Would be curious to hear of your experience, duration of investments, projects, and so forth. -5 where I write this today, thinking of warm weather and aquamarine water.;) Traveling next month to Playa del Carmen for some R & R, would be interested to see what you have going on down there. Thanks!
Quintana, is that bat droppings? I heard that stuff goes in cosmetics, never invested in that.
Got more information ? :)
Not sure if you're joking, Bill. Quintana Roo is a state in Mexico. The eastern portion of the Yucatan Penisula.
I'm leery of investing outside the US in general and in Mexico in particular until they get their government together.
First, I love Playa Del Carmen; sadly, it's getting just as commercialized as the Cancun area, but that wasn't the case many years ago.
Ok, in respect to Mexico RE, I know several people who have invested in Mexico, and they have done quite well. One owns a condo in the Los Cabos area. Purchased some 10+ years ago, and has more than made his money back (he used to rent it out when he wasn't there, but he doesn't anymore). Another couple I know, again, purchased their property well over 10 years ago in Punta Mita. They specialize in surfing and are in the travel sector, so this has been great for them, because they spend 3-4 months down there in a year, and then rent it out when they aren't there to surfers.
The other group of investors I know of via one of my friends. Her husband's friends invested in a development approximately 5-7 years ago in Merida. I believe it's a mult-unit condo/apt complex build. I can't recall specifically the price per door, but I believe they said after the completion, their investment increased by over 50%.
I've met countless Americans who've moved down to Mexico and purchased properties as well as open businesses. My word of caution is that if you ever SERIOUSLY consider purchasing a property there, you need to visit it on a regular basis; use it as a rental property, or have someone you trust implicitly down there to maintain it. Unfortunately, squatters do get into properties, and it's tough to get them out. All in all, everyone I've known whose had properties in Mexico over the past 15 years have more than made there money back triple-fold. There are some specifics you'd need to be aware of in respect to financing. I want to say all the people I've referenced paid cash for their properties, but I'm not 100% on that.
Have fun in Playa Del Carmen and on 5th Ave :)
Thanks for setting some things straight. We've owned a house in Mexico since 2003, and are currently looking at investment opportunities near Puerto Vallarta. There are many thousands of gringos who've invested and lived beautiful lives as retirees, and have reaped significant returns on their investments too. We've rented our house as a vacation rental when we are not there, and have realized a nice net operating income along the way. Like most places, you have to do your homework, and understand the laws, restrictions, etc. In my experience, a well connected attorney saves you a lot of effort and grief, paired with an experienced real estate professional who knows both the market and professional builders, and you are well on your way to a safe investment in Mexico.
I agree with Greg. It is absolutely essential to take certain basic but key points into account. make sure you work with the right people (lawyer, real estate agent, notary), obviously assess the local market in terms of pricing etc, but also development in the area and future government plans. always work with an escrow agent to protect your position in the transaction.
if you make sure you follow the right steps, there are plenty of good investment opportunities in Mexico's Caribbean.
Hi Catherine. We have invested in Tulum, the still much less developed Riviera Maya town than Playa del Carmen. It is currently considered to be a paradise for real estate investments, so we took the plunge. We moved to Tulum from London and bought beachfront land, where we have built a villa and currently are building another one. I cannot tell the exact return on the investment yet, but I know that the land we have bought a few years ago has already significantly risen in value, as has all the land in Tulum. But the best is said yet to come. So we have also started an architectural/ real estate firm with two other partners - because opportunities are wonderful, and we want to help other people like us with their dream to invest in the Riviera Maya. Contact me if you have any questions, I would be glad to help!