Published On: Wed, May 21st, 2014

Come, Live, Retire and Invest in Yucatan Real Estate

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Mexico plans to invest $13.8 billion in tourism infrastructure projects to transform the country into a global travel powerhouse, according to President Enrique Pena Nieto.
Today, Mexico is the No. 2 tourism destination in the Americas and the only Latin American country that ranks in the top 25 most-visited nations in the world,” Peña Nieto stated.
Mexico welcomed 23.7 million visitors in 2013, 18% more than in 2012.
Strategies include renovating beaches and colonial districts in main tourist destinations, expanding the “Magic Towns” program from the current 54 locations to 100, adding convention centers and public parks, preparing new offerings at Meso-American heritage sites and making improvements to roads, highways, ports and airports.
While the real estate market in Mexico avoided the severe crash seen in the U.S. and other countries from the global economic crisis of 2008-2009, it did suffer a slowdown. Investment money dried up, while Americans and other foreign nationals sold their properties at low prices to cut losses back home.
But there’s been a turnaround of sorts — with an expanding Mexican economy coupled with the hope that recent presidential reforms, provide internal stability — that’s providing opportunities, analysts say.
Prices in Mexico are going up  but are still low,” said Alston Boyd, chairman of the International Committee of the Texas Association of Realtors, who has worked in Mexico. “It’s a good time to buy there and a cheaper place to live.”
Ensisal Beach Development

Ensisal Beach Development

With changes in the constitution over the years, the Mexican government has made it easier for foreigners to buy land.
One of the biggest myths is that the government here can take someones land. But that’s not true, though.
What is true is that since 1995, foreigners can buy and sell property in Mexico through a Direct Property Deed. That gives them outright ownership — which means the land or home or both cannot be taken over by the Mexican government.
Playa Chacá Expat Beach Houses

Playa Chacá Expat Beach Houses

There is, however, a different set of rules for property on Mexico’s coast line and borders. Foreigners can buy property within 60 miles of the border and 30 miles of the coast but must do so through what is called a “fideicomiso.”
Basically it’s a trust set up through a local bank that holds the deed for a buyer, but they retain all the rights of ownership.
Mexico’s Hot Real Estate Market
While the US real estate market is still somewhat sluggish, things are picking up fast in Mexico.
Country Towers Luxury Apartments, Mérida, Yucatán

Country Towers Luxury Apartments, Mérida, Yucatán

With wage increases in China and Vietnam (as well as escalating shipping costs), outsourcing to the Far East isn’t as economically feasible as it once was, a situation that is forcing many companies to look closer to home. At the same time, retirees looking to make the most of their savings are considering relocation South of the border.
Mexico rode out the worldwide economic downturn better than many other countries and its real estate market never suffered on the same level seen in the U.S.
San Angelo Apartments, Mérida, Yucatán.

San Angelo Apartments, Mérida, Yucatán.

Yucatan has seen a increase in new high rise tower residential developments attracting Mexican nationals as well as some expats looking for a maintenance free lifestyle.
With 10,000 Baby Boomers retiring every day in North America, the Federal Government, State, and Municipal authorities have made not just tourism a priority but the infrastructure to develop Yucatan coastal beaches with a emphasis on the new Yucatan Riviera supported by FONATUR same Governmental organization that developed Cancun and Cabo San Lucas among others.
New golf courses are planned, Marinas, retirement communities, RV LUXURY Resorts and World Class Hospitals to cater those looking for more affordable health care.
The Mexican government is positioning the State as a prime location for future Expat retirees to Come, Live, Retire and Invest in Yucatan Real Estate.

by Alfonso Galindo

Alfonso Galindo

Alfonso Galindo Director at I GO YUCATAN.com
If you have any comments or questions, send an email to:
contact@igoyucatan.com

Mexico Travel Care

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  1. MULTIPROPIEDAD REPUBLICA DOMINICANA says:

    Hola Alfonso,
    Recibo con regularidad tus comunicaciones de Facebock y, en un pasado, estuvimos en contacto por temas inmobiliarios. Tengo dos Habitaciones Categoria ORO en un Resort de Cinco Estrellas frente al Mar en la República Dominicana. Es de Uso a Tiempo Compartido. Una semana al año. ¿Tendrías comprador? ¿Puedes darme una estimacion de su precio en el mercado de hoy?
    Gracias y un slaudo – PEPE ARENAS

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