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After the midterm elections held in Mexico, where Morena, the party of President Andrés Manual López Obrador (AMLO), won several governorships and painted much of the territory as icing on the cake, wealthy Mexicans began to rethink their investment plans.
Forbes Mexico published that Luis Mendoza, director of Mendoza Realty Group, pointed out that after the electoral results, Mexicans with money began to buy real estate to diversify their investments and receive tax incentives from the United States government. as well as “for fear” of the policies proposed by AMLO.
The Mendoza Realty Group businessman and his group of advisers foresee that in 2021 Mexicans will invest some $ 10 billion dollars in properties in the United States, largely to protect their assets from the current Mexican government.
Mendoza commented that in 2018, when AMLO and Morena won the presidential election, there was a buying boom by Mexicans in different cities in the United States.
“The last half of 2017 was when a lot of people were shopping for a three million dollar condo or penthouse and the cash was coming. to invest in the United States to protect heritage”Declared Mendoza.
The consultant commented that in the last months of 2021 he has observed a similar activity with people who want to invest in residential and commercial real estate to protect their assets, diversify their money and see an opportunity in a country where there is legal certainty and respect for the state of right.
According to the National Association of Real Estate Agents (NAR), in 2017 Mexicans spent $ 9,000 million dollars in the acquisition of 28,500 properties in different cities of the United States, almost double the investment made in 2016.
The reason for this boom in the purchase of real estate was due to the presidential elections of 2018said the director of Mendoza Realty Group.
The association points out that in 2018 Mexicans acquired 20,200 properties in various regions of the United States. In 2019 they allocated $ 3.7 billion dollars in the purchase of 15,900 homes.
While in 2020, 14,400 properties were made with an investment of $ 5.8 billion dollars and that for this year they are expected to spend $ 10 billion dollars.
For more than a decade, Wealthy Mexicans are among the top five buyers of property and real estate in the United States.
The investors most interested in are from Mexico City, Guadalajara, Monterrey, Hermosillo, Mazatlán and Cancun, commented the director of Mendoza Realty Group.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.