The Personal Journal section of yesterdays The Wall Street Journal had an article titled Americans Fuel Yucatan Land Grab. On March 19 the New York Times had a similar article titled Making it Easier to Buy in Mexico. From The Wall Street Journal report:
Mexico, already thought to be home to as many as one million American citizens, or roughly a quarter of all U.S. Expatriates, is set to get the lion’s share of new arrivals.
Mexico’s prime beach front real estate in places such as the Yucatan peninsula and Baja California Sur are seeing a lot of construction fueled by American investors. Americans should note that they can’t technically own the land within 30 miles from the Pacific Ocean or the Gulf of Mexico, although there are ways around this. From the New York Times article:
But authorities are bound by Article 27 of the Mexican constitution, which prohibits foreigners from owning property within 50 kilometers (about 31 miles) of the coast.
This law written into the Mexican constitution is probably in place because we all know what happened when Mexican authorities allowed Stephen Austin and his American colonists to settle in the Mexican territory then known as Tejas. One war and a occupation later Mexico’s territory is reduced to less than half.
But leaving history in the past this is a great opportunity for many of us. Mexico is just a few hours flight for most. It takes less for many American living in California, Nevada, Arizona, and Texas to fly into Mexico than it would to fly into Washington, D.C. or New York. Again from the New York Times:
Condos are available for as little as $100,000, and some have stunning views of the Sea of Cortez. But in winter, the air temperature can drop below 40 degrees.
[tags]real estate, immigration, mexico[/tags]