AN INSIGHT INTO THE DEMAND FOR LUXURY REAL ESTATE IN MEXICO
Mexico’s destination markets are heating up, particularly as remote employees seek year-round, resort-style living as a result of flexible, remote work policies. Buyers continue to snap up vacation homes that they can use more frequently and then rent out for money the rest of the year. The modern homes for sale are all-time high for the past two years, as demand continues to surpass supply. Due to the constant demand and transactional complexities that may develop, high-profile real-estate firms have opened up shop in Mexico’s resort markets to assist buyers.
“Why wait till tomorrow to appreciate paradise when you can enjoy it today”. That was the emotion expressed by buyers who visited Mexico’s picture-perfect Pacific Coast, resulting in a year-over-year surge in transactions in 2021. Single-family home sales increased by 30%, with the median price increasing by 95%. Condominiums were the hottest commodity, with transactions increasing by 93%, followed by single-family homes and undeveloped land.
The property for sale in Mexico in year 2021 was the hottest in Los Cabos real estate history. For the first time, it was a seller’s market, with 126 percent more single-family home sales and a 49 percent increase in median price year over year. Condom purchases increased by 192 percent, with a 19 percent median price increase. Any remaining preconstruction and predevelopment material rushed off the shelves, as growth moved outside the Los Cabos area.
Inland single-family homes sold for $350,000 to $2.5 million, while coastal mansions sold for as much as $10 million, suggesting that buyers were willing to pay a premium for prime sites.
Furthermore, the cost of living was a big motivator for consumers coming to this location. Buyers varied from pensioners buying luxury retirement homes to younger investors buying property to live in and rent out during the year. This region has infinite appeal, with several foreign flights everyday, top schools, and an indoor-outdoor lifestyle.
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