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Since 2012, investment in Latin America has grown constantly, according to CEPAL (United Nations Economic Commission for Latin America and the Caribbean). This region is becoming an interesting foreign investment destination, not only due to the economic crisis engulfing the USA and Europe, but also due to a young and growing working population and the burgeoning middle classes. It is this young and vibrant populace which is not only contributing more to the economy through labour, but is also spending more, mainly on consumer goods and technology. Besides, the real estate sector is experiencing an unprecedented boom, basically due to the strong economic performance of the region.
Colombia, for example, has shown rapid and steady growth throughout the last decade. In the first quarter of 2014, Colombia grew 6.4% more than the previous year. According to the DANE (Colombia National Administrative Department of Statistics) the construction industry is fuelling economic growth, expanding by 10.5 % per annum. According to exclusive interviews that were held by Lamudi with local real estate agents, economic development, the quality life, immigration (incoming/outgoing), development of infrastructure and increasing national GDP, are the main reasons why investment in the real estate market is increasing. A unique characteristic of Colombia, is that it is the only South American country with access to both the Pacific and the Atlantic Ocean.
Some global investment firms, like Equity International, have made Latin America their main focus for real estate investment. Since 1999 they have been searching for local partners in Mexico, seeing it as a big opportunity and key market in the region. Now this company is evaluating a potential investment into a pipeline worth more than $1 billion to the region, considering Colombia, Mexico, Peru and Brazil would be the primary markets.
Internet penetration is also performing above average in Latin America. The region has 49.9% of internet penetration almost 10% more than the world average. Colombia experienced 61.6% internet penetration in the second quarter of 2014, whereas Mexico only registered 43.5% in the same quarter, according to Internet World Stats. Due to the previous factors, the real estate sector is incorporated well into the relatively new digital landscape. People in Colombia are looking more and more for houses and apartments to buy or to rent through the internet, and therefore there are several trustworthy websites which enable the search for the perfect property.
Aside from that, Colombia and Mexico are tourist paradises, not only for their beautiful beaches, but as well for their deeply interesting cultural heritage.
According to a study held by Lamudi, Colombia and Mexico are the two emerging Markets in which a huge opportunity to invest in real estate is opening up now; Myanmar, Philippines, or Saudi Arabia are other interesting targets that have been highlighted by the study in those countries.
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