Cancun is not only an amazing resort destination it’s becoming a popular location in which to invest in real estate. With over 3 million tourists visiting the area, a number on the rise, which is known as a tropical paradise, its no wonder more and more people are looking to invest in time share’s, condos and other homes. Not surprisingly though, this is one of the most costly locations and the home of a lot of new developments and incredible luxury condominiums. Where to buy in the Cancun area is an interesting topic today since there is so much new development, such disparate pricing and such varied opportunity.
Geographically, Cancun and the Riviera Maya are on the eastern coast of Mexico, about 550 miles south of Miami. Cancun Island sits adjacent to the Mexican coast and houses the most development and the large number of hotels and attractions. Still, as this destination has become more popular, the hotel, timeshare and condominium developments have expanded as well, along with golf courses, improved infrastructure and access to more local flora and fauna so that now Cancun Island is not the only developed area.
Cancun, located in the state of Quintana Roo in Mexico has an international airport and a flourishing economy. The most popular housing options are apartments or condominiums, typically in small apartment complexes, although that landscape is steadily changing. If you look at any Cancun real estate listings, you’ll see a vast number of pre-construction Cancun condominium opportunities that can range up to the millions of dollars. These luxury developments offer all the amenities you could need but you do pay the price.
Cancun has priced some people out of its real estate market. It certainly caters to the wealthier real estate investor and it’s harder to find a bargain. Recently, Costa Maya which is south of Cancun and the Maya Riviera, is being touted as an excellent real estate opportunity. Because it has yet to be developed significantly and it lacks the infrastructure, roads and amenities of Cancun, it is still reasonably prices with lots on the water going for around 50,000 US dollars.
As in all of Mexico, foreigners can purchase land and condominiums in any location, with one caveat. According to the Mexican Constitution, no foreigner can own property within 50 kilometers of the any Mexican border, or within 50 kilometers of the coast, but today this is allowed as long as the property is owned through a bank trust. Essentially, this means that you, as the buyer, still have all the rights and privileges associated with owning the property – the bank merely holds the title in name. This law has allowed many developers and foreign investment capital into several Mexican resort cities and has allowed for a lot of growth within in the Mexican economy.
If you do want to purchase Cancun real estate, you should definitely visit prior to determining the location in which you wish to purchase and the kind of development or home you buy. Once you establish your chosen location and your budget, you’ll need to find the right professional help to close on your real estate purchase. This is not as complicated a process as it seems but buyer beware; Mexican real estate is not regulated as rigorously as it is in the U.S. so as you prepare to buy your Cancun real estate, do your research and then you’ll truly benefit from this smart investment.