Published On: Wed, Aug 30th, 2017

Expat retirees are buying up homes in Merida’s ‘centro’

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MERIDA — The municipalities of Merida, Progreso and Tizimín, along with the Yucatecan coast, are the preferred sites for foreign investors looking for a second residence in Yucatan, with prices ranging from 2 to 12 million pesos ($118,000 to $706,000 USD).

In the capital, the houses of the past century are the most coveted by the generation of Baby Boomers, foreigners born between 1946 and 1965, who are considered potential home buyers.

According to the president of the Mexican Association of Real Estate Professionals (AMPI), the security, quality of life, hospital centers and educational level of Yucatan are magnets for retirees in countries such as the United States, Canada, Germany, France and Japan.

According to the international magazine “Living”, Mexico — and specifically Yucatan — is rated as the third best destination for retirees, which places the state in an extraordinary position for investment.

Expats are the most interestred in buying and restoring older homes in Merida’s Centro. (Photo: La Verdad)



Based on data from the United States Census Bureau, there are 43 million people over the age of 65, and it is estimated that by 2030 that segment of the population will rise to 76 million.

According to the agency, baby boomers own 57 percent of vacation homes and 58 percent of rental or rental property, with Mexico being the main destination for a second home for vacation retreats.

That is why the houses located in the historic center of the city, as well as those located on the coast, are those that arouse the interest of American and Canadian investors to obtain a second residence, he explained.

He added that with the new laws, foreigners can acquire real estate without any problem, and that thanks to the law against money laundering, both owners and public notaries and the buyer have legal certainty, so that the operations are carried out in a way that they represent no risk to the parties concerned.

He recalled that the real estate sector was placed as the second activity that moves the economy of the country, after the automotive sector, generating 15% of the Gross Domestic Product (GDP).

The dynamics of the sector, at a national level, records about 30 thousand transactions of buying-selling on behalf of the three thousand members grouped in 70 delegations, he said.

In the case of the sale-purchase of housing in general, both used and new, he specified that eight out of 10 transactions are made through mortgage loans, and of these eight, six are placed through the Institute of the National Housing Fund for the Workers (Infornavit).

Source: laverdadnoticias.com

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