Article: The Condo Boom Moves On To Latin America

Given the downturn in the housing market in Florida and the U.S., what are all those real estate brokers to do? You might have thought a large number would be worrying about their jobs - some may well be, but not all.

A number of brokers have now started marketing new condominium developments "south of the border" as it were - namely in Mexico, but also in the Latin American countries of Panama, Colombia and Argentina - where developers have started building units.

The Miami Herald today writes about these brokers, and how market conditions in Latin America are currently more positive than in the U.S.:

"Latin America has emerged as a place of opportunity during the U.S. downturn. A recent report by consultancy Ernst & Young cited the region for its steady economic growth yet relative affordability when compared to the United States and Europe."

Mexico is favourable to buyers not only for its lower prices, comparatively, but also because it hasn't experienced mass construction as in some places in Florida. Add to the fact that it's easily reachable from America and Europe, and you can see why the demand for property there exists.

Some brokers look on this situation as a temporary one, as a means of maintaining their income while the south Florida housing market remains cool. Developer and broker Edgardo Defortuna has a stronger opinion:

"For the young and aggressive, it's a great opportunity. It's a good place to be for the moment.''

Article: The condo boom moves on to Latin America (Miami Herald, 21st April 2008)