Homefinder Abroad: It’s the Ideal Time to Go for a Mexican

North American buyers, including people who want to retire south of the border, and Europeans, including Northern Irish investors, are all keen on a piece of the Mexican action.

While not quite a boom, there is a sense of upward growth and buoyancy in these parts.

The fact that Donald Trump has two or three property developments in the border area near California – towers, what else – also indicates that this is a profitable part of the world.

Ian Cunningham of escapes2.com describes the fashion for building high rise.

He says: "It’s the vogue at the moment and financially it makes sense too to build upwards. This Spa Resort is very upmarket with its own spa centre and so on."

The prices at the moment range from $$400,000 (Pounds 200,000 or so) for a studio and $$480,000 (Pounds 240,000) or thereabouts for a one-bedroom flat to $$660,000 upwards (pound(s)321,000) for a two- bedroom flat.

Ian adds: "In the first phase of the Trump development, 70% of available properties sold on the first day, which was incredible."

If you want to be in on the ground floor of another exciting project, you could follow the example of Armagh property company director Philip Orr who dipped his toe in the waters off the Yucatan peninsula, in the delightfully named Flamingo Lakes project, a couple of years back.

He says: "It was released in two phases, one selling at $$17 a square metre, which later realised $$75 a square metre, representing a 440% return. This was when the risk was highest as you were buying agricultural land and it wasn’t clear that planning permission would be granted. I bought at the next stage when the price was $$50 per square metre and I’m kicking myself I didn’t go in earlier."

One man with the foresight to invest at the early point, who happens to be commercial director with deal-brokers Olive Tree Property, is Darran Phillips.

He says: "I put the deals together and sensed early on that this was a great opportunity." Olive Tree were approached by a developer who had a 2,200 acre plot in an area where there are pink flamingoes, hills, trees – and now happy investors.

This was originally a high risk prospect, but in July this year, planning permission was granted, making it low risk and high yield.

Darran adds: "I’ll be happy when I actually have the money in an account."

The nearest city to the site is Merida, with a population of a million and a regional airport. The development is now able to offer a real bargain – pre-infrastructure 150m 2 villas with small pools for $$200,000 or pound(s)100,000. This is to raise some more funds for construction.

Now there is another chance to make a killing with a land purchase option next to Flamingo Lakes and called Sunset Beach, for obvious reasons. Philip Orr’s company Jamijo is promoting this project. The idea is fairly simple – investors provide seedcorn finance, in pound(s)15,000 chunks, which is used to buy plots of land. The developer then applies for planning permission for 125 apartments in a fairly top end development, with all of the flats enjoying sea views plus two swimming pools and a restaurant on- site. The flats are likely to be available to investors to buy off- plan (before building is finished) for pound(s)140,000, a sum that is thought likely to rise to over pound(s)250,000 on completion.

Philip reveals: "The price may well rise as a similar development is currently being sold a few miles away for pound(s)289,000 per apartment."

You can choose not to buy and will still walk away with a decent – very decent if history is repeated – return on your money, a guaranteed 80% over three years. Worst case scenarios have also been budgeted for – you get your money back if planning permission isn’t granted.

On the Yucatan peninsula, escapes2.com has more property, in Campeche. Ian Cunningham says: "It’s a beach and spa resort in what remains a fairly undiscovered area. It’s also a very beautiful conservation area with turtles."

You can join the aquatic residents for around $$300,000 (Pounds 150,000) which buys a two-bed apartment, plus golf membership. The developer is Spanish and the finished product is, according to Ian, "very well finished".

It looks like the ideal time to go for a Mexican.

Olive Tree Property: 0845 257 0227

www.escapes2.com : 0161 766 1018

Jamijo: 028 3887 2030

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