Foreigners have always been interested in Mexico. There are always many citizens of the USA, Canada, Italy, France, Germany, the Czech Republic, Poland and many other countries. There are foreigners who have been living here for more than twenty years. Russians "discovered" Mexico for themselves 5-7 years ago. Of course, they were present here before that, but compatriots began to relax en masse and purchase real estate only in the last five years. If the Russian market has only now begun to receive information about the popularity of investing in real estate in Mexico, then in the United States they have known about it for a long time and use this opportunity, being a neighboring country, to an extensive extent, including the local Russian-speaking population.
Increasingly, investors come to the Mexican real estate market who purchase not one, but several apartments at once (often 5-7 objects), which, when rented out, bring their owner about 10% of the value of the object per year. In Europe, such an indicator is rare when it crosses the mark of 4-6%. The average affordable object for investment can be an option in downtown Cancun worth 85-90 000 dollars with two bedrooms up to 80 sq.m in a residential complex with infrastructure, swimming pool, Parking, Playground and security.
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At such a favorable price, an apartment can be purchased at the construction stage, since after the delivery of the object, a margin of 30% appears. From $10,000 and above, a fully furnished apartment will cost. Such a ready-made object can be rented out for a long-term lease for $ 1,000 per month, and with daily rental the price will vary from $ 50-60 in low season to $ 75-90 in high season with an average annual occupancy rate of 75-85%. The management company servicing a specific property will charge 20% for its services if the apartment is rented for a long-term lease and 30% for a short-term one. By the way, often such companies often take over all turnkey services - from finding an object to purchase to finding tenant clients.
Investors with more substantial sums in the amount of 120-150 000 dollars will be able to purchase an apartment directly on the Mexican coast. Of course, there are many popular places to relax and stay in Mexico, which is considerable in size, so the specific choice depends on the purpose of the purchase. Since the Riviera Maya, the coastal tourist zone of the Caribbean coast, is the most visited region of the country, it is most often that profitable real estate is bought here, which is given to specialists for management or rented out independently. Last year, more than 37 million tourists visited the country, so this process should not take much time to find customers. Cancun and the Pacific Coast are very popular among locals and citizens of Canada and the USA, and the Caribbean coast traditionally remains in high esteem among foreigners.
One of the "stars" of the Riviera Maya was the town of Tulum, which is now called nothing else than new Ibiza, Latin American Spain or the local French Riviera. Luxury yachts, diving and real estate with penthouses on their peaks and an active club life are not so much in Mexico right now, demand greatly exceeds supply, so an investment of $ 250-300,000 for one penthouse will allow you to rent it daily for $ 250-300 and in the near future there will be problems with delivery there will be no such object for rent. However, it is worth understanding that although there are luxurious beaches in Tulum, however, active development does not yet allow calling this point a city with a developed infrastructure suitable for family holidays, it is rather a youth format. But Playa del Carmen and Puerto Aventuras are ideal for a measured vacation or accommodation with all the necessary components. Puerto Aventuras, for example, is a closed village with cafes, a school, shops, marinas, a dolphinarium, beaches and many others.
The Mexican primary real estate market is definitely going through the most active times right now. A lot of housing options are being built from budget ($ 25-90,000 for an apartment or house) to premium ($1.5-3 million for an apartment or a penthouse on the first line). Luxury options with large terraces and fully furnished will have an area of more than 500 sq. m. Demand exceeds supply, there is a steady increase in prices of 5% annually.
As for the secondary market, it has just begun its formation in Mexico, because now there is no single database of objects in the country and the activities of realtors operating without a license are not punishable in any way. But there are also advantages: the secondary market is interesting because offers with a discount of 10 to 40% often appear on the market. But, if when buying a primary, you can do with a notary and a lawyer of the company who will prepare and execute all the documents, and you can do the rest yourself, then when buying a secondary, you can not do without a specialized lawyer who can ensure the security of the transaction, check the object for encumbrance, ownership, issue a pledge and much more. Independence in such a matter can later be very expensive.
An important aspect when buying real estate in Mexico by a foreigner is the issue of ownership. A decree prohibiting foreigners from directly owning property at a distance of 90 miles from the coast or the border with the United States, introduced in the 19th century immediately after the war with the United States of America, when the Mexican lands of Texas, Arizona, New Mexico and part of California were ceded to the United States. Therefore, we had to look for legal ways to circumvent such a dense law in many senses.
The first loophole now is the option of buying real estate through the establishment of a foreign company, and the second possibility may be the opening of a bank trust. In the latter case, a foreigner owns real estate through a Mexican banking trust. At the same time, the trust's property is not an asset of the bank, so if the bank goes bankrupt, the trust is transferred to another bank. However, there is one drawback in this option – you need to pay the bank $ 500 annually.
Russians get to Mexico much further than to Europe, but there is a pleasant moment associated with the long-term option of staying in it. An electronic permit to enter Mexico is issued in a couple of minutes via the Internet and allows Russian citizens to stay in this country for up to 180 days with the possibility of further extension (without departure) for the same period of time. Thus, if desired, you can spend a whole year in Mexico without any hassle, without taking into account the endless visa-run and other pressing issues related to staying in the country as a foreigner.
Mexico is a country where different people will be comfortable. And those who love and can afford expensive real estate, golf courses, yacht clubs, where there will always be a developed infrastructure with good clinics, schools and supermarkets. But in these same areas, but a little further from the sea (5-10 minutes on foot), there is an average price property that many potential investors will be able to afford. In addition to tourism and real estate investments, many come to Mexico for childbirth to obtain permanent residence status for parents and citizenship for a child. Now every company working with Russian citizens receives 3-5 requests per day daily for Mexican real estate. Thanks to the sum of such factors, a whole industry for Russian speakers has recently appeared.
Portal HomesOverseas.ru thanks for the help in preparing the article:
Igor Kuryakin, Director of the company Caribbean Club Project
Boris Smirnov, Director of the company Cancun Key
We thank the company Caribbean ClubProject for the illustrations provided
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