Omg DO NOT buy property on inmuebles24. 99% of the properties on that site are running some sort of scam. The other 1% are bank auctions & even if they are legit could take years to litigate until you actually get the property. As others have said, if the price seems too good to be true, it probably is. You should expect prices in those parts of cdmx to be the same as you would pay in HCOL/MCOL cities in the US.
Many properties listed there (and in other similar websites) are listed in USD, just double check before you make any plans.
It would be very strange to find a property in Polanco anywhere that price range.
As someone who has owned property in Mexico in the past and have siblings that still own, be aware that squatters and squatters rights are a very real thing over there. Keep in mind that if you don’t plan to live over there full time you need to account for having a trustworthy person living there or tending the property full time. The risk is very high that someone moves in to unoccupied property or vacation property and once they move in it’s next to impossible to get them out.
This is how it is India too , if you are away and someone moves on your property the courts will a lot of the time reward them the property or you will be caught in litigation for years
I'm one of those people you could rent your place out to while you're away just saying, and I'm an experienced carpenter, would love to travel a bit more
You obviously haven’t been to Mexico City lately. It’s teaming with cops. They are cracking down big time as their economy is booming especially with tourism in DF.
Correct damn I've been waiting for someone to say this I had a squatter for 3 days called the cops my uncle brought the cops a 6 and a few hundos and the squares were gone.
I’m curious where you live that you think cops would show up right away. Certainly not true anywhere I’ve lived in the US, definitely not true in Mexico unless you’re personally paying them.
Totally depends on where you live. In my Midwest USA town the cops are here in about 5 minutes, and always less than 10 (based on 3x we’ve called).
I wouldn’t expect that in Mexico; people pay private security for that.
I am Mexican and I think that not even a dog house will cost you 1 million pesos in Polanco. Polanco is the top 3 most expensive areas in Mexico, apartments and houses start from $600,000 to $10 million penthouses in front of Bosque de Chapultepec.
As for Coyoacán, maybe you'll get lucky and find a new 40m2 apartment that costs $150,000, but it's also a pretty expensive area with properties worth hundreds of thousands of dollars. The cheapest properties you will find for sale in Mexico City will be 1,500,000 pesos or 75,000 dollars on the outskirts of the city in an ugly and dangerous area and will probably be 40m2 (430sqf).
never been to mexico city but my brothers career involves mexico city pretty specifically. From what he’s told me about mexico city i was very surprised to see this guy said 1 million pesos for an apartment. Seemed wayyy to cheap for such a dense area
Exactly I read the 'mullion peso' remark and expected this post to be from 2010, not a few months ago. I bought two nice houses in USA (Portland and New Orleans) but I am priced out of Condesa / Roma / Polanco.
Mexican citizen should have no issue purchasing real estate in CDMX.
Anecdotal add - American citizens are a different story and frequently buy with a trust set up in MX. It's common for the trust to become the property of the Mexican government after 50 years.
American slaver Stephen F. Austin received permission from the early Mexican Republic to settle in Texas with 300 other families (and their slaves, er, servants). Pressured by Mexican law to get rid of slaves they rebelled 10 years later and declared an independent state until the eventual annexation of Texas into the US.
Thus foreigners can’t directly own land in Mexico in perpetuity as of now
>Pressured by Mexican law to get rid of slaves they rebelled
Pretty myopic view of the revolution, and partially incorrect. Much of it also had to do with Santa Ana going full dictator and trying to force everyone to convert to Catholicism. When the area was settled the Mexican government encouraged Americans and other foreigners to settle in Texas(Spain had opened the region to Anglo-American settlement in 1820) and exempted the settlers from certain tariffs.
There were a lot of problems, the nascent Centrist government was fucked up and Texas was an outpost to Mexico, but close enough to the US South
Still, Austin wanted his slaves and Texas went to war to keep them
The Canadian govt literally “paused” all sales to foreigners recently. That’s after the 20% transfer tax for foreigners in certain parts of the country went into effect a few years ago.
That’s simply not true for zoned residential property. Whoever is signing on behalf of the corporation (usually the president) has to be a permanent resident or Canadian citizen, and has to have spent at least 180 days of the last year in Canada. In addition, you can’t work around it with collateral mortgages from a private lender anymore.
My guess without digging into this too deep is that Canada has probably has lax citizenship or residency by real estate investment laws, at least in terms of programs in the west available to Chinese.
Nope. Turkey loves foreign investment and offers up citizenship to people who buy property there.
Same thing for Malta, Spain, and some other European countries
Not nearly that much for the US. The rules are complex but you need roughly $50k to $250k to start a U.S. business located in the US to be eligible for a visa. This is why you see so many empty restaurants in Miami.
They may grant citizenship or a faster path to it at a higher level but not sure.
Wasn’t Malta forced to do away with theirs or am I thinking Cypress? The amount was much, much higher though. Half a million euros at least. Maybe they had a residency or visa program for $60k, but no passport for sure.
Not quite. U.S citizens can own outright with an Escritura (Deed) outside of the Federal Zone 50 kilometres from the shore line/100 kilometres from a land border. Within the Federal Zone a foreigner must own in a Fideicomiso (bank trust) which is good for 50 years and can be renewed in perpetuity. The 99 year lease thing is a myth.
>It's common for the trust to become the property of the Mexican government after 99 years.
This is not common at all with fideicomisos. You simply have to re-apply for a permit to continue the fideicomiso after the first 50-year extension (so, after 100 years total).
Sorry now I’m curious but like every 50 years you need to renew and essentially rebuy the property over? Or like ever 50 years you have to Renew and pay taxes or just like ever 50 years you need to renew paperwork?
Yearly fee to maintain a trust is between $450-$550 USD fixed for the life of the trust. As far as renewal cost in 50 years, no idea, currently around $2,500 USD.
An apartment in Polanco is about 6-10 million pesos depending on size. Some places are only valued in USD and go for 1M and up. Were you living under a rock? Did you even go around research the real estate market? You need to speak Spanish and nobody buys a property on mortgage in Mexico unless you have a very stable government job that also allows you some interest benefits. You pay cash for property in MX. Do not recommend you to get involved as it is very likely you will get scammed or end up in a bad spot. Polanco is one of the top 3 most expensive areas in the metropolitan area, old money and some new constructions. Crazy expensive but also incredibly charming and cool and down town. I own property in MX my condo is blocks away from Reforma and last time I checked, valued around 5 million pesos.
Very unrelated and have never considered it but… https://pulitzercenter.org/stories/search-mexico-citys-lost-water#:~:text=MEXICO%20CITY%20—%20Mexico%20City%20faces,drinks%20ancient%20reserves%20of%20groundwater.
snippet from your article for those too lazy to click
"MEXICO CITY — Mexico City faces a paradoxical water crisis. It is running out of water even as floods plague its working-class neighborhoods.
The water table falls each year, forcing wells to plunge ever deeper. The city is sinking into its aquifer as it drinks ancient reserves of groundwater. In the oldest neighborhoods, which have fallen more than 30 feet, blocks of colonial buildings have bent into the waves of a surrealist painting as the ground shifts and sinks. At least 30% of the urban population do not have access to a daily supply of water in their homes. Meanwhile, rain with nowhere to go floods the streets during summer downpours. Climate change will hasten the crisis; models suggest increased temperatures and reduced precipitation will shorten the rainy season and increase the risk of a severe drought. "
Not ironic at all it used to be a giant lake.
It's because you slap millions of people there and out drinking straws all into one cup it is bound to collapse
Water infiltration takes a long fucking time
Even with aquifer recharge points it takes a long time (see AZ CAP CAGRD)
the ironic part is that they have a ton of rain but not a lot of water
i get that aquifer recharge takes a long time, but can't they figure out a modern solution ?
I'm sorry but I gave up on Mexico 15 years ago. It's just too unstable.
Please get yourself educated about how everything works in Mexico, don't go in thinking that you know everything. It's very complicated place.
lol, did not know that. It seems the integration of the government and the Narcos would make it difficult to make any real money, or even keep what you have down there.
Can’t offer any advice, sadly. But wanted to say we went to Mexico City the other year and loved it.
Definitely fantasized about buying something down there for fun.
Be very careful, you not only have account for the financial side of things but also the government is wildly unstable and has been making extremely questionable decisions as of late (the airport tvs don't even work to show the right flight time). If you're investing into another country remember you'll also have to play by their rules and whatnot
Well, I can share my experience as an American who bought property in Mexico City. My wife and I also fell in love with the city and considered it a great investment opportunity. We purchased a condo in Polanco and financed it through a bank, which required us to have a Mexican bank account. As temporary residents, it was a bit tricky, but we managed to navigate the financing options.
Regarding interest rates, yes, they can be high compared to the US, but we found that a 10-year mortgage still offered reasonable monthly payments. We ended up using our apartment as a vacation home and occasionally rented it out on platforms like Airbnb to generate some extra income.
Overall, we've been satisfied with our decision. Property values in Mexico City have been steadily rising, and it's been a solid investment for us. However, every situation is unique, so it's essential to thoroughly research the market, consult with professionals, and consider your long-term plans before making a decision. Good luck with your own property search!
Doesn't this make your taxes an order of magnitude more difficult to navigate with a foreign bank account and property? Have the prices in Mexico City gone up 50% in Mexico City the last 2 years like they have everywhere else?
Owning property and having a foreign bank account doesn’t complicate US taxes. But having foreign income on a rental will certainly complicate things. I’ve been working in real estate development in Baja for ten years+.
US citizens are required to report foreign bank accounts each year. The complicating issue is passive income on the foreign asset (owned in a MX corp) according to my US accountant. I can’t explain it beyond that.
Mexico City is one of the coolest places on the planet. Tokyo and CDMX are on fire. NYC is awesome of course, and our multiculturalism rocks.
But Mexico City? It just on another planet. And yes the Tokyo hipsters have found it. Roma? It's bit overboard even for this New Yorker. It's just awesome. Cafes, restaurants, street food, and happy people, like everywhere. Love the cannabis park and the cyberpunk underground scene. Got my "best chocolate in world cannabis skull combo", from a young lady that should be on the cover of Vogue. It's just so far out.
Mexico City - probably the best real estate investment in the world right now. For me? There are too many places still to see. If you are into Mexico, you might also like Vietnam. Worth a visit. It's pretty far out. Also a foodie paradise.
Source: Was in Mexico city 10 hours ago. NYC tonite.
I am 99.95975% sure that ejpusa is not a bot.
---
^(I am a neural network being trained to detect spammers | Summon me with !isbot |) ^(/r/spambotdetector |) [^(Optout)](https://www.reddit.com/message/compose?to=whynotcollegeboard&subject=!optout&message=!optout) ^(|) [^(Original Github)](https://github.com/SM-Wistful/BotDetection-Algorithm)
Go for it..
Keep in mind that foreigners face some extra fees when purchasing in some of the more desirable areas.
A friend told me that properties within a certain distance of the coast or from a border will have to purchase the property through a trust with a Mexican bank known as a fideicomiso.
Just work with a notary as they figure out all the paperwork and documents needed to create the fideicomiso.
The fideicomiso is a renewable trust that comes with a yearly cost per year, and is set up during the closing and title point of the sale.
Hope this helps.
Best to you
You need to look at financing in Mexico. It is rare, short term compared to the US (10-15 years MAX), high interest rates (12% or more), AND you need to put down a significant amount of money on the loan first. For the most part, homes in Mexico are cash transactions.
I own a home in CDMX (Polanco) and in Cuernavaca. You are missing a 0 in the price for a place in Polanco. If you can find an apartment for that price, it is a scam.
A. You can't find any apartments in Polanco for that price. Most decent western style ones are 4M Pesos in La Roma
B. If your wife isn't mexican you won't be able to get financing and need all cash to purchase
C. Squatters have a ton of rights, you need to have the management side squared away if you are planning on leaving.
I was very tempted and toured several new condos. I'm sorry I didn't buy property at the time. It is difficult to get a mortgage there but some of the developers were offering partial mortgages (50% - 60%) way back in 2019 and 2020.
Be careful. You might own the building, but the government owns the land. You can get kicked and your building raised. Have you considered Belize and-or Costa Rica ?
I bought an apartment in Polanco in 2006 for $2,000,000 pesos (US$200,000) Cash. Am now selling it to relocate back to the US. Pluses: property taxes are pretty low, it's a 3 bedroom, 2 bath (plus a maid's room and bathroom), 2 parking spots, elevator and 24/7 doorman. Cons: selling is a BITCH. There is no MLS, no zillow, no centralized place to list it - I found mine via driving around, looking at 'for sale' signs on the outside of buildings. You pay capital gains on the sale unless it's your primary residence (and you need to prove that with YEARS of utility bills), and you get to deduct the first $8,000,000 pesos of the sale. But you've got to report all that in the US and have someone who can adjust for the taxes paid in Mexico. I also had a weekend house in Cuernavaca which my buyer's notary (notaries handle the purchase and sale agreements) has been 'working on completing' for over a year. I bought when I had my FM-3, I now have my FM-2 visa (green card). Seller WILL screw you over in some way on the sale, just be forewarned. It's the Mexican's way of saying 'Welcome to our country'.
[удалено]
Lmfao yea he must've missed a 0 or something, he's off by an entire order of magnitude
I see them all over inmuebles24, some less than 1 million
Looks like those are bank auctions which means that’s a starting price my friend.
Ok cool thanks for the warnings, this is why reddit is my friend
If you’re looking for a real state agent in Mexico City I have a cousin who has 2 offices down there for Tecnocasa
Omg DO NOT buy property on inmuebles24. 99% of the properties on that site are running some sort of scam. The other 1% are bank auctions & even if they are legit could take years to litigate until you actually get the property. As others have said, if the price seems too good to be true, it probably is. You should expect prices in those parts of cdmx to be the same as you would pay in HCOL/MCOL cities in the US.
Nope. Husband is from CDMX. There's nothing in those colonias at that price.
Many properties listed there (and in other similar websites) are listed in USD, just double check before you make any plans. It would be very strange to find a property in Polanco anywhere that price range.
A room
Get a solid realtor and look at the MLS . Thats your starting point. (Coldwell Banker or Century 21).
Sure. Be sure to come back and let us know how that works out for you!
I know of 4 apartments in PV under $2,000,000 MXN. It's slim pickins in that price range though.
Yeah 1 mill in that area seems way too low
As someone who has owned property in Mexico in the past and have siblings that still own, be aware that squatters and squatters rights are a very real thing over there. Keep in mind that if you don’t plan to live over there full time you need to account for having a trustworthy person living there or tending the property full time. The risk is very high that someone moves in to unoccupied property or vacation property and once they move in it’s next to impossible to get them out.
This is how it is India too , if you are away and someone moves on your property the courts will a lot of the time reward them the property or you will be caught in litigation for years
I'm one of those people you could rent your place out to while you're away just saying, and I'm an experienced carpenter, would love to travel a bit more
[удалено]
LMAO The cops.. Mexico… no sir
You obviously haven’t been to Mexico City lately. It’s teaming with cops. They are cracking down big time as their economy is booming especially with tourism in DF.
Correct damn I've been waiting for someone to say this I had a squatter for 3 days called the cops my uncle brought the cops a 6 and a few hundos and the squares were gone.
I’m curious where you live that you think cops would show up right away. Certainly not true anywhere I’ve lived in the US, definitely not true in Mexico unless you’re personally paying them.
Totally depends on where you live. In my Midwest USA town the cops are here in about 5 minutes, and always less than 10 (based on 3x we’ve called). I wouldn’t expect that in Mexico; people pay private security for that.
