Boom In Mexico Real Estate For Baby Boomers and Retirees
MexicoRetirement.net, a leading website for persons looking to retire or relocate to Mexico, has created an online directory of Mexico realtors and real estate developments aimed at assisting baby boomers and retirees with relocating to Mexico.
“We are building the world’s largest directory of realtors and real estate developments in Mexico,” states Greg Banig, MexicoRetirement.net founder. “There’s a lot of misinformation on the web and our goal is to provide a centralized source of accurate and timely information for people looking to move to Mexico.”
According to the US State Department more than 500,000 Americans currently live throughout Mexico. Ironically, since many Americans may be in Mexico illegally this number is often thought to be a low estimation. And, as the Baby Boomer generation hang up their timecards for retirement a wave of migration has begun into Mexico.
The move of retirees into Mexico is a lifestyle decision. Trading in cold, Midwestern winters is a difficult task in the United States where oceanfront real estate is limited and often comes at a price tag in the millions of dollars.
Not the case in Mexico where retirees are discovering “bargains” in oceanfront living. Ocean view and oceanfront homes in Rosarito, Baja California - a community 20 minutes south of San Diego, California - come at a median price of $350,000.
Benefits of life south of the border are not just limited to lower real estate prices. Property taxes in most Mexican municipalities are a fraction of those in the United States. Low cost prescription medication is also a strong influencer on retirees.
The Mexican government, recognizing the foreign capital, has made recent changes to laws making it easier for non-Mexican citizens to own real estate. In 1997 changes in real estate laws created the ability for increased ownership by foreigners through bank trusts known as Fideicomiso. A "fideicomiso" is a trust agreement created for the benefit of a foreign buyer, executed between a Mexican bank and the seller of property in the restricted zone.
Also, in the past 5 years major international corporations have become prominent players in the Mexico real estate market including: First American Title; GE Capital; Coldwell Banker; and Realty Executives.
However, many retirees looking to move to Mexico have found that researching towns, real estate and realtors is a time consuming and daunting task.
“There are dozens and dozens of sites on Mexico real estate,” Banig states. “But most focus on one town or only discuss one real estate firm. We want to build a site that is a one-stop shop for all things related to moving to Mexico.”
The Mexico real estate directory covers the entire country of Mexico with an emphasis on cities and regions with high levels of foreign residents. The directory features information on realtors, real estate developers, real estate developments, fractional homes, and home financing.
More information is available at http://www.mexicoretirement.net.
By
M.B. Date
20-11-2006
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