Mexico Homes for Investment or Retirement
by
Chris Robertson
Playa del Carmen is a seaside paradise on the Caribbean coast of Mexico, just an hour from Cancun. Clean white sand beaches with turquoise waters are open to the public. Restaurants and bars, just steps from the beach, offer varied international cuisine. Nearby snorkeling and scuba diving are just some of the many exciting tourist activities. Because of its charm and allure, many visitors come to Playa del Carmen as tourists but end up buying homes and investment properties in this beautiful and prosperous Mexican community.
Playa, as it is affectionately called, retains the charm of its fishing village heritage. To prevent the town from becoming as large or touristic as Cancun, buildings are limited to three stories high. (The few four story structures were built before the height limits were enacted.) A strong expatriate community contributes to the international feel of Playa and helps make people from other countries feel welcome.
The easiest way to get to Playa is by plane to Cancun, which has inexpensive flights from cities worldwide. Once in Playa, you can relax on the beach, cruise along the Caribbean Sea, explore the second largest reef in the world, or visit ruins in nearby Tulum.
With a population of 100,000 plus, Playa del Carmen is the third largest city of the Mexican state of Quintana Roo. The population has been growing rapidly throughout the past 20 years, which is part of what makes Playa such a great place to buy a home, a piece of land, or a condominium.
Other reasons to buy in Playa del Carmen include a high capital growth rate, hotel occupancy over 90% year round, and great short term and long term rental returns. Popular stores such as Sam’s Club, Starbucks, and Wal-Mart bring the convenience of home to your Mexico home.
The Mexican government has made it easier for non-Mexicans to buy real estate in the country. Foreigners can obtain direct ownership of property in the interior of Mexico. However, under Mexican law foreigners cannot acquire direct ownership of residential property in what is called the restricted zone, which is the area within 100 kilometers (62 miles) of the border and within 50 kilometers (31 miles) of the coastline. Foreigners can acquire rights to use the property through a Bank Trust or Fidelcomiso authorized by the Mexican government through the Ministry or Foreign Affairs. A Mexican real estate broker can provide details of the Fidelcomiso.
Like with any real estate transactions, buyers must be well informed before they enter into a contract. As a foreigner you must follow all the formalities under Mexican law. A real estate company experienced with Mexican laws and foreign investors can advise you of the legal requirements and refer you to professional legal and tax advisors as necessary. Whether you decide to buy a vacation rental or condominium as an investment, a lot for building, or your own Mexico home to enjoy for vacations or retirement, you will find experienced realtors and property managers ready to assist you in Playa del Carmen.
Chris Robertson
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