Do you have a dream of buying real estate in Mexico? If so, many sources indicate that 2024 is a good year to invest in real estate in Mexico. Some forecasts predict that over the next 5 years that Mexico will have an inflation rate of 16.7%. This figure translates to an average yearly increase of 3.3%. This data indicates that Mexico is expected to experience inflation, meaning that now is likely to be a good time to consider buying property. In general, buying real estate in Mexico is a low risk and highly profitable investment that offers both recurring and passive income. Foreign homeowners will need to establish a bank trust to hold title if they buy property near the coast or border. Meanwhile, keep reading below about where to invest in real estate in 2024.
Why Invest in Mexican Real Estate?
To start with, the good thing about buying property in Mexico is that it is almost certain to increase in value over time. Coastal properties are especially desirable because who doesn’t want to live by the beach? If you are a foreigner, you will need to hold a title in a bank trust which has a small cost to open and annual maintenance fees as well. Also, having a bank trust will protect your investment even more, as it cannot be confiscated by any person or the government. In 2024, Mexican real estate is a low risk and highly profitable investment as homeowners typically earn recurring and passive income. According to some reports from December 2023, Mexico home prices were down 57.8% compared to last year, selling for a median price of $128K. This means that right now could be the perfect time to invest in a beach house in Mexico.
Top Places to Buy Property in Mexico
Secondly, there are some destinations that are especially popular with people who want to buy property in Mexico. For example, Puerto Vallarta might be one of the best places to buy a beach house in Mexico. The former quaint fishing village is now a cosmopolitan city that really welcomes visitors and new residents, while embracing culture and diversity. Along with stunning beaches and the majestic Banderas Bay which is Mexico’s largest bay, PV is an ideal spot to invest in real estate. Top outdoor activities include snorkeling, golf, sport fishing, sailing, hiking, paddling and more. In addition, they also have an excellent culinary scene, lively nightlife, and wellness retreats. Also, Puerto Vallarta is one of Mexico’s safest and friendliest beach towns for international tourists and expats alike. Other top places to buy real estate in Mexico include Cabo San Lucas in Baja and the Riviera Maya on the Caribbean coast.
More About Mexican Real Estate
Last but not least, as in most places in the world, property tax has to be paid annually for properties as well. However, the cost of property tax in Mexico is very reasonable when compared to other countries. Also known as the predial, it is due each year in January and sometimes they offer discounts to homeowners who pay on time. Other popular places to buy property in Mexico include Mexico City, Mérida, Lake Chapala, Monterrey, San Miguel de Allende, Guadalajara, Tulum, Playa del Carmen, Cancun, Mazatlan, Guanajuato, Puebla, and Queretaro. Each of these gorgeous destinations have their own unique charm and appeal. Currently, the country has been in a construction boom and there are lots of opportunities available for people who want to buy property. You can find everything from condos that start around $112,000 US dollars up to $3 million US dollars and from $182,500 US dollars to nearly $9 million US dollars for houses.
Now, the only question is, do you want to invest in real estate in 2024? If so, make sure to check out Puerto Vallarta. There, you can find the new development on the exclusive South Shore of PV known as Lemuria residences. The upscale condo complex has amazing views of Banderas Bay and the Sierra Madre jungle. Plus, homeowners have access to tons of incredible amenities that can’t be found anywhere else. If you want a comfortable and luxurious place to enjoy vacations in paradise with incredible rental income possibilities as well, Lemuria Residences is the best option in town. Contact them today to learn more!
FAQs
In 2024, Mexican real estate is a low risk and highly profitable investment as homeowners typically earn recurring and passive income. According to some reports from December 2023, Mexico home prices were down 57.8% compared to last year, selling for a median price of $128K.
What is the outlook for Mexico real estate market? ›
In 2024, the Real Estate market market in Mexico is projected to reach a value of US$5.44tn. The residential sector dominates this market segment, with a projected market volume of US$4.18tn in the same year.
Where is the most expensive real estate in Mexico? ›
In 2023, Mexico City was the most expensive place to purchase residential property in Mexico. On average, a property in the country's capital city would cost almost 3.7 million Mexican pesos in the third quarter of the year, approximately double the national average.
