Americans buying up beachfront property in Mexico
Mexico used to ban foreigners from owning oceanfront property, but now Americans can buy homes right on the beach, and that’s sparked a boom in once-remote regions.
In the state of Nayarit, on Mexico’s Pacific coast, breath-taking beaches are behind a boom that has many of the real estate signs in English.
“I believe it’s going to be one of the premiere, upscale, residential options for Americans here in Mexico,” real estate agent Fred Feibel said.
Feibel is a Houston native who moved to Nayarit eight years ago, when the area was largely undiscovered by Americans, except for a few surfers.
Real estate experts said the prices in this once-remote area have doubled, tripled, and in some cases, quadrupled in recent years, with a few homes selling for more than $1 million. (2006)
“I saw the beaches, the undeveloped beaches,” said Carol Davenport, a real estate broker.
Those beaches are what attracted Davenport, who moved to Nayarit from Dallas to scout properties for Texas investors.
But what about those that don’t have millions to invest? Can they buy a dream home in Mexico?
Experts said it depends on the dream.
“You can’t have someone who retires on $600 a month expecting to get resort property. No, that’s not even realistic,” Davenport said.
But experts said there are still bargains, but not right on the beach.
“One can live in Mexico on any budget,” Feibel said.
“We’re not investors, we just wanted a tranquilo home, wanted to be part of a community,” resident Ann Emboury said.
Emboury, a teacher from Tucson, moved to a calm community in Nayarit with her husband and her dog Roy less than a year ago.
They live in a modest home just a few blocks from the beach, in a tiny village that has not been discovered by developers – yet.