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The outlook for real estate in Mexico for 2016 is one of the strongest forecasts in recent years, says author Jorge Chávez from www.mexlend.com. With Mexico boasting the most stable economy in Latin America with GDP growth projected at 3.7% per year from 2016 to 2019.

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BMI Research,  a firm that provides macroeconomic, industry and financial market analysis covering 24 industries and 200 global markets, just released their Mexico 2016 report. Included in it were the following core points:

  • We remain optimistic toward Mexico’s long-term growth outlook on the back of a booming manufacturing sector, an increasingly strong private consumer and favorable demographics.
  • The passage of energy sector reform will bolster sentiment towards Mexican assets and contribute to stronger real GDP growth in the coming years.

BMI Research stated, “In the medium term, Mexico’s commercial real estate sector is expected to benefit from a strengthening economy. The growing service sector will drive demand in the office and retail markets, pushing rental rates up, while a robust manufacturing and logistics sector will support growth in warehousing real estate.”

With a strong economy comes a strong real estate market, making it the perfect time for foreign investors who want to enter the Mexico real estate market for commercial real estate or vacation homes in Mexico.  The American dollar continues trading very strongly against the Mexican peso, and  will buy more today than it did before. Take a look at this comparison chart showing the cost of retiring and living in Mexico toget an idea of what to expect

Mexico has an excellent infrastructure and you wil find the same services that you would expect back home. Along with the previously mentioned savings you’ll also find a dramatic price reduction on quality healthcare services and insurance.  Mexico is close to the United States and has many international airports that offer direct flights to the U.S. With Cancun  approximately 4 hours away from cities like New York it´s an ideal time to visit the Riviera Maya to see what is available.

Now is the time to take advantage of these changes in the US dollar if you are thinking about retiring to Mexico. With today’s high exchange rate,saving on day-to-day living expenses for grocery shopping, restaurants, nightlife, furniture and items for your new home will show you just how far your dollar can really go.

Now if you have any questions about how retire in Mexico or any of the Top Mexico Real Estate properties we have listed anywhere throughout Mexico, please feel free to contact any of our Top Mexico Buyers’ Representatives and we will be glad to help you find your very own piece of paradise.

And remember, here at Top Mexico Real Estate

We make it happen!

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This is your last chance to register for our FREE Mexico Real Estate seminar that will take place on February 19 at the Hampton Inn & Suites in Stamford Connecticut.

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In less than two weeks you could be joining our Mexico real estate expert panelists at the: “Learn How to Buy Mexico Real Estate” for a free fun and educational seminar. More Americans relocating and investing in Mexico, and the numbers are rising from 1 million to 10 million over the next 10 years.

This is a great way to educate yourself about real estate opportunities in this exotic, tropical paradise. Let real estate experts from Mexico give in-depth information about the Mexico real estate market and purchasing process, right in your hometown. Among those who will be speaking are:

Thomas Lloyd, President and CEO of Top Mexico Real Estate.

Mr. Lloyd will compare the cost of living in Mexico to other popular retirement destinations in the U.S.. with a detailed look at day-to-day expenses, property taxes, and many others items in Mexico. He has been working professionally in Mexico since 1995, and was the first person to ever attain the new nationally regulated Real Estate degree and professional identification number for the Country of Mexico. In 2009 he was voted Realtor of the year.

Lic. José Manuel Romero Guevara Araiza Sales Director – FONATUR

Mr. Romero has been an exhibitor and guest speaker at the World Travel Market in London and the International Fair of  Tourism in Madrid. He runs training courses for real estate professionals and specializes in Commercial and Industrial Real Estate  He has 12 years of teaching experience in the field of economic integration law, economic theory and law, and microeconomics. Mr. Romero currently serves as the assistant director of Federal real estate sales for FONATUR-Ministry of Tourism.

Ivan Castillo Regional Manager – Stewart Title Latin America

Mr Castillo will discuss how a foreigner can own real estate in Mexico, and will walk you through the Mexico buying process and compare ownership through Bank Trusts and Mexico Corporations. Ivan Castillo is a Mexico Real Estate Attorney  and Regional Manager for Stewart Title – Latin America Division in Mexico, the leading experts in closing services, title insurance and escrow services.

Don’t miss the opportunity to enjoy a Mexican inspired dinner while having all your Mexico real estate questions answered. Limited spaces are available so sign up today! One lucky attendee will win a Live It, Compare It & Buy It Tour, the ultimate 7 day real estate vacation in the Riviera Maya.

