Promising 2008 for Tourism and Real Estate in Mexico

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Promising 2008 for Tourism and Real Estate in Mexico

At the same time that the season for tourists traveling to Mexico kicked off on the weekend of Thanksgiving, early indicators showed that both the tourism and the second-home market remain quite strong despite recent setbacks in the United States economy.

Puerto Vallarta, Cancun, San Jose Cabo and Mexico City where in four of the top 10 rank spots for the most popular international destinations for United States travelers over the 2007 Thanksgiving weekend. These rankings were based on air ticket sales on travel websites such as Orbitz.com for departures between Wednesday November 21 and Sunday November 25.

Current Mexico real estate developers also reported that interest in aquiring property for second homes in Mexico is high among United States buyers. A 40 percent new home sales increase was reported in Punta Mita, a 1,500-acre, master-planned, second home community near Puerto Vallarta by the Pacific Coast, this is compared with the same period in 2006. Other strong second-home markets for United State buyers included Los Cabos, the Mayan Riviera and Cancun, as well as inland Mexican locations like San Miguel de Allende, Ajijic and Cuernavaca.

"When you see such good travel numbers, it tends to ripple through to the real estate market because once people see the beauty and value that Mexico has to offer, they often want to buy here too," said Maria Cintron, chief operating officer for Casa Mexicana, one of Mexico's leading luxury residential real estate companies. "This year's launch of the high season sends a great message to the real estate and business community around the world that the second-home market in Mexico is strong."

Casa Mexicana, joined with AIG Global Real Estate for developing El Encanto in Punta Mita, a luxury residential community on a terraced hillside overlooking the Bay of Banderas, reports that new-home tours over this years Thanksgiving weekend were up 25 percent compared to the same period last year. Residential developers in other parts of Mexico are also reporting a high interest.

Sales for second homes in Mexico are expected to continue increasing through 2008, with peak interest predicted during the high travel season in the first quarter. As opposed to new home sales in the United States which are expected to drop as much as 13 percent over 2008, according to estimates from NAR (National Association of Realtors).

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