a grant of US $300,000 and a trophy will be presented at an award ceremony in Dubai early in 2009.
Mexico is Becoming a World-Player for Near Shore Services
Fifteen years after NAFTA was implemented, Mexican Information Technology (IT) serviced firms have seen increasing benefits from the strong economic relationships developed between the North American trading partners.
By opening markets, trade has helped Mexico consolidate its position as a strategic manufacturing center and a global trade hub. Today, no major investment in North America from the US, Europe or Asia takes place without considering Mexico in its strategic planning.
This option has brought an interesting alternative for many companies: Near Shore Production. Mexico represents a low risk destination for near-shore operations. Being part of NAFTA, Mexico has strengthened the legal framework that provides certainty to companies doing business in the IT service sector though the strict enforcement of contract obligations, intellectual property protection and data privacy.
The Mexican government has introduced a Software Industry Development Program (PROSOFT), which establishes goals for a ten-year period to promote competitiveness in the IT sector. As a result, there are 23 IT clusters in Mexico containing more than 700 companies and IT-related organizations. The projects supported by PROSOFT have created 32,559 new jobs from 2004 to August of 2008.
Happy Holidays and a Prosperous and Healthy New Year from everyone here at The Settlement Company.
 John Glaab has been a member of NAR's International Section for over a decade. He has earned the Certified International Property Specialist designation and is a founding member of AMPI Los Cabos. He spends half the year in La Paz, Baja California Sur and the other half in Uruapan, Michoacan. For further information, contact John at John.Glaab(at)settlement-co.com. |
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