Join us at the…

Hampton Inn & Suites Stamford
26 Mill River Street, Stamford, Connecticut, 06902, USA
RSVP – cometomexico@liveittour.info

And remember, at Top Mexico Real Estate…

we make it happen!

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Centro Maya

One of the great things about owning property in Playacar Phase and Valle Bambu is their close proximity to the highway and to a large commercial shopping centre called Centro Maya. Serving two neighborhoods on either side of the highway means that it becomes a gathering point for communities, facilitated by a place where families can gather and enjoy food, entertainment and shopping all under one roof. Below we take a look at what this mall has to offer.

Food Court

Centro Maya´s food court is like you would expect in malls in Canada or the U.S., although a bit different in terms of the food of course. You´ll find quick service of tacos and Mexican dishes, a Subway and a Chinese takeout. If that doesn´t suit your taste you can choose for a proper meal in Taco City or Hot, where the prices are a bit higher. And finally if McDonalds´ is more to your taste you´ll be happy to know there is one right by the entrance.

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Services and conveniences 

Right at the back of the food court is the Cinemex movie theatre featuring all the latest big movies to hit theatres in North America. It´s one of 2 big movie theatres in Playa, and it plays host to the Riviera Maya Film Festival in late April.

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Soriana is one of Mexico´s major super market chains and in Centro Maya you´ll find everything you need to fill up your fridge and kitchen cabinets, along with kitchen supplies like dishes and cooking utensils, clothing, toys and electronics. If you prefer to diversify your shopping you´ll find several furniture and appliance stores, clothing shops, shoes and jewelry, and more. If you can think of something you might need chances are this mall will have it.

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And what mall would it be if it did not feature a high end coffee shop to re-energize oneself? Starbucks is located right on the highway and features everything you would expect from any other of their franchises, including air conditioning, WIFI and a patio area where you can sit and enjoy your beverages and internet surfing.

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Transportation Hub

Since Centro Maya sits just off the  highway there is quick and easy access to a number of places, which is why it is a place to find transport to a number of destinations.  Buses and collectivos come in and out with regularity to take you downtown or any number of areas in Playa. Just outside the Starbucks entrance you can catch a minivan bound for Tulum which will drop you off at an any number of spots along the way there. Centro Maya is also a hub for taxis which gather there to pick up mall customers, so it´s a location that will provide you with a means to get around to almost anyplace.

The Beach

Once you´ve grabbed a bite to eat and purchased some new swimwear you might want to head to the beach, which is only a 15 minutes drive, either by the aforementioned taxi or by jumping on a bus for only 5 pesos, which will take you in to downtown and drop you off a few blocks from the beach.

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If you´re thinking about investing in property in the exclusive gated community of Playacar or the more modestly price homes of Valle Bambu you´ll find Centro Maya to be an important part of your …..When choosing a home it´s important to be close to the services and amenities that a mall like this provides, and the convenience of it´s location will make your shopping and leisure time easier to manage.

If you want to know more about these 2 great neighborhoods contact one of our representatibe at Top Mexico Real Estate.

And remember, at Top Mexico….

We make it happen!

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Live It Tour Testimonial: Heinz & Vicky

Top Mexico has helped 2 new people realize their dream of living in the Riviera Maya: Vicky and Heinz from Minnesota.  We sat down with them for an interview to ask them about the process of buying in Mexico and their experience of working with us.

Vicky: We finally decided we´d had enough of the winters. We love Mexico and have been travelling here for 10-12 years We love the culture, we love the people. Heinz did a lot of research in to realty places.

Heinz: I found Top Mexico on the internet and it appealed to me right away. I contacted Top Mexico and felt really good about it. I´m glad that we did because the service was excellent. They put us together with the builder at Atsi. Everything worked out really well. They were very forthcoming in every way. And here we are. We´ve moved in.

V: Last December Heinz and I came down and we contacted them right away and said we´re looking for some property to buy and we got in touch with William. And he was so patient with us. We said ¨This is kind of what we´re looking.¨He spent a lot of time going through all the different things within the parameters of what we were looking for and we spent a couple of days of looking at different places. Heinz had seen Atsi on the internet. William brought us around to all the different places and then once we saw Atsi nothing compared and William said ¨OK, let´s start working on it. And he stepped us through all the process. He made it really easy. Top Mexico put us in touch with MexLaw and we´ve been working with them through the contract and they´ve been fabulous.¨

¨So now we´re getting to the close and getting ready to come down here. We´ve made our payments and all of a sudden we get an email from Anita. She says ¨Hi, I´m Anita. I´m going to be your closer.¨ And  now she takes over, and she always answered my emails immediately, any questions we had, any concerns. She´s been working with us now for the last 3 months. Both William and Anita have made this so easy for us because they´ve taken care of all the concerns and problems. Anita was our person here keeping track of the condo, coming to look, giving us progress reports so we would know what´s going on. And it´s been flawless.¨

The Live It, Compare It & Buy It Tour has been designed for you to experience the neighborhoods, places and properties in the Riviera Maya so you can make the best choice. When you’re buying in a foreign country the most important thing is to learn as much as you can about the market so that you can buy with confidence and a feeling of safety. The tour includes luxury accommodation private transportation to and from the Cancun International Airport,

If you want to get an exact quote visit Top Mexico Real Estate’s website and fill out the Live It Tour contact form letting them know your questions.

And remember, at Top Mexico….

we make it happen!

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What are Closing Costs? Part 2

During the closing of the real estate transaction you as a buyer have the obligation of paying closing costs. The closing costs are divided in multiple parts. In Part 1 I spoke to Ivan Castillo at Stewart Title Latin America´s Playa del Carmen office so he could explain what they are. We continue with Part 2 and look at the different costs for the buyer and seller.

Ivan Castillo: Most of the fees that I´ve mentioned are fixed and other ones are variable. So the higher the purchase price is the lower the percentage will be- and vice versa- because there are fixed fees and variable fees. So there is usually wrong information on the internet or certain websites that indicate that the closing costs are from 5-6%. That would be right on a certain range of purchase price, let´s say $350,000.

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Closing costs for Real estate transaction in Mexico

However, if you have a real estate transaction where the purchase price is $60,000 then obviously it will increase to 10-11% of the purchase price. Now, if you´re talking about a $3 million transaction the closing costs will lower to 2.9-3% of the purchase price. So it is very important that any buyer, when they engage an attorney or us as a title company, the first thing that we will do is let them know through a closing cost estimate what is the amout of money they are looking at paying.

Ivan Castillo: On the seller´s side you also have closing costs. The closing cost that the seller usually is looking at paying are 3 things.

1. Certain certifications from the public registry or municipality through which we verify that the property is free and clear from any liens or encumberances, and that the seller is the rightful owner.

2. Brokers commission in the event that there´s a broker involved.

3. Capital gain tax, which in Mexico is considerably high. It´s 35% of the profit. It´s not as clear cut as we would like because the capital gain tax is calculated based on multiple factors such as: the date when you aquired, the possible date when you are going to be selling, and between this period of time you have depreciation factors and inflation, among others. In addition, sellers can deduct taxes if they have, for example, a permanent resident visa. If they are registered with the Mexican IRS, they have their RFC number which is like a social security number, and a CURP. So if they have those 3 items they can deduct a little bit of taxes.

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Stewart Title Latin America´s Playa del Carmen office

One thing that is very common is we usually assist selling customers on reducing their capital gain tax by jointly working with an accounting firm to conduct some sort of tax strategy to lower their tax implications. So this is how the real esatate transaction would close from a financial perspective. You have the sellers closing costs and the buyers. In a general sense that would be the amounts or the process everyone needs to go through.

Ivan Castillo: If you take a look at the real estate transaction at a big scale it probably wouldn´t change from the one in the US or here, because over there and here you submit an offer of purchase. If it´s accepted then you sell a purchase and sell agreement. And then from that agreement you move to the final closing, so here the final closing is done through the deed that is issued before the notary public ( Read notary public part 1, 2 , 3) . However, if you look at it with a magnifying glass the closing proces from a legal perspective might change dramatically because of all the parties that would be involved, and everything that is required by law to close the transaction. So the customers don´t usually see that because part of our job is to do all the legwork, do all the paperwork, just have a certain date for closing when the buyer and seller will show up. With the notary public here they will conduct the closing, we release the money from escrow to pay the multiple parties involved and that´s it.

For more information about purchasing property in Mexico subscribe to our blog, or contact us.

And remember, at Top Mexico Real Estate…

we make it happen!

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USA / CAN (512)879-6546

MX (984)688-0423

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