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Mexico’s economic potential and growth
Mexico is a country with a lot of potential, according to Jamie Dimon, the CEO of JPMorgan Chase & Co., one of the largest and most influential banks in the world.
In a recent interview with Bloomberg on November 14, 2023, Dimon emphasized the significant growth opportunities he sees in Mexico across capital markets, manufacturing, and agriculture. He also said that JPMorgan is committed to investing in the country and supporting its development.
Dimon’s positive outlook on Mexico is backed by solid economic data and indicators. Mexico’s gross domestic product (GDP) grew by an annualized 4.1 percent in the third quarter of 2023, marking the fourth consecutive quarter of expansion after the pandemic-induced contraction in 2022.
The service-providing sector grew by 4.8 percent, while the goods-producing sector increased by 3.6 percent. Mexico’s GDP per capita stood at 11,091 U.S. dollars in 2022, ranking as the 14th largest in the Latin American and Caribbean region.
Mexico’s urbanization rate is expected to continue increasing in the coming years, driven by population growth and migration to urban centers. Mexico is also an OECD and G-20 member country and, with a GDP that amounts to slightly over 1.4 trillion U.S. dollars, it ranks as the second largest economy in Latin America and one of the largest in the world.
Riviera Maya: a paradise for real estate investors
One of the sectors that could benefit from this positive outlook is real estate, especially in the Riviera Maya, a beach-fringed stretch of coastline bordering the Caribbean Sea with some of Mexico’s most luxurious hotels, resorts and residential communities.
The Riviera Maya is a popular destination for tourists, expats, and retirees, who are attracted by its natural beauty, cultural diversity, and high quality of life. The demand for real estate in the Riviera Maya has been steadily increasing, as more people seek to own a piece of paradise or generate income from vacation rentals.
According to the Sociedad Hipotecaria Federal (SHF), Mexico’s nationwide house price index soared by 10.41 percent during 2022, following year-on-year increases of 8.56 percent in 2021, 5.38 percent in 2020, 7.66 percent in 2019, and 9.35 percent in 2018.
The Riviera Maya has seen some of the highest house price increases in the country, as well as strong rental yields and capital appreciation. The average price of a three-bedroom apartment in the Riviera Maya was about 3.8 million pesos (US$ 206,522) in 2022, up by 12.4 percent from a year earlier, according to Global Property Guide.
The Riviera Maya offers a wide range of real estate options, from affordable condos and houses in Playa del Carmen, Tulum, Puerto Aventuras, Akumal, or Puerto Morelos, to exclusive beachfront villas and penthouses in gated communities like Playacar or Corasol.
There are also new developments and projects that cater to different lifestyles and preferences, such as Xiol, a stunning new condo development situated in the heart of Playa del Carmen, Uma, a private residential project located in Playacar Phase II, or Tankah Bay, a spectacular beachfront condo complex in Tulum.
How to invest in real estate in the Riviera Maya
Investing in real estate in the Riviera Maya can be a smart and profitable decision, as the market offers attractive returns, capital appreciation, and tax benefits. However, it is important to work with a trusted and experienced real estate agent who can guide you through the buying process, provide you with the best options, and help you avoid any pitfalls or risks.
At susimacdonald.com, we have over 10 years of experience in the local market, we are certified real estate agents, and we are also fluent in English and Spanish, and we have a deep knowledge of the culture and lifestyle of the region.
If you are interested in learning more about real estate in the Riviera Maya, or would like to buy a property in this area, please don’t hesitate to contact us today. We will be happy to answer any questions you may have and provide you with the best service and advice.
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