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Mexican resort areas boom in soft real estate market

Here’s a snippet from ‘Mexican resort areas boom in soft real estate market‘, a reprint from the LA Times:

Real estate experts in Mexico worry that the giant sound they hear is the softening U.S. housing market sucking money Americans have poured into vacation homes south of the border.

But neither the cooling American housing market nor tense Mexican presidential politics so far has stemmed the influx of foreign dollars into Mexico’s booming coastal resort areas, government and real estate officials said.

When FONATUR, Mexico’s tourism development agency, put the first phase of its newest Pacific Coast resort, Litibu, on the market a few months ago, buyers snapped up the 500 acres for $125 million. Foreign investment into Mexico is on track to hit $20 billion this year, up from $17.6 billion in 2005, according to the government.

 

There are some more interesting numbers further on in the story, which you can read here.