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August 4, 2021
Every year, we see thousands of foreigners flocking down to Mexico and investing in real estate whether it is a home for them, for vacationing, to rent out as short or long term, or to retire in.
This, of course, begs the question of why.
Why are so many foreigners investing in Mexico real estate instead of investing in their own country? While there is not one simple or straight answer to this question, we have compiled a list of reasons why they are making the decision to invest in a Mexico property.
Recent studies have shown that living and retiring in Mexico can be more than 50 percent more accessible in Mexico than it is in the United States or Canada.
Other than certain items (such as gasoline), almost everything in Mexico is much more affordable than it is in other countries.
An individual or couple can get by with $1,3000 USD per month, including a month’s worth of groceries, entertainment, and more.
That would barely get you started anywhere in the United States.
The cost of living extends to real estate, too.
While you can find very expensive homes in some exclusive areas, you can also find affordable options for even less than $100,000 USD.
The cost per square foot is cheaper, and your well-earned money can stretch a long way when purchasing a home in Mexico.
Of course, you have to consider associated costs such as Notary Public, agent and lawyer fees, but when you put everything together, you are still spending a lot less than you would back home.
Just like with the cost of living, property taxes in Mexico are much more affordable than in other countries.
For example, the annual property tax called Predial, is a very small percentage of the total value of the home you acquire, and the government extends discounts based on early bird payments, age groups, and others.
You can expect to pay between $100 to $300 USD annually.
When you purchase a home, you must pay the Impuesto de Traslado de Propiedad (Property Transaction Tax), which is about 5 percent of the value of your home.
Once you compare what you pay in Mexico versus what you would pay in other countries, this is an amazing deal.
One of the main reasons foreigners invest and move to Mexico is the weather.
The Riviera Maya is blessed with summer-like year-round weather, which can beat and of the harsh and cold winters of the north.
Snowbirds migrate to the Riviera Maya on a yearly basis for periods of 4 to 6 months.
When you combine the sunny and warm weather, the cost of living and the better quality of life, it makes sense to see so many people taking the opportunity to invest in Mexico real estate.
Mexico is a vast country filled with history, beautiful culture and deliciously unique gastronomy (which is considered a World Heritage by UNESCO).
Those who flock to the Riviera Maya are amazed by the thousands of cenotes in the region; the impressive archeological sites perched at cliffs overlooking the ocean or deep in the jungle surrounded by lush vegetation; and of course, the varied and special gastronomy that calls Mexico home.
When they invest in the Riviera Maya, they are able to enjoy a rooftop pool afternoon with friends, go to the most amazing and beautiful white-sand beaches, explore the surrounding lush jungle to spot howler or spider monkeys, or go scuba diving to explore the second largest coral reef system in the world.
The options here are unlimited.
The Cancun International Airport is the second largest and most important airport in the country, just behind the Mexico City Airport.
It has a capacity to receive up to 31 million passengers per year, and is well-connected to some of the largest destinations in the world.
Its connectivity makes it an easy flight for most American and Canadian cities, and it is making more and more people hop on a plane to get down here.
For some, it is as short as a 2-hour flight.
Its proximity also makes it a popular place for retirees, as they are able to go back and forth to see their children and grandchildren (or have them fly out to Mexico to visit), or go back to take care of business when needed.
Yes! Take advantage of the pricing, the cost of living, the quality of life, and the beautiful weather.
Discover the many amazing real estate opportunities in the Riviera Maya and start enjoying the benefits of living and investing in Mexico.
Learn more tips to invest in real estate here in Mexico.