In 2021, Mexicans with money will spend 10 billion dollars on the purchase of properties in the United States, says specialist.
Days after the election of June 6, 2018, and seeing how Morena won elections across the Mexican Republic a Mexican investor began with a consultation to diversify their businesses and acquire a property valued at 10 million dollars in a shopping center in Las Vegas, the most important city of gaming and entertainment centers in the United States and the world.
From the first minute of 2021, Mexicans began to buy real estate to diversify their investments and receive tax incentives from the United States government, as well as “for fear” of the policies proposed by Andrés Manuel López Obrador, President of Mexico, says Luis Mendoza, director of Mendoza Realty Group.
“By 2021, based on what I am seeing with my group of advisers and the activity, we are going to reach about 10 billion dollars of investment from Mexico to the United States,” says the Mexican businessman.
In 2018, when Andrés Manuel López Obrador y Morena won the presidential election, there was a buying boom by Mexicans in different cities in the United States, he says.
“The last semester of 2017 was when many people were making purchases of a condominium or a penthouse of three million dollars and the cash came to be invested in the United States to protect the patrimony,” he tells Forbes Mexico.
Now I see the same buying activity in the last months of 2021 with people who want to invest in residential and commercial real estate to protect their assets, diversify their money and see an opportunity in a country where there is legal certainty and respect for the rule of law, he adds Luis Mendoza.
In 2017, Mexicans spent $ 9 billion on the acquisition of 28,500 properties in different cities in the United States, almost double the investment made a year earlier, according to the National Association of Real Estate Agents (NAR).
The reason behind the real estate buying boom was for the 2018 presidential elections, says the director of Mendoza Realty Group.
In 2018, Mexicans invested 4.2 million pesos in the acquisition of 20,200 properties in various regions of the United States, adds the business organization in charge of monitoring real estate sales.
The National Association of Real Estate Agents states that wealthy Mexicans paid $ 3.7 billion in 2019 for the purchase of 15,900 homes in the United States.
Mexicans with money allocated 5.8 billion dollars in the acquisition of 14,400 properties in 2020. And by 2020 they estimate that they will spend more than 10 billion dollars.
For more than a decade, wealthy Mexicans have been among the top five buyers of property and real estate in the United States.
Investors interested in acquiring a property in the United States are from Mexico City, Guadalajara, Monterrey, Hermosillo, Mazatlán, and Cancun, says the director of Mendoza Realty Group.
“I have a client for four years from the music industry in Mexico, who started little by little in the real estate business and bought a property, now he is transferring investments to the United States so that in a period of five years he can relocate there”, says Luis Mendoza.
The real estate advisor based in the United States says that 10 clients asked him for advice in the middle of the 2021 electoral campaign for the acquisition of homes and other properties in different American cities since they shield their assets from any policy of the government of Andrés Manuel López Obrador.
“Investment intentions were stopped by the elections (in Mexico) because they wanted to see what was going to happen, but we are moving forward, we already have a good idea and many people are already saying what is the next step to acquire real estate in the States”, explains Luis Mendoza.
The government of Andrés Manuel López Obrador provides few tax incentives, so investors welcome taking their capital to the United States, he adds.
“I have a client, who has a large company in Mexico, and he told me: You know that I am seeing to diversify my assets in case the waters and as who says I have something there in Mexico and I have something here in the United States,” he concludes.
Source: forbes.com.mx
