That’s right,for the first time the British have now fallen behind Mexicans in the purchase of property in the U.S. The National Association of Realtor’s study showed Brits account for 9% of foreign property purchases,while Mexican buyers have jumped up 10% this year. In fact,Mexican investment in the U.S. now tops $10 billion annually.
31 Wall St. economists recently reported that the Mexican economy is surging out of the recession with a 4.5% growth rate,beating both Britain and the U.S. Mexico citizens are also enjoying double-digit loan growth,low national debt,lower unemployment,a stronger peso and one of the lowest tax burdens on the globe. With the U.S. real estate market still depressed and Mexico’s economy growing faster than it’s northern neighbor,many upper and middle class Mexicans now have the buying power to take advantage of the housing slump.
This energized,economic environment is nurturing the growth of a new middle class in places like Playa del Carmen,recently named the fastest growing city in the world by the Guinness book of records. In this part of Mexico,the real estate market is booming,tourism is up 35%,and new restaurants,hotels,and support businesses are opening daily.
This new kind of middle-class,Mexican immigrant is wisely taking their earnings across the border and buying up reduced American properties,beating Britain to the punch.