Gone are the days when economic troubles in Mexico pushed its citizens north into the United States and beyond to find work. In fact, according to the New York Times, today Mexico is instead attracting migrants from around the world, with the nation’s foreign-born population nearly doubling between 2000 and 2010.
“Officials now say the pace is accelerating as broad changes in the global economy create new dynamics of migration,” writes the New York Times. “Rising wages in China and higher transportation costs have made Mexican manufacturing highly competitive again, with some projections suggesting it is already cheaper than China for many industries serving the American market.”
Furthermore, data from the International Monetary Fund (IMF) shows that Mexico’s economy “far outpaced” those of its largest neighbors in 2011 and 2012, including Canada, the U.S. and Brazil – a trend that is expected to continue throughout 2013 and beyond. This has made many aspects of Mexico’s markets more appealing to investors from around the world, including its real estate, energy and manufacturing sectors, among others.
Those immigrating to Mexico today include a variety of different types of people from many different countries and professional backgrounds, including both laborers and executives, with residency requests increasing by more than 10 percent since November of 2012.
“Americans now make up more than three-quarters of Mexico’s roughly one million documented foreigners, up from around two-thirds in 2000, leading to a historic milestone: more Americans have been added to the population of Mexico over the past few years than Mexicans have been added to the population of the United States, according to government data in both nations,” writes the New York Times.
As Mexico continues to open up to the rest of the world in a variety of new ways – both by allowing more people to immigrate and by opening up its economy, for example – the Mexico real estate market is expected to steadily increase, making the largest gains for those who decide to purchase property in the nation’s hottest markets early. And buyers will be in good company – there are an increasing number of resources geared to make adjusting to life in Mexico easier than ever, including information about how to obtain (and maintain) dual citizenship, what property ownership means in Mexico and more.