Gaining a name as the “Monaco” of Mexico, it looks like Cabo
is all set for a boom in luxury real estate for the ultra rich. And according
to William Scott, a successful local realtor, the profile of the new buyer is
changing.
This new generation of ultra rich want more exclusive properties,
with access to facilities for private jets and marinas. But they want to be
close to nature too. The environment and ecology is important to this class of
buyer. They are looking for unique spots of natural beauty and want properties
with more land in secluded areas. That’s why the Eastern Cape is a perfect
location.
He points out that the real estate market in Cabo is
strong. And it is already a destination for the ultra rich. With residential
lots of $5 million, and villas renting for $35,000 per night there is no shortage
of people happy to spend money in Cabo.
Loads of other indicators point to this view - the growing
numbers of hotels, plus the highest national occupancy rate (around 80%), and record
numbers of visitor arrivals for the last three years in a row.
Add to this the huge potential market of 100 million
Americans and Canadian, the stunning natural beauty of the Baja and the Sea of
Cortez, and the number of high end luxury hotel operators in the area.
And let’s not forget a well-documented fact - there is always a spike in property sales after
a US election.
Things definitely look rosy for real estate in Cabo for the
remainder of this year and the next.