The Future’s So Bright We Have to Wear Shades

By Marla Hoover

This summer brought with it a market that has been as hot as the tropical weather.  As always there is a silver lining to everything.  This past year prices of real estate moderated to a more realistic playing field, which brought back the buyers.  Puerto Vallarta is now experiencing a buyer’s market however do not expect it to last long.   This is all happening while the infrastructure and services in Mexico are improving drastically.  Thus not only have lifestyle conditions improved but property is now more affordable.  That is a win- win in my book.  

More good news is that on August 21st Felipe Calderon, the President of Mexico, announced that signs are positive that the recession will soon end in Mexico. “We have been able to contain the impacts to a certain limit,” said the president, “and we are working hard not only to overcome the recession, but also to move ahead with more strength.” The President mentioned that several positive signs indicate that economic recovery is beginning  and went on to say that  Mexico will come out of the crisis not only surviving, but stronger with a clear direction of growing more and being more competitive. 

With international businesses continuing to invest in Mexico as well as its own growth in important sectors such as the automotive industry there is a high level of confidence in the direction of Mexico’s economy.  This plus the fact that  more and more foreign buyers will find that healthcare, stores, availability of goods will be at least as good as what they’re used to back home – but still at a considerably lower price. Besides the availability of international items, an improving Mexican economy will provide high quality products from this country.

Local realtors expect a busy “high season” this year.  With the increase of sales we have seen this summer it would be wise for foreign buyers to examine the importance of purchasing soon as we all know the market can turn quickly and buyers markets here are few and far between.   Another very important issue that will see an expected increase in sales of real estate in Puerto Vallarta is the anticipated advent of US Medicare benefits in Mexico.   The US congress is being pushed to pass legislation quickly that will give many of the now 1 Million Expats living in Mexico who are retirees, their health benefits in the country they reside- Mexico. 

Please see the following links for additional information on this important topic, including and formative article with commentary by Paul Crist, a former aide to Sen. Paul Sarbanes, D-Md., living and working in Puerto Vallarta.

http://www.forbes.com/2009/09/04/mexico-medicare-retirees-personal-finance-health-care.html