Housing Prices in Mexico
Houses have different prices across the country. Prices vary depending on a wide range of factors: infrastructure around it, location, proximity to the city’s downtown, schools, etc.
|
City
|
Price in MXN
|
Price in USD (as reference)
|
|
Mexico City
|
4,500,000
|
205,000
|
|
Guadalajara
|
1,300,000
|
60,000
|
|
Monterrey
|
5,400,000
|
245,000
|
In addition to the house itself, you will need to pay the following fees and taxes.
- Agency fees: amount negotiable with the agency.
- Notary and lawyer’s fees: Usually taxed (16% VAT).
- Acquisition fees: Between 0.2% and 4.5%
- Registration fee: Between 0.02% and 1.8%
- Title insurance: Around 0.5%
Types of Property
You can find different types of properties in Mexico depending on the location (large cities, near the beach, in the countryside, etc.).
Process & Steps to buy a house in Mexico
Mexican law is flexible concerning the selling of properties to foreigners, but there are some geographical limitations. Before buying any property, please consider the following restrictions:
1. Ejido:
All the communal land is called ejido, which means that it could only be used for agricultural purposes and it must be worked by locals. Make sure the property you intend to buy is not classified as ejido.
2. Borders and Coastlines
Foreigners are allowed to buy properties anywhere in the country unless they are within 62 miles (100 km) from the border or within 31 miles (50 km) from the coastline.
Steps you should follow in order to buy a house
- Get a mortgage.
- Consider getting a real estate agency or property advisor.
- Make an offer.
- If your offer is accepted, get a Promissory Agreement together with the payment of a deposit.
- Notary Public writes and sign a Purchase/Sales Agreement or contract and arranges the title transfer.
- Pay the corresponding taxes.
- Receive your new property.
Considerations to buy a house
When you buy a property in Mexico, make sure you hire a lawyer. Carry out this process through a real estate agency when you sign the contract.
Buying a house in Mexico and Citizenship
As a foreigner, you do not need any particular visa to buy property. If you buy property, you are automatically entitled to apply for a Temporary Resident Visa.