Obtain an apartment in Mexico

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25 July 2016
Obtain an apartment in Mexico

Having your own real estate in Mexico is both easy and difficult. It all depends on the area you have chosen to settle in. About Mexican real estate law, the government categorically prohibits the possession of a property of a foreigner less than 30 km from the border and the Mexican coast. Unless you want to apply the fiduciary law. In this case, all rights revert with the same interests that the authorities possess if you want to obtain an apartment in Mexico.

The good reasons to purchase an apartment in Mexico

Indeed, when we hear the word Mexico, we immediately think of the sun, beach, partying and carnival as it is the border between North America and Latin America. This country also has a great diversity in terms of fauna and flora and natural resources allowing the general development of all types of industries at competitive prices. Mexico is also open to foreign direct investment (but of course with its laws), a qualified work labor cost, and is affordable while being the eighth top visited world tourist destination with an affordable standard of living compared to countries with euro or dollars. Concerning the weaknesses of this country, Mexico has a reputation of not being very safe which sometimes hangs over tourists and foreign investorswho want to develop but there is also a great dependence on the United States. It is often also rumored that there is a high level of corruption in the country with a persistent socio-economic crisis and lack of diversification of sources in some sectors that are only reserved for the Mexican government and Mexican citizens.

Regarding the apartment rents in Mexico, this option is taken either by residents and foreigners in relation to the purchase of real estate. Although the latter is better suited mostly for tourism investments. Residents feel that real estate prices are much higher than they can afford through their household incomes. Home loans are not often practiced in Mexico although mortgages are now offered by Mexican banks at an average of 15% per year.

Therefore, people who want to settle in the city choose to rent an apartment instead of buying one. And it may also be better to rent part of the year than during an entire year.

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