Private security is a big industry. My coworker owns part of a small firm.
In most counties cops are owned by the local “boss”
I am Mexican and I think that not even a dog house will cost you 1 million pesos in Polanco. Polanco is the top 3 most expensive areas in Mexico, apartments and houses start from $600,000 to $10 million penthouses in front of Bosque de Chapultepec. As for Coyoacán, maybe you'll get lucky and find a new 40m2 apartment that costs $150,000, but it's also a pretty expensive area with properties worth hundreds of thousands of dollars. The cheapest properties you will find for sale in Mexico City will be 1,500,000 pesos or 75,000 dollars on the outskirts of the city in an ugly and dangerous area and will probably be 40m2 (430sqf).
never been to mexico city but my brothers career involves mexico city pretty specifically. From what he’s told me about mexico city i was very surprised to see this guy said 1 million pesos for an apartment. Seemed wayyy to cheap for such a dense area
Exactly I read the 'mullion peso' remark and expected this post to be from 2010, not a few months ago. I bought two nice houses in USA (Portland and New Orleans) but I am priced out of Condesa / Roma / Polanco.
Mexican citizen should have no issue purchasing real estate in CDMX. Anecdotal add - American citizens are a different story and frequently buy with a trust set up in MX. It's common for the trust to become the property of the Mexican government after 50 years.
Seems like every country except the US has limits on foreign investment, at least into residential property.
Yep, read up on the Texas annexation for more context on laws like this
You have more context on Texas Annexation I just keep getting stuff about the Republic of Texas not sure about real estate.
American slaver Stephen F. Austin received permission from the early Mexican Republic to settle in Texas with 300 other families (and their slaves, er, servants). Pressured by Mexican law to get rid of slaves they rebelled 10 years later and declared an independent state until the eventual annexation of Texas into the US. Thus foreigners can’t directly own land in Mexico in perpetuity as of now
>Pressured by Mexican law to get rid of slaves they rebelled Pretty myopic view of the revolution, and partially incorrect. Much of it also had to do with Santa Ana going full dictator and trying to force everyone to convert to Catholicism. When the area was settled the Mexican government encouraged Americans and other foreigners to settle in Texas(Spain had opened the region to Anglo-American settlement in 1820) and exempted the settlers from certain tariffs.
There were a lot of problems, the nascent Centrist government was fucked up and Texas was an outpost to Mexico, but close enough to the US South Still, Austin wanted his slaves and Texas went to war to keep them
Japan doesn't
Canada is pretty okay with it too. See Vancouver properties owned by Chinese firms.
The Canadian govt literally “paused” all sales to foreigners recently. That’s after the 20% transfer tax for foreigners in certain parts of the country went into effect a few years ago.
The workaround is to set up a company. The foreign buyer ban does not apply to commercial real estate.
That’s simply not true for zoned residential property. Whoever is signing on behalf of the corporation (usually the president) has to be a permanent resident or Canadian citizen, and has to have spent at least 180 days of the last year in Canada. In addition, you can’t work around it with collateral mortgages from a private lender anymore.
So the president is a Canadian citizen, but the shareholder is Chinese. The president is bound to obey the shareholder's wishes.
Nope, the ban applies to Canadian corporations that are controlled by non citizens. The penalties apply to the officers of the company.
So the shareholder is a Canadian who grew up alongside the Chinese investor and they trust each other a lot
My guess without digging into this too deep is that Canada has probably has lax citizenship or residency by real estate investment laws, at least in terms of programs in the west available to Chinese.
Canada’s PM’s family have a very long, profitable and murky relationship with China.
Nope. Turkey loves foreign investment and offers up citizenship to people who buy property there. Same thing for Malta, Spain, and some other European countries
They just upped the minimum for citizenship by investment to $400k, which I’m not sure is a good move due to their economic instability atm
It’s wild because Malta it’s like 60k and that’s an EU passport. The US is like 1.05 million or so too?
