Event Coverage
Mexico a Popular Destination for Tourism and Investment
Antonio Hánna Grayeb spoke on popular developments where people buy, rent or invest in Mexico at SILVAR Global Business Council's program on "The A, B, Cs of Buying & Investing in Mexico" this week. Grayeb is a broker and a past president of the International Real Estate Federation (FIABCI) Americas and Mexican Association of Real Estate Professionals (AMPI). He was recognized as National Association of REALTORS® 2015 International REALTOR® of the Year.
There has been much foreign interest in Mexico. At one time foreigners could not own property outright within 100 kilometers (62 miles) of the international borders and 50 kilometers (31 miles) of the coast. Realizing the benefits of opening these areas to foreign investment, in 1973 the Mexican government decided to allow foreigners (non-Mexicans) to purchase coastal and border properties by way of a Mexican Bank Trust, known as a "Fideicomiso." Non-Mexicans may directly own rural or urban land in the interior of Mexico subject to certain limitations.
Grayeb noted Cancun and Riviera Maya are recognized as the most popular tourism destinations in Mexico. Riviera Maya is the fastest growing real estate market in all of Latin America. Tourism numbers, rental demand and population grow by the year. Population grew 410% in the last 17 years. The area is quite developed with amusement parks, shopping malls, restaurants, eco-tourist activities and also boasts sunny weather 90% of the year.
It is easy to communicate in Mexico since most Mexicans speak English. There are thriving expatriate communities because of the lower cost of living and favorable foreign ownership laws.
In Riviera Maya alone, vacation rental occupancy is at 65-70% a year, said Grayeb. He then showed a number of finished projects ranging from condominiums, Airbnb's, and hotels that are secure with many amenities for rent or purchase in other places like Playa del Carmen, Tulum, and Merida.
SILVAR member Penelope Huang shared she and her husband were able to purchase property in Mazatlan, where they plan to retire. She noted no matter where you purchase, you need to follow the rules and review the documents very carefully.
"It is easy to buy in Mexico as a foreigner if you follow the rules and get good guidance," said Huang.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
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