A new study tracking property prices of the world's prime residential locations
has found that Cancun was the best performing market in the western hemisphere
The Wealth Report
2009,published by UK headquartered global property consultancy
Knight Frank,said that Cancun real estate
prices increased by 7.3 per cent when comparing the first 3 quarters of 2008
This put Cancun real estate number 10 in the international
list,the highest in the western hemisphere and only beaten by some Asian and
Vancouver was the second best performer in the western
hemisphere with an increase of 5.6 per cent. The best performing U.S. market was
San Francisco,although it was the 'best of the worse' and actually saw a
decrease in prices of 0.8 per cent.
In the same survey,Mexico City was
ranked by contributors as the most influential financial center in Latin
Cancun real estate performed strongly in 2008 as Cancun and the
Riviera Maya continued to grow in strength as tourist destinations. An
increasing number of 'baby boomers' from the U.S.A. are also reaching retirement
age and creating strong demand for property in
Cancun and the surrounding areas.
Although the market has slowed a
little in 2009 with the global economic crisis,interest is still strong and the
weakening of the Mexican peso against the U.S. dollar means there are some
excellent deals on the current market for Cancun real estate.
to see a continuing steady increase in local residential property prices through
2009 before starting to boom again as the world comes out of recession in 2010.
For those with cash available,now is a very good moment to invest in Mexico