A growing number of American and Canadian buyers returning to Mexico. Thanks to declining oil prices and the strong US dollar pushing home values up.
American’s rank first as buyers of property in Mexico
Mexican beachfront properties are very popular with foreign buyers, especially with Americans.
Mexico is the number 1 country for the US and Canadians looking to buy a second home.
Some of the most searched-for destinations in Mexico include Cancun, Playa del Carmen, Tulum, and Cabo San Lucas.
Foreign buyers, such as Americans and Canadians invest in new construction or commercial properties.
Almost 50% of Americans Live & Own a Home in Mexico
According to a 2019 Forbes article, more than 1 million Americans live in Mexico. Of which more than 500,000 Americans own a home in the Mexico.
Mexico offers a tremendous investment opportunity for foreigners. Property at a great value for money. A strong future appreciation makes Mexico a lucrative foreign investment.
Foreign land ownership No Longer a Restriction
Originally, foreigners were only able to buy property outside of the restricted zone.
In fact, the restricted zone is some of Mexico’s prized land. It’s any land within 100 km (64 miles) of the international borders of Mexico. And any land within 50 km (32 miles) from the coastline at high tide.
Americans or any foreigners could not own any land close to the beach. This is prime property in most countries.
But, thankfully Mexico amended the constitution. The amendment allows Americans and foreigners to buy real estate in the restricted zone – in the form of a trust.
Right now, foreigners can own Mexican real estate. All they have to do is set up a trust with a bank, where they are the beneficiary.
Though the real estate is owned by the trustee, you are the original owner of the property.
You as the beneficiary of the trust own the property and have full rights.
Buying outside the restricted zone means you do not need to have a bank trust. Making it a little easier in the process.
As the owner of the property, you can sell it, rent it out, or give it to somebody else.
The trust is authorized by the Mexican Government. Under the Ministry of Foreign Affairs.
While the system is safe, trust in Mexico’s banks and land registry leads some people to worry. However, this need not be the case.
House Prices in Mexico in 2021
Riviera Maya Home Prices Are More Affordable for Foreigners
The most expensive homes in Mexico are in Mexico City, the State of Mexico, Morelos, Nuevo León, Jalisco, Nayarit, and Querétaro.
In Polanco and Lomas, Mexico City’s most exclusive neighborhoods, prices of luxury residential properties can range from US$6,000 to US$10,000 per square meter.
In Santa Fe, one of Mexico City’s modern districts, properties cost between US$2,000 and US$4,000 per square meter.
Prices are very affordable for beach property in Riviera Maya Mexico.
Foreigners tend to property in Riviera Maya, Mexico. It’s Mexico’s top tourist destination. It’s a beautiful coastal region of the Caribbean.
In Playa del Carmen, a three-bedroom apartment costs 9.11 million Mexican pesos (US $460,000).
In Playacar, a gated community in Playa del Carmen, a luxury home lists for US$1.5 million.
A two-bedroom townhouse located in Tulum’s exclusive gated community of AldeaZamá you can buy for less than US$500,000 (MXN 9.9 million).
The average home price in Cancun was US$250,000 last year (4.95 million Mexican pesos). The average price of an apartment in the area was around $240,000 (4.75 million Mexican pesos)
If you are interested in buying property in Riviera Maya Mexico. Click to the links below to get listings: