Overseas Buyers Increase Interest in Mexican Property Ahead of Rule Change Property Wire
go to original August 28, 2013

30 Reasons to check out Sayulita, Mexico (realmediatravel)

Searches for luxury coastal property in Mexico by overseas buyers have increased by 27% since it was revealed that a 100 year restriction on foreigners buying by the sea is to be revised.

In particular real estate investors from the UK have increased their number of enquiries while Americans are also interested in buying over the border.

Mexico’s lower house of congress voted in April to loosen restrictions on foreigners buying property in the area, and since then international online firm LuxuryEstate has seen a huge increase in sales inquiries.

Currently the law prohibits foreign ownership of land within 50 kilometres of the coast or 100 kilometres of an international border. The limits were written into Mexico's 1917 constitution after the US annexation of Texas in 1845, following American settlement of the region.

... Changes are likely to make it much easier for foreign buyers and real estate agents expect the number of inquiries to rise again once the changes have been ratified.

Read the rest at Property Wire

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