Do you think this is a good time to invest in a condo on the beach Quinta Roo, Mexico?
- big bubbaLv 51 decade agoFavorite Answer
Mexico is not going into a Realstate crisis not yet and I dón´t think is getting to that point in the short term.
Fact.- In Mexico during the 80´s and 90´s there were no loans for adquiring a home, the country and the banks did not had the liquidity for lending money they were too busy trying to get out of the long economic crisis that affected the country on those years...So now that there is loans, there still a lot of people with need for a loan for property so contruction is booming....
Fact 2.- Mexico still on "babyboomer" generation. Mexico in the early 80´s grew at a pase of 4% a year, before declining to 2% by the end of that decade, so there still lot of room for those who are getting a home for the first time.
Fact 3.- the prices of realstate in Mexico do not move in the same way than in the USA, When ever there was an economic crisis in mexico, most of the time people with properties gain, since they keep their value in Dollars and raise sky high in pesos due to devaluation of currency.
Now try get a fix rate and be sure to have a legal advise, you need to go to a Notario in order to place it under your name, after that you need to be sure is register under your name in the Municipality records called "Catastro"
Be sure that the property that your about to adquire is in a legaly Urbanize area. In Mexico there is a thing called "Ejido"
in rural areas, that means that the land can´t be owned by 1 single person, is part of the "Ejidatarios" and if they want they can take away your property!!!
- 1 decade ago
money in the bank