Housing prices in Mexico dropped 20 percent during the global economic downturn, and the increase in kidnappings and other crime over the last decade have hurt the real estate market as well.
The 2008 global economic downturn hit Cozumel hard, Ms. Edwards said. Real estate prices dropped about 35 percent, she said, but started to pick up about a year ago.
The United States economy “greatly affects” the Cozumel market, she added. “It’s still a buyer’s market, but it is rapidly changing.”
Mexico City’s real estate market is performing very strongly this year, agents said. There are many new developments, and prices across the board have increased. This is partly because of a strengthening Mexican economy, and partly because sellers have adjusted to a new tax on capital gains that temporarily made them hesitant to put their homes on the market, agents said.
Tulum has been one of the fastest-growing vacation home markets in the Riviera Maya, stretching south from Cancun, in the last five years, Ms. Herrera said. It is less expensive than the area’s hottest market, Playa del Carmen, she said. In Playa del Carmen, for instance, Ms. Herrera said, $180,000 buys a 646-square-foot one-bedroom apartment seven blocks from the sea; in Tulum, the same distance from the water, it buys a 1,292-square-foot two-bedroom apartment.
The market is “very strong,” Ms. Ortiz said. “We are at the end of a buyer’s market” that began around 2009. Inventory in the desirable historic Centro is tight, with sales and prices approaching 2007 levels. Well-located, well-priced homes “sell immediately,” she said. Buyers opt for more space and amenities in neighborhoods like Atascadero, Ojo de Agua and colonial San Antonio.
FXStreet (Córdoba) - Fitch Ratings has affirmed Mexico at 'BBB+' with a stable outlook.
Among key drivers, Fitch noted proactive response from Mexican government to curb the effects of the decline in oil prices and production, subdued growth in the US and increased international financial volatility along with the implementation of structural reforms and macroeconomic stability.
Over the past couple of decades, an increasing number of foreigners have wanted to invest their hard earned money in Mexico by purchasing a property.
However, most people not only want to own a home in this beautiful country, but they are looking to invest in any of the gorgeous beach towns and cities that Mexico has.
The number of American expats migrating to Mexico has grown exponentially because the costs of living in Mexico for retirees are much lower than those of living in the United States.
A foreigner may acquire rights over real estate in Mexican coastal and border zones through a trust, called Fideicomiso , which is a legal instrument similar to those in the United States.
Through this trust, real estate is administered by a qualified and licensed bank on behalf of the beneficiary of the trust (the owner).
The legal effect of the trust allows the beneficiary to act as the owner of the real estate, and thus, the trust complies with Mexican laws.
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