More U.S. buyers seek housing in Latin America

A survey published by the National Association of Realtors of the United States (NAR) shows that more and more homeowners in the US are interested in buying property abroad.

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Latin America generated the most interest from potential buyers, a list led by Mexico, with 13% of searches, Costa Rica and Colombia, with 4% each; and Brazil, with 3%.

Other options, according to NAR, were the Philippines, Canada, Spain, Thailand, and Italy.

Approximately 14% of real estate agents reported that during the year ending in March they had at least one client looking to buy a house in another country, according to the NAR Profile on International Real Estate Activity in the United States.

The ratio is more than double the 6% recorded in the previous 12-month period, as a strong dollar gives Americans greater purchasing power.

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Lawrence Yun, the chief economist of the NAR, attributes the rebound, in part, to the fact that the generation of those born between 1946 and 1964, about 80 million the generation is known as baby boomers, is approaching retirement age, and they are increasingly interested in a second destination.

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Other reasons include the relocation of jobs as foreign trade activity increases, which causes many US employees to seek temporary housing.

Beachfront properties are more affordable outside of the US

The list matches some of the weaker global currencies against the dollar, making properties in those countries more affordable for US buyers, according to Yun.

Although there is no official data on where US citizens seek to buy, the evidence suggests that they are interested in beachfront properties such as those available in Mexico and Costa Rica.

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Still, this does not mean that US residents are looking to leave the country.

The report detailed that of those who are considering a purchase abroad, 87% want to buy a holiday home or to rent, while only 9% seek a new residence.

Source: NAR

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