In many ways, Mexico is a gem that has been obscured by the general reputation of South and Central America, with political infighting, criminal activity, and economic instability very evident over the years. However, the Mexico we see today is very different from that of 10, 20 or 50 years ago and the prospects for Mexico have never been better. So what are the costs of living in Mexico and what can you expect from the country? Visit web:https://costumbresmexico.com/costo-de-la-vida-en-mexico/
Mexico’s economy
Many people will be surprised to know that Mexico has the 13th largest economy in the world and the 11th largest measured by purchasing power. Like so many South American countries, Mexico had a major economic crisis in 1994, although this caused a significant change in the political and economic scene with new microeconomic foundations that literally changed the country overnight. It was very noticeable that during the South American crisis of 2002 Mexico was relatively unaffected while its neighbors began to drop like flies.
Although the strong relationship with the United States continues to this day, Mexico is now a more prominent figure on the international scene in its own right. The Mexican economy is dominated by products such as oil, industrial exports, manufactured goods, heavy industry, electronics, construction, automobiles, banking, food, and financial services. Often used as a measure of success, it is worth noting that international investment in Mexico is now at an all-time high even during the current global economic difficulties.
Cost of property in Mexico
It seems almost strange to suggest this, but in the wake of the credit crisis and global economic recession, the IMF has issued a warning about a possible overheating of the Mexican real estate market. Although the market suffered a short-term hit during 2009 due to a mix of factors, it has recovered very strongly and with the economy expected to grow around 4.5% during 2010 the authorities may well have to rein in the ” “relatively cheap financing” in the short term.
The tourism industry, international investment and the increasing number of expatriates moving to Mexico have created excessive demand in the real estate market. In the short term, many expect the authorities to raise base rates and “take some of the steam” out of the sector, but in the long term there is still reason to be cheerful. In fact, Playa del Carmen is widely considered the fastest growing real estate market in the world, although even here there are signs of a short-term slowdown.
The cost of living in Mexico
Although Mexico has one of the largest economies in the world, has experienced significant economic growth in the short and medium term, and is well positioned for the future, the cost of living in Mexico remains relatively low compared to other developed countries. When you consider that a relatively cheap restaurant in Mexico will waste your time or a meal for one and another for two at a mid-range restaurant, this perfectly illustrates the value for money available today.
Unlike other countries such as Colombia, the difference in rental values between the center and the outside of the city can be up to 250%, although this means that there are areas that adapt to any budget in Mexico. Average monthly disposable income, after tax, is around what should be well within the means of expats moving from more developed countries on pension, investment or work income.
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