Thursday, September 1, 2011

Second or Vacation Home in Mexico

Mexico is an exceedingly attractive destination for foreigners interested in buying a second home; it offers many attractions –beaches, pleasant weather, biodiversity, cultural wealth and historic sites– in addition to the low cost of real estate. Given this, the magazine International Living, in its Annual Retirement Index 2008, has classified Mexico for the second consecutive year as the Best Country in the World for Retirement.

During 2007, 18 thousand units for second homes were sold, a 52.5% increase over the year earlier. Approximately half were sold to foreigners. The volume of these sales rises to roughly 6.4 billion dollars. 

Most vacation residences are built in border areas and coastal zones. Traditional destinations include Tijuana, Los Cabos, Bahía de Banderas, Puerto Peñasco, Cancun, the Riviera Maya, Vallarta and Acapulco. In these areas, foreign property is subject to the Mexico Real Estate Trust for Restricted Zones. 

The Ministry of Foreign Affairs reports that the number of these trusts went from 1,970 2000 to 6,611 in 2006, an annual average growth of 22%. In like manner, the Ministry of the Economy indicates that FDI resulting from these acquisition rises to 650 million dollars in 2005, as compared to 17 million in 1999. 

It is important to note that there are services that allow foreigners to buy houses in Mexico through mortgages in their own countries. To this end, a partnership was established between Mexican and United States real estate brokers, namely the NAR (the National Association of Realtors) and AMPI (the Mexican Association of Real Estate Professionals). Thus, of every 10 mortgages granted to foreign consumers to purchase property in Mexico, 8 are through foreign financial institutions. This market niche is growing at a pace of 40% per year.                                                                                               
                                                                                                             By Pro Mexico

American Development, Co have been in the Real estate business in Playa del Carmen, since Playa del Carmen was a fishing village, and not the chicest city in the Hemisphere. If you don’t see what you’re looking for on our site, contact us, tell us what you are looking for (or if you don’t have that exactly figured out, let us help you) and we will find it.

                                                             Home For Sale

Is located in Playacar Phase 2 , just South of the Xaman Ha Aviary. Playacar Phase 2 is a quiet, beautifully- landscaped community which features the Robert Hagge-designed championship golf course and the Xaman ha Aviary/Bird Sanctuary.
This home was built in 2003 and completely remodeled in 2006. This home sleeps up to 12 people, making it perfect for large groups or families.

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