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Property prices in Mexico

Hello everyone,

Finding affordable housing in Mexico is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in Mexico?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

What I have to offer on this is a bit dated, but may help a little.
In 2003, after renting a house in Playas de Tijuana for 3 years, we decided to buy. We couldn't find anything in Playas that we liked enough to take the plunge, until I stumbled across a new home being built... still just in its first stages of construction (walls up, concrete roof just poured). It was more spacious than most we had seen and had some "American" touches (like actual closets, which are a rarity in many Mexican homes). The builder was building it as a "spec home", and was asking $140K, finished.
It was large, by local standards, around 2800 sq. ft., 4BR, 2-1/2 bath, with both a living room and a dining room downstairs and another living room upstairs. We struck a deal with the builder and got to specify the tile, carpet and paint, as well as some of the electrical features.
When it was nearly finished, I went to San Diego and looked at some comparable homes in nice areas of Chula Vista and Bonita, and found them running in the $925K to $960K range. Of course, that was 13 years ago - today, our home has increased in value, recently appraised at $275K, while similar homes in Chula Vista/Bonita have actually dropped a little, now around $740K to $820K.
Playas is one of the better areas of Tijuana and property values here are considerable higher than many other parts of the city, primarily because so many people here are either American or work in the U.S.
Hope this helps.

Priscilla, great topic to start. Here is some feedback from Cancun, Playa del Carmen and the Riviera Maya Region. 
It is important to note that in the State of Quintana Roo all persons active in the offering of properties for sale or rent, need to be licensed by the state.  Seek a real estate professional who has their Quintana Roo State license.

What are the most desired places to live? Cancun, because it is the largest city in the region offering more services and housing opportunities.  The major universities, hospitals and of course the airport is 10/15 minutes from downtown.  Beaches, shopping, schools and hospitals are all within easy reach.

What are the most affordable ones?  New home builds which are located southwest of downtown - 15-20 min. seem to offer the best value, homes and apartments/condominiums. Directly South 5-10 min from central is booming with middle - higher income residential communities... offering homes and apartments/condominiums. This area is the fastest growing area within the central city.

What is the average cost of a rented flat? Central Cancun and Playa del Carmen rents are increasing. Airbnb and private offerings of vacation rentals has taken over the most central and desirable areas of both cities.   It is becoming more difficult to find very nice, centrally located affordable homes or apartments for rent.  Check with a licensed, registered real estate professional.  Cancun: Downtown/Central, 2br/2.5ba flat, unfurnished, built within past 10 yrs... $15-18,000mn.

And what is the average sale price for an appartment or a house?  For a good view of Cancun or Playa del Carmen new home / condo prices, I recommend to go to cancunplayarealty.com , owned and operated by a Quintana Roo state licensed professional who specializes in this field for more than 10 years. Also fluent in Spanish, English and French. Ranges are - $900,000-2,600,000mn new homes/condos, gated communities, pools, security, etc.

Could you tell us more about local real estate policies/procedures?
Licensing is required within the state of Quintana Roo, seek a licensed professional or find a professional who is an AMPI member, which is the nationally recognized real estate association in Mexico.

What about property tax or residency tax in Mexico? Property taxes are - relatively speaking very inexpensive

I have lived in Cancun for 6 years, a place I never thought i would live in.... I enjoy it, there is so much to do along the coast and also within the Yucatan peninsula. The culture, food and international atmosphere is superb.. you can meet people from all of the world who live here.  In addition, if you want to travel there are many direct flights out of Cancun to other destinations around the world.

I can only speak for the small coastal Puebla of La Mision de San Miguel.  This is considered a higher end area and is frankly, wonderful.  There is a huge disparity of housing prices. 

A friend of mine recently bought a new, almost finished, ranchito built to American standards in the beautiful rural valley about four miles in from the ocean.  It is on a large parcel with beautiful views and the ocean in the distance.  It was well below $200,000 US.

Right on the beach, houses may go for $400,000 on the low end to $1,000,000+.  There are quite a few American standard homes for sale in my semi rural neighborhood which is a five to ten minute walk to the beach and overlook the Guadalupe river estuary - BEAUTIFUL!  Houses here start around $200,000 and go to around $400,000.  There is one small, one bedroom, one bath, new house advertised for $50,000.

The housing prices have been related to real estate in California.  Before 2008, prices and sales were soaring.  Similar to my home in California, the prices fell quickly to about half the former value during the next couple of years.  In southern California, real estate is regaining value.  Here, prices have stayed about the same as during the recession and are not selling quickly.  Many new and older homes are being rented both as vacation and long term rentals at reasonable rates.

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