There are segments of the Mexican population where immigration to the U.S. is increasing: entrepreneurs, investors and the middle class. In fact, the trend has been labeled the “Mexodus” in a recent study by four U.S. and Mexican universities. Somewhat under the radar for most of the American public, a sizable number of Mexican investors and business owners have been moving north to make significant investments in U.S. property and business startups, generating jobs for Americans along the way.
Mexican citizens are still seeking U.S. residency, opportunity, or a safe place to raise their children. Some prospered from Mexico’s booming economy, but feel they must move north while Mexico addresses crime issues. NAFTA and investment visas have given Mexican nationals with the means a way to invest and live in the United States. With our market in a slump, it’s a great time for them to buy U.S. real estate.
Choosing a niche market and the right tools to reach it may be the most important decisions you’ll make when embarking on your career as a global agent. It’s essential to know where you’re aiming because, as American baseball legend Yogi Berra once quipped, “If you aim for nothing, you’ll hit it every time.”
Indian immigrants have flourished in the U.S. and Canada. Today they are the youngest, fastest growing, most highly educated and highly paid ethnic group. Meanwhile, back in India, the newly booming middle class have been saving at a staggering average rate of 35 percent of household income. Increasingly they invest abroad, and U.S. properties are attracting their attention.
Today there are more than 25 million people of Indian heritage living outside of India, making this the second largest expatriate group in the world after the Chinese. Though people of Indian descent have long been in Canada and the United States, it was only in the 1980s during the second Indian Diaspora that their numbers began to grow significantly.
Global agents are aware of the ways in which differences in culture and business practices can complicate transactions. Yet the U.S., Canada and the U.K. share a cultural heritage, a common language, and their governmental and legal systems share roots. How different can real estate practices in the U.K. be?