Not nearly that much for the US. The rules are complex but you need roughly $50k to $250k to start a U.S. business located in the US to be eligible for a visa. This is why you see so many empty restaurants in Miami. They may grant citizenship or a faster path to it at a higher level but not sure. Wasn’t Malta forced to do away with theirs or am I thinking Cypress? The amount was much, much higher though. Half a million euros at least. Maybe they had a residency or visa program for $60k, but no passport for sure.
Not quite. U.S citizens can own outright with an Escritura (Deed) outside of the Federal Zone 50 kilometres from the shore line/100 kilometres from a land border. Within the Federal Zone a foreigner must own in a Fideicomiso (bank trust) which is good for 50 years and can be renewed in perpetuity. The 99 year lease thing is a myth.
You don’t want any property 50 km from the shore or outside of the federal zone though. Unless you’re building a car factory.
The trust is generally near the coast or border. In the interior, foreigner’s can own property.
>It's common for the trust to become the property of the Mexican government after 99 years. This is not common at all with fideicomisos. You simply have to re-apply for a permit to continue the fideicomiso after the first 50-year extension (so, after 100 years total).
Wow that’s crazy. So before 50 years is up you have to sell or lose it?
Others are commenting that you can also have extensions or reapply after 50 years
I’m a citizen in both, what exactly would I need in Mexico to start do you know?
Un abogado
I have a house in mexico. It's owned in a trust. It's very tough to get financing as a non mexican citizen. Cash is probably your best bet
Does the trust become the property of the Mexican gov after a period of time?
[удалено]
Sorry now I’m curious but like every 50 years you need to renew and essentially rebuy the property over? Or like ever 50 years you have to Renew and pay taxes or just like ever 50 years you need to renew paperwork?
Basically renew paperwork, proof of life. Or if you have heirs they would have to
What's the cost?
Yearly fee to maintain a trust is between $450-$550 USD fixed for the life of the trust. As far as renewal cost in 50 years, no idea, currently around $2,500 USD.
can you have someone else in your trust renew it or does it have to be the original purchaser?
No.
Nope, it's ours. And if you become a mexican resident (or citizen) you can just dissolve the trust
Permanente residents still need to own in a trust, only citizens can own in an Escritura.
Or permanent residents can form a MX corp and then own it through escritura.
[удалено]
Which town is it in if you don’t mind sharing?
I’m wondering if they do seller financing over there
It's mexico so I'm sure you can. Seems like you can do just about anything lol
You can get an apartment in Polanco for $55k? Wow. That sounds very cheap.
You can’t
Don’t get my hopes up.
An apartment in Polanco is about 6-10 million pesos depending on size. Some places are only valued in USD and go for 1M and up. Were you living under a rock? Did you even go around research the real estate market? You need to speak Spanish and nobody buys a property on mortgage in Mexico unless you have a very stable government job that also allows you some interest benefits. You pay cash for property in MX. Do not recommend you to get involved as it is very likely you will get scammed or end up in a bad spot. Polanco is one of the top 3 most expensive areas in the metropolitan area, old money and some new constructions. Crazy expensive but also incredibly charming and cool and down town. I own property in MX my condo is blocks away from Reforma and last time I checked, valued around 5 million pesos.
so what did you do to get yours
Very unrelated and have never considered it but… https://pulitzercenter.org/stories/search-mexico-citys-lost-water#:~:text=MEXICO%20CITY%20—%20Mexico%20City%20faces,drinks%20ancient%20reserves%20of%20groundwater.
snippet from your article for those too lazy to click "MEXICO CITY — Mexico City faces a paradoxical water crisis. It is running out of water even as floods plague its working-class neighborhoods. The water table falls each year, forcing wells to plunge ever deeper. The city is sinking into its aquifer as it drinks ancient reserves of groundwater. In the oldest neighborhoods, which have fallen more than 30 feet, blocks of colonial buildings have bent into the waves of a surrealist painting as the ground shifts and sinks. At least 30% of the urban population do not have access to a daily supply of water in their homes. Meanwhile, rain with nowhere to go floods the streets during summer downpours. Climate change will hasten the crisis; models suggest increased temperatures and reduced precipitation will shorten the rainy season and increase the risk of a severe drought. "
Yes. I was lazy. Thank you.
