Colombian in South America. I discovered that a lot of american women own most of the restaurants in Downtown Santa Marta and also many hotel boutiques. Also The Old town in Cartagena is mostly owned by Americans and Europeans. The new market trend in Colombia for Americans is Medellin, many communities there only have American residents. Barranquilla Colombia is the new boom in real estate for foreign buyers a lot of great opportunities and the dollar exchange is very high. Barranquilla is believed to become the Miami of South America. have questions? lets talk 346-814-8482
Dear Lindahar, In my experience Mexico is the preferred destination where Americans and Canadian are looking to purchase properties, afterwards in Central and South America.
Dominik Szabo Brockway Realty LLC (832) 844 1724 DominikRealtor.com ** The Doctor of Real Estate in Houston Texas ** " Professional, Courteous, and Informed "
The dollar is strong, hence international real estate appears cheap. Europe is particularly attractive: The euro is 40% cheaper than its peak several years ago. The property law and closing process are very controlled and not risky. European banks will lend you based on your US income and interest rates are even lower than in the USA. If you need assistance buying in Europe-contact me. Carribeans and latin america are very attractive too but much less controled/regulated markets so beaware and triple check everything.
I think Canadian and Americans mostly living in the colder parts of the country will buy in tropical countries, mainly Caribbean countries which are more tourist friendly.
In my opinion, Americans and Canadians are most likely to purchase property in Mexico. Changes to the Mexican constitution allow foreigners to have property in the previously restricted areas 100 kilometers from the border and 50 kilometers from the coast. The property is conveyed by a trust held by a Mexican bank of the buyers choice for a term of 50 years. It is my understanding that it is renewable and can be transferred to the "purchaser's" beneficiaries or estate. Property can be owned by foreigners outside of the restricted zone.
Stewart Title Company,First American Title Company and possibly others, offer title insurance in Mexico reducing some of the risk.
Even though Donald Trump's well publicised development in Baja California failed miserably, there are numerous smaller developments throughout Mexico thriving. The close proximity to the U.S. and Canada allow easy access for vacation and retirement homes. The cost of living is low and the coastline is gorgeous!
Given that most Americans would likely purchase vacation properties outside the US as opposed to investment properties, I'd say Europe, Mexico, and in many parts of Asia.
In November 2012 Rismedia published an article about paying attention to the global real estate market. The article was very informative, http://rismedia.com/2012-11-15/why-you-should-be-paying-attention-to-global/
Then on January 4 2013 the Financial Post reported on International Living's ranking of the best international places to retire sought after bybAmericans and Canadians alike, http://business.financialpost.com/2013/01/04/ecuador-named-top-destination-for-canadian-and-u-s-retirees/