|
|
|
|
NewsReal Estate Executives Discuss The Baja Housing Market at Urban Land Institute BreakfastMarch 14, 2007 San Diego, CA - With Americans flocking to Mexico in search of real estate opportunities, more real estate professionals and consumers are awakening to the profit potential in Mexico - both residential and commercial. The Urban Land Institute (ULI) San Diego/Tijuana District Council presented a breakfast meeting about the Baja housing market on Tuesday, March 13 at the U.S. Grant Hotel. Gary London, president of The London Group, moderated a panel of cross-border experts to find out what opportunities are available and how to tap into this growing market while navigating the obstacles. Panelists included Antonio Diaz of Grupo Lagza; Patrick Osio of Transborder Communications; and . London, who has provided strategic vision and consulting services to developers, investors, lenders, attorneys and public agencies for more than 25 years, noted that the Baja housing market is experiencing a significant increase in activity. "There is a lot of action down in Baja," London said. "There are all kinds of property to be developed. In the last several years, the market has been strong but stable." In a little over a year, the number of detached units doubled in inventory and the number of attached units has tripled, London said, adding that many of the buyers looking to purchase property in Baja are baby boomers and second-time home buyers. "Seventy to 80% of current sales in Mexico are to second time home buyers," London said. "The numbers (of buyers) are very big and the potential is very significant." Osio, co-founder of TransBorder Communications, an organization dedicated to the promotion of binational economic development, agreed. "Every single day, we have 7,000 baby boomers retiring," he said. "That is a market for Baja." Yet, while many people are aware of the significant real estate opportunities available in Baja Mexico, there are legalities that need to be followed, said McNeece. "The Mexican legal system does work," McNeece said. "There are very capable lawyers on both sides of the border. The system does work, you just have to know how to play the game." McNeece, a lawyer who specializes in corporate law and international transactions, said that like most countries, there is a legal process for foreigners to own real estate and that working with someone who is familiar with the laws can help make the process smoother. Diaz, the chairman and CEO of Grupo Lagza, a leading real estate devleoper in Baja California, said that although doing business in Mexico can be a challenge, plenty of opportunities are available. "Doing business in Mexico is not easy, but we would be very glad to do business with U.S. developers," Diaz said. "There is plenty of opportunity (for us) to do business with U.S. developers." With Baja California’s proximity to the U.S., the standards of Americans are crossing over to Mexico, Diaz said. "There is a clear demand for very beautiful properties," he said. "We believe that the American demand wants American standards. There is a demand for beautiful, great properties at a very low price." About ULI # # # |
||
