Facebook
Blog Archive
« AcaCondos December 2014 Newsletter | Main | AcaCondos April 2014 Newsletter »
Monday
May262014

AcaCondos May 2014 Newsletter

Hello from Acapulco Bay,

In our five years of being in business we have never been so busy. Condo sales are up dramatically and more active than we have ever had. Rental bookings are up as we had our best year in 2013 and 2014 looks to be on track to surpass 2013.

The mood in the city seems to be very optimistic about the future for a number of reasons. On two separate occasions in conversation with longtime Acapulco residents they told me that they think now is the time to buy in Acapulco as they are expecting property prices to rise dramatically.

When I asked why they told me that the city is having a re-emergence and tourism is booming again… and both mentioned the large amount of investment that the national and state government in concert with the richest man in the world, Carlos Slim, are putting into the city.

ACAPULCO RESTORATION

The restoration plan calls for reviving the tourism industry and making the city more livable for local citizens. It contemplates opening up the ocean view of the city’s seafront on one of the most beautiful bays in the world.

While most of the investments are being carried out by the state of Guerrero and the federal government, Slim’s conglomerate, Grupo Carso, is rebuilding (at its expense) more than 5 kilometers of Acapulco’s waterfront. Slim’s participation in the project will be to connect the “quebrada” (where the daring cliff divers put on their daily shows) in the open sea to the “malecon,” the road that runs parallel to the shore in the older part of town that had mostly fallen into disrepair. “It will be one of the most important transformations Acapaculo has witnessed in the past several decades,” Grupo Carso’s spokesman said.

Below is a photo of how part of the area looks now and how it will soon look.

In the 2000s, Slim helped give a facelift to Mexico City’s downtown area, known as the Centro Historico, by revamping the main streets, hotels, restaurants and stores. Slim is now trying to replicate that kind of success in Acapulco.

Slim’s interest in Acapulco is not purely business. He has a large house in Acapulco that he visits with his family on weekends. He has been a celebrity in Acapulco for some time. Mexico’s top billionaire (also the world’s richest man) is often seen in Acapulco at high-society events and schmoozing with stars. In 2011, he attended the annual film festival and was pictured with Academy Award winner Italian icon Sophia Loren and French actor Alain Delon.

In December 2012, Slim sponsored a gala charity concert in Acapulco featuring Spanish tenor Placido Domingo. Glossy pictures of a smiley Slim with Sophia Loren and Placido Domingo were splashed across pages of Mexico City’s high-society magazines.

THE RISE OF MEXICO

If all you pay attention to is mainstream media in the US you might think Mexico is doing poorly and is a dangerous, poor place. Nothing could be further from the truth.

The stats show a completely different story. Mexico has been opening up its economy dramatically and now has more free trade agreements than it’s North American neighbors, Canada and the US.

Queretaro, Mexico, of all the cities in the world, had the highest growth last year in foreign direct investment — that’s money invested directly into local business. And its population is growing rapidly too. Companies that have moved their manufacturing to the area recently include Bombardier, American Airlines, Aeromexico, Samsung, Honda, Siemens, General Electric and many more.

Mexico has recently overtaken Japan as the second biggest vehicle exporter to the United States.

This opening up has led to major economic growth and has led to a reversal in migration. The number of people moving from the US to Mexico has been continuously increasing since the year 2000. In fact more Americans have been added to the population of Mexico over the past few years than Mexicans have been added to the population of the Unites States. There are now more Mexicans leaving the US than going to the US.

CONTACT US FOR SUITES

For the last few months as soon as we add a suite to our inventory it has been purchased but we continue to find new suites in the building for purchase. So, contact myself at the contact information below and we can let you know what we have available.

As well, if you’d like to come down and stay in one of our owner’s suites that are available for rental you can also contact me for special rates.

Until next month,