Property for Sale in Mexico, Central America
Buying property in Mexico, whether its land, a serviced apartment or a house, can offer good value for money in comparison to prices in the US and Europe, although prices in some areas have risen dramatically in recent years and care should be taken in assessing a property's true value.
Foreigners can buy or invest in real estate in Mexico without any restriction, except in the coastal and border areas. There, foreign individuals and branches of foreign corporations can have 100% control of property through a real estate bank trust. Mexican corporations with foreign capital are allowed to buy directly if the property is to be used for profitable purposes.
A 'Fideicomiso' or bank trust is defined for real estate purposes as a transaction between a Mexican bank and foreign individual or firm investing in areas otherwise restricted to foreign investment, with the bank serving as a trustee or legal owner with respect to a certain real estate property interest and the investor serving as the legal beneficiary of the trust. The bank holds the title to the property in trust for the beneficiary who retains the exclusive right to use and control of the property.
Be sure the agent you select to represent you is a member of AMPI, the Mexican National Real Estate Association. Ask for references, check them out. Be satisfied the person representing you is experienced in Mexican transactions.
Buyers really need to allow for at least 10% on top of the purchase price when buying property in Mexico to ensure they have enough to cover all additional expenses. Prices for real estate in Mexico are usually displayed in US dollars as the American buying market is the largest, and for the moment at least this means British and Europeans are getting far more for their money in Mexico.
If you're considering the purchase of property in Mexico, you will need to undertake extensive research, choose your location and property very carefully, and ensure that you hire the right professionals and that the letter of the law is followed. Thousands and thousands of foreigners have successfully purchased land and property in Mexico.With the right approach and plenty of homework, there is no reason why you should not become one of them if you want to.
