Interesting press release on 4Hoteliers this morning:
For the second consecutive year, condominium construction has outpaced that of hotels. According to the housing consulting firm Softec Mexico, sales of tourist housing in 2007 totaled 18,000 units, an increase of 52.5% as compared to the previous year. Puerto Vallarta occupied the lead position in sales; other areas that demonstrated dynamic activity included Los Cabos, Puerto Peñasco, Acapulco, Cancún, Riviera Nayarit, and Playa del Carmen. Approximately 80% of the beachfront housing was purchased by foreigners, principally from the U.S. and Canada. Mixed-use developments including hotel and residential components are expected to multiply with Mexico’s flourishing status as a second-home and retirement market for U.S. and Canadian baby boomers. In fact, Mexico ranked at the pinnacle of the 2007 Global Retirement Index, published by International Living. Consumer confidence in buying residential property in Mexico is bolstered by the increasing availability of title insurance policies issued by U.S.-based companies. By Richard Katzman and Jane Rogers Saturday, 19th April 2008 .