The right place
With beautiful beachfront property, ideal weather, current infrastructure, easy access and friendly people, Mexico is more than a great vacation destination – it’s a great place to buy real estate. Just consider these trends:
- Fonatur, Mexico’s National Tourism Development Trust has committed itself to establishing Loreto, Nopolo and Puerto Escondido as one of the premier resort areas in Mexico. To date, Fonatur has invested more than $200 million in roads, water, sewers, electricity and an international airport, with a major expansion of the facility opening in 2009. The area also offers the benefit of having the only community master plan in place in the Baja, assuring that growth will be carefully managed and the sensitive natural environment will be carefully considered.
The right time
Foreign buyers of second homes in Mexico have a wider selection of mortgage products and competitive interest rates than ever before. Pro-American real estate investment policies have led the Mexican administration to make it a federal priority to increase the number of American homeowners in Mexico from 1.5 million today to 77 million within the next two decades. In order to meet this goal, the government has instituted policies that have made real estate transactions more transparent and thereby more secure.
The right terms
Despite the troubles within the American mortgage and financial industries, Mexican mortgage products have continued to become more competitive, offering increased flexibility that makes it even easier than ever to finance and buy a home in Mexico.
- Declining home mortgage interest rates – from 12% in 2005 to a more competitive rate ranging from 7% to 9% during mid-2008.
- Expanded mortgage financing from 70% to 80% of the purchase price — this increased flexibility makes it easier than ever to finance and buy a home in Mexico. (Source: Confi Casa Mortgage International, September 2008.)