Can A Foreigner Own A House In Tulum?

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(Photo : Spencer Watson on Unsplash)

Sitting on the Caribbean coastline in the Yucatán Peninsula, Tulum is one of the Mexican towns that continue to draw in millions of tourists and prospective homeowners. 

As a foreigner, buying and owning a house in Tulum is possible, and investing in a home there can be an excellent investment and rewarding to your lifestyle. However, there are some laws that need to be respected for this investment to be legal.

Here are five steps to owning a property in Tulum as a foreigner:

1. Decide why you want a home in Mexico

One thing you must decide is whether you are purchasing for investment purposes or for personal use. While families prefer a more secluded/private property, vacation renters might prefer accommodations close to local landmarks or tourist attractions. Tulum is a buyer's market, and with the ongoing constructions happening, there is ample choice for the type of real estate available to purchase. As Mexico's real estate values continue to grow, renting out a home in Tulum can be lucrative and help cover some of the costs.

2. Research local neighbourhoods and areas

Although it has a small population, Tulum has a rich variety of areas like the Hotel Zone, La Veleta, Tulum Pueblo, and Aldea Zama. Before you make a decision when buying a house, look into the advantages and disadvantages of these neighbourhoods. Also, try to get some local knowledge from a real estate agent on which location is suitable for a family home or the market you want to attract for holiday rentals. Even if the house is for personal use, you may want it to be close to the beaches or the Mayan ruins.

3. Work with a real estate agent and lawyer

Navigating the Tulum housing market can be quite challenging. There are different areas, projects and developments that can make searching for a property overwhelming. So, get in touch with a local real estate agent to inquire about buying a house as a foreigner. This is vital to your research and eventual decision. They can share listings on houses for sale in Tulum, Mexico to enable you to have adequate knowledge of the best real estate to invest in.

4. Make an offer to buy your home

Detail your budget and sort out financing for your Tulum vacation home. Money payable includes legal fees, insurance and more. Before you place a bid on any property, have a lawyer examine the property's title and any relevant legal permits. Then, with the help of your real estate agent, submit an offer on your Tulum vacation home or apartment. 

5. Set up a trust

A Fideicomiso is essentially a bank trust that allows you to invest in or buy a property in Mexico without first becoming a citizen of Mexico. Since December 1993, more than a million foreigners have established Fideicomiso trusts in Mexico due to their ease of creation. 

In conclusion, foreigners are allowed to own a house in Tulum, Mexico, but they must follow certain regulations and restrictions. Despite the additional steps involved, owning a house in Tulum can be a great investment and provide an opportunity for a wonderful vacation home or retirement destination in a beautiful and vibrant part of Mexico.