Do you have a dream of buying real estate in Mexico? If so, many sources indicate that 2024 is a good year to invest in real estate in Mexico. Some forecasts predict that over the next 5 years that Mexico will have an inflation rate of 16.7%. This figure translates to an average yearly increase of 3.3%. This data indicates that Mexico is expected to experience inflation, meaning that now is likely to be a good time to consider buying property. In general, buying real estate in Mexico is a low risk and highly profitable investment that offers both recurring and passive income. Foreign homeowners will need to establish a bank trust to hold title if they buy property near the coast or border. Meanwhile, keep reading below about where to invest in real estate in 2024.
Why Invest in Mexican Real Estate?
To start with, the good thing about buying property in Mexico is that it is almost certain to increase in value over time. Coastal properties are especially desirable because who doesn’t want to live by the beach? If you are a foreigner, you will need to hold a title in a bank trust which has a small cost to open and annual maintenance fees as well. Also, having a bank trust will protect your investment even more, as it cannot be confiscated by any person or the government. In 2024, Mexican real estate is a low risk and highly profitable investment as homeowners typically earn recurring and passive income. According to some reports from December 2023, Mexico home prices were down 57.8% compared to last year, selling for a median price of $128K. This means that right now could be the perfect time to invest in a beach house in Mexico.
Top Places to Buy Property in Mexico
Secondly, there are some destinations that are especially popular with people who want to buy property in Mexico. For example, Puerto Vallarta might be one of the best places to buy a beach house in Mexico. The former quaint fishing village is now a cosmopolitan city that really welcomes visitors and new residents, while embracing culture and diversity. Along with stunning beaches and the majestic Banderas Bay which is Mexico’s largest bay, PV is an ideal spot to invest in real estate. Top outdoor activities include snorkeling, golf, sport fishing, sailing, hiking, paddling and more. In addition, they also have an excellent culinary scene, lively nightlife, and wellness retreats. Also, Puerto Vallarta is one of Mexico’s safest and friendliest beach towns for international tourists and expats alike. Other top places to buy real estate in Mexico include Cabo San Lucas in Baja and the Riviera Maya on the Caribbean coast.
More About Mexican Real Estate
Last but not least, as in most places in the world, property tax has to be paid annually for properties as well. However, the cost of property tax in Mexico is very reasonable when compared to other countries. Also known as the predial, it is due each year in January and sometimes they offer discounts to homeowners who pay on time. Other popular places to buy property in Mexico include Mexico City, Mérida, Lake Chapala, Monterrey, San Miguel de Allende, Guadalajara, Tulum, Playa del Carmen, Cancun, Mazatlan, Guanajuato, Puebla, and Queretaro. Each of these gorgeous destinations have their own unique charm and appeal. Currently, the country has been in a construction boom and there are lots of opportunities available for people who want to buy property. You can find everything from condos that start around $112,000 US dollars up to $3 million US dollars and from $182,500 US dollars to nearly $9 million US dollars for houses.
Now, the only question is, do you want to invest in real estate in 2024? If so, make sure to check out Puerto Vallarta. There, you can find the new development on the exclusive South Shore of PV known as Lemuria residences. The upscale condo complex has amazing views of Banderas Bay and the Sierra Madre jungle. Plus, homeowners have access to tons of incredible amenities that can’t be found anywhere else. If you want a comfortable and luxurious place to enjoy vacations in paradise with incredible rental income possibilities as well, Lemuria Residences is the best option in town. Contact them today to learn more!