As the initial throwes of the pandemic began to subside in 2020-2022 and work from home concessions began to wane, homebuyers are still searching for potential investment home stateside and abroad, especially in Mexico, Canada, and Costa Rica.
So, to figure out what people are looking for, Point2 analyzed [1] a litany of over 2,000 real estate-related keywords, the findings were as follows:
- Mexico remains undefeated: With more than 130k monthly visits, this land of endless, dazzling beaches and rich culture continues to attract homebuyers, despite a more subdued increase in interest in the last 12 months.
- With an enormous 54% increase in number of searches, Canada also retains its spot in Americans’ hearts. America’s northern neighbor is the runner-up vacation destination for the 6th consecutive year.
- Just like last year, Costa Rica rounds out the podium, followed closely by Puerto Rico.
- Among the top 20 most desirable locations, 6 of them recorded drops in interest during the last 12 months, while the remaining 14 all saw increases in the number of searches. Canada (+54%), Ecuador (+42%), and Argentina (+40%) lead in this respect.
1. Mexico Keeps its Crown Despite Modest Growth in Interest
Compared to the same period last year, searches for real estate-related keywords in connection to Mexico and its most desirable locations have only increased 3%. This is a far cry from last year’s numbers, when searches for homes in this country exploded by 60%. This could prove that the pioneers leading the work-from-everywhere movement are all done searching and buying, leaving the laggards behind. Or, it could be that this year, American buyers have zoomed in on other destinations: With a 54% Y-o-Y growth in real estate-related searches, it would appear that Canada’s calmer and more peaceful lifestyle is becoming more appealing to American home seekers than Mexico’s dreamy beaches and lively, vibrant culture. Despite the drop, Puerto Vallarta, San Miguel de Allende and Cabo San Lucas, along with Tulum and Merida remain the most sought after locations, just like in previous years.
2. Canada Remains Runner-Up, Despite Significant 54% Jump in Searches
After the 13% drop that Canada recorded in 2021 and 2022, interest in homes for sale here came back with a bang. In the past 12 months, searches for real estate north of the border skyrocketed by 54%. Jokingly or not, American buyers have a history of blowing up the internet looking for homes in Canada for various reasons. Beginning with polarizing election results and ending with more financially sound reasons, like investment opportunities or moving for work, it would appear that searching for real estate in Canada provides solace, a few moments of escapism or possibly an actual real home at the end of the search process. But, it could also be that the factors that prevent foreign buyers from buying homes in the U.S. are also the factors pushing American homebuyers to look for homes elsewhere.
3. Costa Rica Rounds Out the Podium, Cementing its Tropical Paradise Status
Although the top three is virtually unchanged, it’s the changes in interest and number of searches that truly point to yearly nuances and differences in trends. Like Mexico, Costa Rica recorded a more subdued increase than Canada’s 54%, but it’s been enough to keep it ranking high. Searches for real estate in Costa Rica increased 7% in the last 12 months. Similar to previous years, it’s locations and cities like Santa Ana; Tamarindo; Jaco; San Rafael and Nosara that capture the imagination of American homebuyers. With its exquisite beaches, lush green rainforests, amazing national parks and adventure tourism opportunities, Costa Rica has the perfect something for everyone. And if that wasn’t enough, this South American slice of paradise is extremely welcoming and has high real estate investment yields.
To read the full report, including more data, charts, and methodology, click here [1].