Yes and NO ONE GETS MORTGAGES THERE-- mortgages that are available are 30% a year.
I am moving there dude-- I THINK I KNOW THE DAMN COUNTRY.
It is hot now? Has been for 20 years!
There is not title insurance, etc there.
There was a HUGE conference in Miami and San Diego about securitizing Latin America loans and I GUARANTEE PRWT was NOT there. I have the list. Why? I am a CCIM-- ccim.com
FROM THE SITE:
South of the Border: Latin American Real Estate Update
This timely panel discussion explored opportunities and risks in Latin America. The panel, which consisted of John R. Middleton of International CB Commercial, Adrian Arriaga, CCIM, of AAA Real Estate & Investments, Philip Wharton of Property Information Exchange, and Tim Cline of Deloitte & Touche, explored the following topics:
Market Growth. Some companies, such as Hewlett-Packard, had zero sales in several South American countries as recently as 1990; today, HP's sales in some countries top $50 million. Economists predict the GDP of most South American nations (with the exception of Brazil) to grow faster than the U.S. GDP. The Latin American market will grow for several reasons: it's a large market; there's low inflation and a growing middle class; after a tumultuous past, the region is experiencing relative stability; and recent economic reforms have given hope to investors. Also, the economies of Latin America have become more "interdependent" rather than "independent"; the nations have learned to work with each other rather than against each other.
Demographics and Market Overview. All business is very formal (formal dress, mannerisms, etc.). It's best to learn and understand the culture to be effective in business. Hotels are expensive, streets are crowded, and business hours run from 8:30 am to 7 p.m. (with a two-hour lunch, so bring your appetite). Cultures are varied, and rivalries between countries are still in place.
Opportunities. There's a strong demand for residential mortgages but there is limited local capital. There's also a demand for real estate professionals; there are not too many attorneys and real estate pros who have experience in taxation, site selection, and general consultation. Finally, be aware of corruption in government -- it still exists.
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