There are various types of properties available in Mexico which includes condos, villas, and apartments. As a foreigner choosing to acquire these types of properties most times turns them to vacation homes, or for retirement alternatives, but for those, who choose to move to Mexico permanently use these as their permanent homes. These properties tend to rise every year, but never go as high as the prices in Europe or the United States.
The price of Mexican property varies primarily on location, as well as the development of the area where the property is located in. The rise of more developed infrastructure in any community generally signifies a higher increase in property value. It is as well less expensive to buy the land first before commissioning a house, rather than acquiring the land with a house already built on it, although considerable time and energy will have to be invested in doing the previous. Ideally, it is wise to buy land close to a constant water source. Interested buyers are usually counsel to scout the area first and check if living conditions are right, or if the community suits them, before making their final decisions. Mortgages are very rear in Mexico while most sales deal is in cash.
Foreigners can buy land anywhere that suits them in Mexico, except land that falls under “Restricted Zones” this includes 100 kilometers of land from the border and the 50 kilometers of land from the beach. Nevertheless, foreigners can still buy land along the coast or beside borders, but on the condition that the purchase must be through fideicomiso, or the bank trust method. The bank assumes legal possession of the land, but under the terms of its contract grants outsiders the right to buy, sell or rent these types of properties. The trusts can be renewed after every 50 years and allow you as the owner to name any beneficiaries also. The only prerequisite for you to remain the property is that the property must be used for private purpose, rather than profit-making purpose.
Another form of property that can be purchased in Mexico is the ejidos. These are areas of land that are owned by the community and not by any individual. The transfer of ownership of the ejidos to a foreigner or non-ejidatorio was not permitted before 1992, but the constitutional reforms since 1992 have allowed ejidos to be transformed into personal property.
In spite of this, interested foreigners are encouraged to seek legal counsel rather than faking documents with ejidatorios on their own. There are many obscurities involved in owning an ejido; base on reports, some ejidatorios may sell their land and then provide the deed later, which gives them the chances of reclaiming the land, (regardless of any developments you have made on it) before the deed could change hands, and the buyer would not have much legal strength to withstand them. The best way to acquire ejidos is to find land that has already been deed, this is important, and do not agree on any verbal promised to you as a binding contract. The best and surest way is to engage the service of a professional Real Estate Broker or agent, who knows the terrain and you will be glad you did.