The Mottley Fool
"Mexico -- yes, the land of tacos and sparkling beaches, the place you escape to in the dead of January -- has experienced a recent non-resident real estate boom. The numbers alone are impressive. According to Tom Kelly and Mitch Creekmore, authors of Cashing in on a Second Home in Mexico: How to Buy, Sell, and Profit from Property South of the Border, values in some Mexican markets tripled in the past five years. You read that right -- tripled.
What's the impetus for this change? Well, laws pertaining to nonresident ownership of real estate have relaxed considerably. What's more, Mexico has tailored its system of real estate closings to be purchaser-friendly, and U.S. citizens have become better-educated on the ins and outs of closing on property in Mexico.
Moreover, Mexico's tourism agency has been working hard to promote foreign real estate acquisition. The Mexican government recently created a real estate agents' association similar to the NAR called the Mexican Association of Real Estate Professionals (AMPI) to help unify real estate listings...." |