Homes on the beach and northern border areas are preferred for acquiring vacation property, Newmark says. Beach, colonial, or nature-contact vacation destinations have become popular for people seeking to acquire a second residence, due to the pandemic situation that has been experienced for more than a year and the flexibility of work, explains the Newmark real estate company.

“As a result of the health situation, sales of vacation homes have increased in a disruptive and contrasting way to the conditions that prevail in most sectors and industries of the world economy,” said the company. The companies that have made these purchases are those who have remained economically stable despite the pandemic and their solvency allows them to invest in additional assets.

The purchase of a house, seen as a more solid investment in the face of the uncertainty of the development of the pandemic, has also pushed the decision.

“Real estate advisory agencies that refer to the purchase operation as an investment that can generate returns by incorporating it into lodging operation schemes such as the platforms that exist in the market today, have been points that have driven the acquisition of second homes or vacation ”, explained Pedro Delgado Beltrán, director of Hospitality for Newmark Mexico and Latin America.

Some in the market for a second home are looking south of the U.S. border; Mexico is seeing growth in the second home market as travel restrictions ease and more people get vaccinated.

In La Paz saw a 33% increase since June 2020, according to broker Victor Granados. “Clients who wanted to wait a year or two are doing it now,” he said of buyers.

There’s an urgency among the buyers, experts note. “I was surprised by the number of people who are looking for beachfront property,” said Laura Zapata, a real estate agent in the Puerto Morelos area. “Maybe being in a lockdown they are saying, ‘I’ve gotta do this, and I’ve got to do it now so I can enjoy my life.’ ”

In addition to beach towns like Mazatlan, Puerto Morelos, La Paz, Puerto Vallarta, San Jose del Cabo, Tulum, and Playa del Carmen, many foreigners choose to purchase second homes in Colonial-era cities like Queretaro and Merida.

Source: mexicodailypost.com