The values in this case are those of retirement homes built for aging Americans and Canadians. At a recent convention of the Mexican Association of Real Estate Professionals, it was reported that violence associated with a campaign to crush organized crime is scaring away customers. The death toll for the past five years is said to exceed 28,000. Almost all have been mobsters or authorities sent in to arrest them.
In any event, property values in San Miguel de Allende is said to be down by 40 percent while in Puerto Peñasco (Rocky Point) the drop is said to be about 50 percent. In Los Cabos, speakers declared, condominium apartments now are almost impossible to sell.
--
Jimm Budd
Reporting from Mexico City
Member of the Society of American Travel Writers
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