by Lauren Beale
According to FORBES, there’s nothing like a direct flight to ease international travel. Largely the domain of major cities with populations in the multimillions, this summer the opportunity to fly nonstop will be available from Madrid, Spain, to Los Cabos, Mexico.
The tourist destination – with a population of more than 350,000, according to DataMexico.org – has long had direct flights from North American cities, making it a popular second home and vacation rental spot.
“The market in Los Cabos is mostly driven by U.S. and Canadian buyers,” says Ramiro Palenque Bullrich, who heads the 2Seas Los Cabos real estate team. “Americans look for a variety of properties – land, condos, residential – but their main interest is towards luxury homes.”
On the other hand, he says, Canadians are in general more interested in less expensive condos.
Based on previous buying patterns, he predicts that Spanish citizens will be more focused on condos and renting them out. “What we have experienced is that buyers live two or three months in these houses and then do short-term rentals for the rest of the year.”
And while rental investment is a more popular model than relocating permanently, Bullrich doesn’t rule out the possibility that some properties bought by Spaniards will be held for personal use only.
An influx of Spanish buyers could further fuel an already simmering real estate market. “At this moment we are experiencing a seller’s market,” Bullrich says. “Low inventory with hot buyers.”