Mexican agents focus on foreign investment
August 01, 2012
“Foreign Investment in the Real Estate Sector” was the topic of the most recent National Real Estate Forum hosted by the Mexican Association of Real Estate Agents (AMPI)
in mid-July. Mexico has gradually attracted increasingly levels of foreign investment due to the country’s wide variety of natural resources and land and climate conducive to the promotion of all types of industries, including the tourism industry.
Foreign investment in Mexico has gone through significant organizational changes since the late 1980s. It began attracting foreign investment through privatization following major economic policies implemented by most member countries of the International Monetary Fund (IMF) and World Bank (WB), allowing them to open their economies in a new international macroeconomic policy.
Forum attendees heard Mr. Sergio Mendoza Botello, Director of Marketing BBVA Bancomer, speak about the “Restricted Zone”—the land and water in a 100 kilometers area along the borders and beaches. This land can be used and developed by foreign investors through the establishment of a trust, this based on Title II of the Foreign Investment Law and prior permission from the Ministry of Foreign Affairs. Ms. Lourdes Maria del Socorro Ochoa, from the Ministry of Foreign Affairs, further addressed the legal regulations associated with the Restricted Zone, including the elements that make up a trust and credit institutions regulated by law.
Other speakers included a marketing director from FONATUR (national institution for tourism) who reported it has 58 independent real estate agents and companies that will sell a total of 700,000 parcels of land, hotels, commercial and residential single family properties; and the Vice President of the China Federation of Commerce in Mexico, who noted the importance of Mexico to China as a springboard for the Latin American market. There are 20,000 Chinese citizens living in Mexico.