Is it safe to buy real estate in Mexico?
Things have changed a lot however and the Mexican government has since liberalized property ownership laws, allowing foreign buyers to purchase property even within the restricted zone. With these policy changes, buying property in Mexico is not only possible but it is also easier and safer than ever.
Is Mexico a good place to invest?
Investing in Mexico is one of the best options to grow your money, especially because the country has positioned itself as one of the countries where real estate investment – and foreign investment – is on the rise.
What is the restricted zone in Mexico for buying property?
The restricted zone, according to Article 27 of the Mexican Constitution, is all land located within 100 kilometers of any national border and within 50 kilometers of any ocean. Article 27 of the Constitution states that no foreigner will be allowed to acquire direct title to land within the restricted zone.
Can you own property in Mexico as a US citizen?
Yes, Americans and other foreigners may obtain direct ownership of property in the interior of Mexico. However, under Mexican law, foreigners cannot own property outright within the restricted zone. Instead, a real estate trust must be set up to hold title for the foreigner.
How much are property taxes in Mexico?
Property taxes in Mexico vary throughout the country and are calculated yearly depending on the real estate value established by the officials. Residential property tax is typically around 6,5 pesos per 1000 pesos of assessed value. For commercial and rental estates used only seasonally, the rate can be twice as much.
What is the average cost of a home in Mexico?
The median home value in Mexico is $90,045. Mexico home values have gone up 5.3% over the past year and Zillow predicts they will rise 3.5% within the next year. The median list price per square foot in Mexico is $87, which is higher than the Mexico Metro average of $82.