A recent article from International Property Journal cites a survey by North Carolina research firm E360 that included 612 existing second home owners. It found that Mexico is still the most popular international location for second home buyers. According to the article:
Despite the constant headlines about drug-related violence, Mexico remains the preferred destination for U.S. second home buyers, according to a new study. Mexico was twice as popular as Central and South America, according to the 2010 Second Home Trend Report issued by North Carolina-based research firm E360, which surveyed existing second home owners. “It’s shocking to me that Mexico still came in number one, even with the negative press,” said Chad Martin, global research analyst for E360.
There are several reasons why you shouldn’t be surprised that Mexico is still the number one choice for international real estate buyers.
Second home buyers are attracted to the proximity to the US since it is more accessible than other warm climate destinations that are further south. Los Cabos is just a short flight from the west coast and Cancun can be reached in just a few hours by plane from the east coast. While places like Brazil has a lot to offer, most people don’t want to spend a whole day flying to their vacation home.
There is also the awareness factor. While destinations like Nicaragua are seeing more interest from US home buyers, a lot of people are unfamiliar with Nicaragua and may not consider it as an option, although it provides comparable climate, lifestyle, and ocean views.
There is also a comfort level that potential buyers have with Mexico because so many people have come before them. Mexico has been an established vacation and retirement destination for decades and has attracted the mainstream. Having a large expat community of English speakers and American stores like Costco, can be attractive reasons to choose Mexico over less developed beach front communities like Costa Rica.