Americans are taking advantage of the fact that living in beach houses in Mexico costs a fraction of what it costs to live in New York or San Diego.
Mexico is refuge for thousands of Americans, who avoid the stresses of high inflation and interest rates experienced in the United States by buying more affordable beachfront homes on the white sandy beaches of Cancun, Tulum, Puerto Vallarta, Los Cabos, and other cities.
This preference for Mexican investment is most evidently seen in the real estate sector, which sold more than 300 apartments to Americans in just two months of this year, especially people from California, whose average purchase price paid was more than 5 million pesos for a property in Tijuana.
“The high inflation and interest rates in the United States, the Covid-19 pandemic, the digital nomads, and the fact that Netflix and several technology companies have institutionalized the home office have helped the Mexican market become increasingly attractive to the U.S. and Canadian markets,” says Romain Benenatti, director of operations for Clikalia Mexico.
Each tourist destination in Mexico has its role within the U.S. macroeconomy, as Los Cabos, Puerto Vallarta and San Miguel de Allende are often destinations for retirees, while Tijuana is becoming a health and dental tourism corridor for Californians.
By: Andrew Schisler
