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A new study tracking property prices of the world's prime residential locations has found that Cancun was the best performing market in the western hemisphere in 2008.

The Wealth Report 2009, published by U.K. headquartered global property consultancy Knight Frank, found that Cancun real estate prices increased by 7.3 per cent when comparing the first three quarters of 2008 with 2007.

This put Cancun real estate number 10 in the international list, the highest in the western hemisphere and only beaten by some Asian and European markets.

Vancouver was the second best performer in the western hemisphere with an increase of 5.6 per cent. The best performing U.S. market was San Francisco, although it actually saw a decrease in prices of 0.8 per cent.

In the same survey, Mexico City was ranked by contributors as the most influential financial center in Latin America.

RE/MAX Investment Properties said that Cancun real estate performed strongly in 2008 as Cancun and the Riviera Maya continued to grow in strength as tourist destinations. An increasing number of 'baby boomers' from the U.S.A. are also reaching retirement age and creating strong demand for property in Cancun and the surrounding areas.

Although the market has slowed a little in 2009 with the global economic crisis, interest is still strong and the weakening of the Mexican peso against the U.S. dollar means there are some excellent deals on the current market for Cancun real estate.

RE/MAX Investment Properties expects to see a continuing steady increase in local residential property prices through 2009 before starting to boom again as the world comes out of recession in 2010. For those with cash available now is a very good moment to invest in Mexico property.

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Notes to Editors:

RE/MAX Investment Properties is an independently owned and operated real estate agency in the Riviera Maya, Mexico. They specialize in finding unique investment property opportunities in Mexico.

The Wealth Report 2009 is copyright Knight Frank LLP 2009 and may be downloaded from their website

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