Thinking about buying a condo in Mexico? Want to know where the best places in Mexico to buy property are? Do you know about prices and tax laws for foreigners buying Condos in Mexico? Our guide gives you the information you want.
Mexico….a country rich in culture, tradition and beauty. One-fourth the size of USA with an area of 758,400 square miles, it is a country full of diverse scenic beauty. It comprises of 31 states excluding the federal district of Mexico City.
In Mexico, condominium or condo purchase can be a great investment, keeping in mind the fact that there is no mortgage system in Mexico and people have to buy on full cash payments .Locals as well as a large number of foreigners are investing in condo businesses across the country. The majority of foreign real estate buyers come from the USA. Buyers from Canada, Latin America and the European countries are also investing in the condo market of Mexico heavily. The average condo resale price rose 79 % from $196,000 to $351,000 between 2003 and 2007. Especially Puerto Vallarta, Cancun, Los Cabos and Acapulco look like a long-term opportunity for both buyers and renters as in 2007 alone; condos were selling for over $2 million.
The condo market in Mexico is seeing a boom because of the diversity of reasons for investment. They can mainly be categorized as follows:
1. For second/vacations home
2. For retirees
3. For investment/resale
Mexico Vacation Condo
Second and vacation home buyers usually buy in Mexico as it is an ideal place to relax and have fun as a family .Other factors like easy access, affordability and current rental income also play an important part. The fact that they can own a luxurious condo offering a spectacular view, with all the contemporary amenities of life and a choice of selecting between 1 to 5 roomed condos is also important.
Mexico Retirement Condo
Most retirees are drawn to live in Mexico because of low cost living, friendly acceptance by the locals and particularly the mild coastal climate. There is a large number of Expatriate Retiree Communities where the retirees find convenience to settle in.
Investment Condo Mexico
Investors usually buy condos for its flipping potential as buying real estate in Mexico can be a completely secure investment. The Mexican property laws are foreigner-friendly, but it is wise to contact a certified real estate dealer.
Mexico Condo Prime Locations
It is remarkable to note that in Mexico, condos are densely located all along the coastal line, obviously for the scenic value and mild weather. They are available for sale, resale and rent as well. The most popular region to buy or rent a condo is the Pacific coast because of its breathtaking beauty. Some other popular regions are Baja (sea of Cortez), Gulf Coast and Interior.
If planning to invest in the condo market in Mexico, it is wise to follow the Fonatur (Mexico’s future development plans for tourism) as they are sure to become the next “hot” destination. These include Ixtapa, Huatulco, ZZihuatenejo , Nayarit as well as several others.
Mexico Condo Prices
The market average for luxury studio-3 bedroom condo is over $2million and the price keeps on increasing as the number of amenities and other recreational facilities increases. The various recreational facilities being offered are golf courses, swimming pools, Jacuzzi, sunbathing at beaches and ecotourism including bird and whale watching. The daily average price for 4 bedroom condo is $550. You can have the satisfaction and pleasure of choosing your condo on the basis of the scenic beauty or the fun providing activities.