Is Mexico City a good place to invest in real estate? ›
Buying property in Mexico City can be a great investment. The city is a large and beautiful place with plenty of residents and tourists all year round. Investing in property in Mexico City is cheaper than investing in Western countries like the US.
Can I inherit land from Mexico? ›
The Process of Inheriting Property in Mexico as a US Citizen
The first step is identifying legal heirs, typically outlined in the deceased's will or determined by Mexican inheritance laws. Heirs may include spouses, children, and other relatives, and their relationship with the deceased plays a crucial role.
Is now a good time to buy property in Mexico? ›
Some forecasts predict that over the next 5 years that Mexico will have an inflation rate of 16.7%. This figure translates to an average yearly increase of 3.3%. This data indicates that Mexico is expected to experience inflation, meaning that now is likely to be a good time to consider buying property.
Is it a good time to invest in Mexico? ›
Over the near term, Mexico is expected to achieve a 2% growth rate—higher than its 20-year average. Although Mexico's headline inflation accelerated beyond analyst expectations in June, its strong trend of domestic demand and high consumer confidence should also offer some economic momentum, in our opinion.
Where do most millionaires live in Mexico? ›
Polanco is often called the "Beverly Hills of Mexico", having one of the country's densest concentrations of luxury shopping, with the most upscale restaurants, high-net-worth individuals, upscale hotels, and diplomatic missions and embassies.
Where do most Americans buy homes in Mexico? ›
Mark Kilpatrick of Caribe Luxury Homes
You may have heard of the Mayan Riviera or Riviera Maya, but not everyone knows that this is one of the most popular destinations for American expats in Mexico. The bulk of the country's expat community can be found in Puerta Vallarta, Cancun, Riviera Maya and Cabo San Lucas. Why?
Where is the most affordable beachfront property in Mexico? ›
You can consider Playa del Carmen, Progreso, Chelem, Sisal, Mazatlán, Puerto Escondido, Mahahual, Puerto Morelos, and Xpu-Ha as affordable beach towns in Mexico.
Merida is characterized as the safest and most prosperous city in Mexico, it enjoys an excellent infrastructure and an important urban growth, Merida and the state of Yucatan have great investments in its roads hosting new highways, inclusive roads and a totally new transportation system.
Is buying property in Mexico risky? ›
Generally, yes, if you are aware of specific laws and potential hazards. The fideicomiso system allows foreigners to have similar rights to a Mexican citizen when buying property in Mexico. This article covers everything you need to know, from legal insights to avoiding scams, ensuring you can invest safely.
Is it smart to buy land in Mexico? ›
Real estate is a low risk and highly profitable investment where you achieve recurring and passive income. If you are a foreigner, you will need a trust, which will protect your investment even more, since it cannot be confiscated by any person or government including the Mexican government.
Are US wills valid in Mexico? ›
Wills prepared outside of Mexico are valid in Mexico. It's having them recognized that is a lengthy, complicated and expensive process. Getting a US or Canadian Will recognized in Mexico requires that it be translated into Spanish by an official court approved translator.
What is the inheritance tax in Mexico? ›
There is no specific inheritance, estate, or gift tax in Mexico. Inheritances and gifts are treated as income under the income tax law but may be tax exempt as described below. Income received by a Mexican resident through inheritance is exempt from income tax.
What happens to property in Mexico when someone dies? ›
The general order prioritizes children, then spouses, parents, and then other relatives. If no relatives can be found, the estate reverts to the government.
Is it a good time to buy a house in New Mexico? ›
Is it a buyer's or seller's market in New Mexico? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained.
Is it safe to buy real estate in Mexico? ›
Generally, yes, if you are aware of specific laws and potential hazards. The fideicomiso system allows foreigners to have similar rights to a Mexican citizen when buying property in Mexico. This article covers everything you need to know, from legal insights to avoiding scams, ensuring you can invest safely.
Is it hard for an American to buy property in Mexico? ›
The short answer is yes, US citizens can own property in Mexico. In fact, Mexico welcomes foreign investment in its real estate market, and there are no restrictions on foreigners owning property in Mexico, including US citizens. However, there are some restrictions on where you can buy property as a foreigner.
Is there a housing crisis in Mexico? ›
That's why we use diverse interventions to tackle the housing crisis across Latin America. In Mexico, there's a housing deficit of 8.5 million. Not all of these families need a new home.