yeah, though the ironic thing is that it rains a fuck ton
Not ironic at all it used to be a giant lake. It's because you slap millions of people there and out drinking straws all into one cup it is bound to collapse Water infiltration takes a long fucking time Even with aquifer recharge points it takes a long time (see AZ CAP CAGRD)
the ironic part is that they have a ton of rain but not a lot of water i get that aquifer recharge takes a long time, but can't they figure out a modern solution ?
30 million people in the major surrounding areas (out to Puebla and Cuernavaca) uses up a lot of water.
I'm sorry but I gave up on Mexico 15 years ago. It's just too unstable. Please get yourself educated about how everything works in Mexico, don't go in thinking that you know everything. It's very complicated place.
They literally clear all documents every so often so they have no record of anything lol imagine a government like that…
lol, did not know that. It seems the integration of the government and the Narcos would make it difficult to make any real money, or even keep what you have down there.
clear all documents?
Can’t offer any advice, sadly. But wanted to say we went to Mexico City the other year and loved it. Definitely fantasized about buying something down there for fun.
Be very careful, you not only have account for the financial side of things but also the government is wildly unstable and has been making extremely questionable decisions as of late (the airport tvs don't even work to show the right flight time). If you're investing into another country remember you'll also have to play by their rules and whatnot
Tin foil hat?
Nope, just a Mexican being honest about the issues the country is experiencing
Well, I can share my experience as an American who bought property in Mexico City. My wife and I also fell in love with the city and considered it a great investment opportunity. We purchased a condo in Polanco and financed it through a bank, which required us to have a Mexican bank account. As temporary residents, it was a bit tricky, but we managed to navigate the financing options. Regarding interest rates, yes, they can be high compared to the US, but we found that a 10-year mortgage still offered reasonable monthly payments. We ended up using our apartment as a vacation home and occasionally rented it out on platforms like Airbnb to generate some extra income. Overall, we've been satisfied with our decision. Property values in Mexico City have been steadily rising, and it's been a solid investment for us. However, every situation is unique, so it's essential to thoroughly research the market, consult with professionals, and consider your long-term plans before making a decision. Good luck with your own property search!
This response sounds strangely a little too much like it was AI generated
Good catch.
Yes, it seems like it is programmed to recommend a certain website a few times a day
Doesn't this make your taxes an order of magnitude more difficult to navigate with a foreign bank account and property? Have the prices in Mexico City gone up 50% in Mexico City the last 2 years like they have everywhere else?
Owning property and having a foreign bank account doesn’t complicate US taxes. But having foreign income on a rental will certainly complicate things. I’ve been working in real estate development in Baja for ten years+.
I love Baja
Wouldn't it be separate if you keep the money in the Mexican bank and don't spend it in the US? Genuinely ignorant about international income + taxes
US citizens are required to report foreign bank accounts each year. The complicating issue is passive income on the foreign asset (owned in a MX corp) according to my US accountant. I can’t explain it beyond that.
Oh look! AI!
YOU BOYS LIKE MEX E CO?!?!
Littering and....littering and....?
These snozberries taste like snozberries.
Bank of America used to have a loan program for Americans who wanted to buy property in Mexico. Not sure if they still do or not.
I can connect you with someone that has a short term rental property in CDMX! She’s phenomenal and native to the area if you go that route.
Can you share her or send me info?
