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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 6, 2006  |   It's Official: NAR Joins with Mexican Association
The NATIONAL ASSOCIATION OF REALTORSŪ officially forged a partnership with the Mexico’s national real estate association by signing its first-ever reciprocal membership agreement with a foreign real estate organization.

The new relationship highlights the increasing level of business cooperation in real estate markets in both countries, as a growing number of United States citizens opt to acquire second and retirement homes in Mexico, and as more residents of Mexico buy property in the United States.

NAR President-elect Pat Vredevoogd Combs executed the agreement with the Asociation Mexicana de Professionales Inmobiliarios, or AMPI, at the Mexican real estate organization’s 50th anniversary meeting on Thursday.

“Not only will it create a wealth of new business opportunities for NAR members in the United States and AMPI members in Mexico, but also it will help promote standardization of international real estate practice,” Combs says.

AMPI Members to Use REALTORŪ Logo

As a result of the historic partnership, all AMPI members will become dues-paying REALTORSŪ in January. They will join NAR in the international membership category and will be able to use the REALTORŪ logo and registration mark.

“NAR chose AMPI for this groundbreaking partnership, in large part, because its members adhere to a strict Code of Ethics,” Combs says. “AMPI’s high standards of practice will help increase the positive perceptions of REALTORSŪ worldwide.”

Galo Blanco, AMPI’s 2006 president, says the joint venture reflects AMPI’s desire to be more closely linked to international business standards and practices. It “opens up opportunities for members on both sides of the border to do more business together,” she says.

More than 1 Million Americans Live in Mexico

Mexico is attractive to second home buyers from the United States, thanks to the availability of properties near the ocean and mountains, reasonable costs of resort properties, and lifestyle considerations. A favorable legal and financial infrastructure make Mexico the No. 1 foreign destination for retirees from the United States is Mexico, with over 1 million Americans living there.

To help REALTORSŪ in the United States learn about business opportunities in Mexico, NAR is launching a four-hour course, Doing Business in Mexico, which will begin soon in Mexico and at the NAR annual conference in New Orleans in November. The course will later be made available in an online version in 2007.

Mexican President Keynoted the Meeting

Mexican President Vicente Fox keynoted AMPI's 50th anniversary meeting, where the agreement with NAR was signed. Expansion of the housing sector and homeownership opportunities has been a major focus during his administration.

Mexican government policy has promoted programs that expand mortgage lending, provide assistance to low-income families, and create a secondary mortgage market similar to that in the United States. As a result, more than 2.4 million families have become new home owners during the six years of Fox’s term, which will end in December.

— REALTORŪ Magazine Online

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