Finding and Buying a Property
Available properties can be found in a number of ways. Working with a real estate agent can help buyers find properties in line with their requirements. An agent may also be aware of “pocket listings” and properties that have not yet been put on the market.
There are a few Real Estate portals where you can search properties. Among them:
Local Spanish-language print newspapers generally include property listings in their classified sections.
Properties for sale may have a Se Vende sign in the window or exterior wall and viewings can be organized directly with the owner (trato directo) or through an agent.
It is important to have a clear idea of the desired neighborhood, and of the price range in that area. In Mexico City, traffic and commute times, and proximity to public transportation and amenities should be taken into account.
The property market in Mexico varies – in some places the market is very active, whereas concerns about safety have cooled the market in other regions. Generally, with realistic expectations about what their budgets will allow, buyers can find a suitable apartment, house, or condominium fairly quickly. Sellers in most areas can attract buyers as long as they have set a realistic asking price.
Mortgage availability has increased in recent years, although it is still not so prevalent in Mexico. A significant down-payment of 20 percent or more is generally required, and interest rates range between 8 to 15 percent. Rates and down-payments, as well as approval times, vary by financial institution, and prospective buyers may find it useful to work with a mortgage broker in order to secure a mortgage.
Foreigners are not allowed to own property directly within 50 Km of a coastline or 100 Km of a border, or rural land held in common (ejido). This does not prevent foreigners from purchasing property in these areas, but in this case they must establish a bank trusteeship (fideicomiso) that serves as the official owner. There are no restrictions or residency requirements for foreigners owning property outside these zones in Mexico.
However, all foreigners need to obtain a permit from the Ministry of Foreign Affairs (Secretaría de Relaciones Exteriores - SRE) to buy properties in Mexico. It is a very straightforward procedure that usually takes 4 to 6 weeks to be processed.
Buyers must be over the age of 18.
The process of buying and selling any type of property or land is regulated at a state level in Mexico. While some procedures in the property purchase process may be identical in all states, others may differ. This page gives an overview of what is involved in buying a property in Mexico, prepared by a real estate expert in the Mexico City property market. It should be noted that for particular practices and requirements in areas other than Mexico City, advice should be sought from a professional familiar with the property market in that state.
The process of buying, selling or renting any type of property or land is regulated at a state level in Mexico. While some procedures in the property purchase process may be identical in all states, others may differ. This page gives an overview of what is involved in buying a property in Mexico, prepared by certified real estate agents who are experts in the Mexico City property market. It contains advice that should not be considered a legal document nor should it imply any liability for its authors in case there are some discrepancies with the processes involved for the sale or rental of a property. It should also be noted that for particular practices and requirements in areas other than Mexico City, advice should be sought from professionals familiar with the property market in that state.
Information provided by Carmella Peters-Romero, Vanessa Kerr and Hector Romero of Peters & Romero Bienes Raíces, Tel: 55 3713 0985 / 55 6708 4772 / 55 4341 3131