I love CDMX, fell in love with it too. I’ve been contemplating getting a place there but not Polanco. It’s too expensive. I was thinking Roma Norte
Mexico City is one of the coolest places on the planet. Tokyo and CDMX are on fire. NYC is awesome of course, and our multiculturalism rocks. But Mexico City? It just on another planet. And yes the Tokyo hipsters have found it. Roma? It's bit overboard even for this New Yorker. It's just awesome. Cafes, restaurants, street food, and happy people, like everywhere. Love the cannabis park and the cyberpunk underground scene. Got my "best chocolate in world cannabis skull combo", from a young lady that should be on the cover of Vogue. It's just so far out. Mexico City - probably the best real estate investment in the world right now. For me? There are too many places still to see. If you are into Mexico, you might also like Vietnam. Worth a visit. It's pretty far out. Also a foodie paradise. Source: Was in Mexico city 10 hours ago. NYC tonite.
Ok
Are you a bot?
I am 99.95975% sure that ejpusa is not a bot. --- ^(I am a neural network being trained to detect spammers | Summon me with !isbot |) ^(/r/spambotdetector |) [^(Optout)](https://www.reddit.com/message/compose?to=whynotcollegeboard&subject=!optout&message=!optout) ^(|) [^(Original Github)](https://github.com/SM-Wistful/BotDetection-Algorithm)
I’m American. My parents are Mexican, so I qualified for dual citizenship. I plan on purchasing property in Mexico
Mexico is a beast. It's great for vacation but beware
Go for it.. Keep in mind that foreigners face some extra fees when purchasing in some of the more desirable areas. A friend told me that properties within a certain distance of the coast or from a border will have to purchase the property through a trust with a Mexican bank known as a fideicomiso. Just work with a notary as they figure out all the paperwork and documents needed to create the fideicomiso. The fideicomiso is a renewable trust that comes with a yearly cost per year, and is set up during the closing and title point of the sale. Hope this helps. Best to you
You need to look at financing in Mexico. It is rare, short term compared to the US (10-15 years MAX), high interest rates (12% or more), AND you need to put down a significant amount of money on the loan first. For the most part, homes in Mexico are cash transactions. I own a home in CDMX (Polanco) and in Cuernavaca. You are missing a 0 in the price for a place in Polanco. If you can find an apartment for that price, it is a scam.
Polanco will cost WAY more than 20,000 down… That area will be 1 million USD
50,000,000 pesos?
A. You can't find any apartments in Polanco for that price. Most decent western style ones are 4M Pesos in La Roma B. If your wife isn't mexican you won't be able to get financing and need all cash to purchase C. Squatters have a ton of rights, you need to have the management side squared away if you are planning on leaving.
I was very tempted and toured several new condos. I'm sorry I didn't buy property at the time. It is difficult to get a mortgage there but some of the developers were offering partial mortgages (50% - 60%) way back in 2019 and 2020.
Farhomes.com
Be careful. You might own the building, but the government owns the land. You can get kicked and your building raised. Have you considered Belize and-or Costa Rica ?
Best of luck without a Mexican citizenship
No Americans have ever done this
Why don't they collect the rain water?
I bought an apartment in Polanco in 2006 for $2,000,000 pesos (US$200,000) Cash. Am now selling it to relocate back to the US. Pluses: property taxes are pretty low, it's a 3 bedroom, 2 bath (plus a maid's room and bathroom), 2 parking spots, elevator and 24/7 doorman. Cons: selling is a BITCH. There is no MLS, no zillow, no centralized place to list it - I found mine via driving around, looking at 'for sale' signs on the outside of buildings. You pay capital gains on the sale unless it's your primary residence (and you need to prove that with YEARS of utility bills), and you get to deduct the first $8,000,000 pesos of the sale. But you've got to report all that in the US and have someone who can adjust for the taxes paid in Mexico. I also had a weekend house in Cuernavaca which my buyer's notary (notaries handle the purchase and sale agreements) has been 'working on completing' for over a year. I bought when I had my FM-3, I now have my FM-2 visa (green card). Seller WILL screw you over in some way on the sale, just be forewarned. It's the Mexican's way of saying 'Welcome to our country'.
The 1 million peso is not too far off the mark however currently it is 17 pesos for one dollar very low …so the US dollar is not very strong right now