Cancún: Gateway & Getaway

Ricardo Barraza is broker/owner of Ricardo Barraza & Asociados Real Estate Broker Group in Cancún.

Inside México: What percentage of your clients are Americans? Canadians? Europeans?

Ricardo Barraza: It depends on the market; low-priced ($30k - $180k) is 90 percent Mexican and 10 percent expat retirees. Medium priced($190k - $400K) is 60 percent Mexican, 20 percent American, 10 percent Canadian, and 10 percent European. The high-priced market ($450k - $1.5M) is 40 percent Mexican, 30 percent American, 20 percent European, and 10 percent Canadian.

IM: Are they buying second homes, or a primary place of residence?

RB: Within the low-priced market it’s primary, in the medium- and high-priced markets it’s more often for second homes.

IM: What kind of amenities are they requesting?

RB : Most want gated communities but any other amenities really depend on the price range they are looking in.

IM: What draws your clients to Cancún? What distinguishes the area from other coastal communities in Mexico?

RB: Cancún is a gateway to many cities worldwide with inexpensive non-stop flights. Cancún has one of the most beautiful beaches in the world, first-class medical care, and a very good school system. It is also the largest city in Quintana Roo, with the best services and infrastructure in the state.

IM: Do your clients feel like they’re moving to a foreign country? Or is there a strong English-speaking presence that makes them feel more “at home”?

RB: One thing that draws people to Cancún is the Mexican culture, food, and way of life. But at the same time, Cancún has many international restaurants, shops, and cinemas, and English is widely spoken. In addition, there are many business owners from all over the world and many international clubs for people from various parts of the globe.

IM: Is access to medical care a consideration in their decision to move to Cancún? If so, how?

RB: Mostly with people of retirement age: as I mentioned earlier, Cancún has first-class medical services.

IM: What other major lifestyle considerations do your clients take into account when purchasing in Cancún?

RB: For many people who relocate to Cancún or purchase their second home here, it is a place to come and relax. Although Cancún is growing, it is still a very laid-back town. I believe the beaches, world-class golf courses, nearby colonial towns, and the simple charm and beauty of this area are all a big consideration for my clients when making the decision to purchase here.

IM: Has the Cancún market been affected by the real estate turmoil in the US?

RB: Yes. We are not seeing the number of low- and medium-priced market buyers that we normally do from the States.

IM: What is your forecast for home prices in Cancún for the rest of 2008?

RB: There is a lot of construction and new development going on right now so I forecast that prices will remain steady within the various price ranges.

IM: Is there any particular area in Cancún that you think represents a “bargain” for buyers from the US looking to buy there?

RB: All over Cancún there are developments offering low-interest financing, from 5 to 6.5 percent, with 30 percent down. This includes residential, commercial, and industrial realestate.

Contact: www.ricardobarraza.com;email: information@ricardobarraza.com; telephone (toll-free): 1 866 587 2481.