Good News For Foreign Real Estate Buyers – Mexico’s House Loosens Fideicomiso

The House Chamber of Deputies, following an overwhelming majority vote of 356 in favour and 119 against the real estate scenario is about to change. Though the measure was approved in the House, the bill still needs approval from the Senate and state legislatures before it officially becomes law.

Up till now, foreign buyers were allowed to purchase property in and around Mexico’s coastal and border towns under supervision of a real estate trust known as a fideicomiso. However, following a historic vote in Mexico’s House last week, a new bill that will loosen these restrictions is one step closer to becoming law.

In the case of owning property in Mexico it refers to a bank trust. It is a legal agreement between the “property owner” and his bank that establishes that the bank hold the property in trust for the “owner”. This arises from the fact that foreigners cannot own property within 50 kilometres of the coast or within 100 km. of the northern border. This is sometimes called the foreigner exclusion zone.

If the bill gets passed, it will permit foreign buyers to bypass the “red tape” that is created by the current fideicomiso system, which is outlined in Article 27 of the constitution and prohibits direct ownership of land by foreigners within 50 kilometers (31 miles) of the coast and 100 kilometers (62 miles) of the border. The bill will change all of this, permitting foreign buyers to purchase real estate directly in oceanfront areas for residential use. Changing the current laws could have a positive impact to the Akumal real estate market, and economy along with other coastal towns around Mexico.

The old law is serving as more of a hindrance than a protective measure, since giving added legal certainty to foreign property ownership rights will financially benefit the local governments and people of coastal and border towns. When the new bill becomes law, it will also mean additional tax revenues for the areas in question.

Several expert opinions are pouring in about the bill and Wall Street Journal too has aired their view, Mexican real estate developers and local government officials are backing the new bill to remove the restrictions, citing the success of landlocked towns such as San Miguel de Allende, which is very popular among expats and has developed a strong local economy to prove it.

Fideicomiso is a complicated process than buying direct from developers and real estate professionals will be. By removing these outdated restrictions, the new bill is expected to bring an added burst of new activity to Mexico’s already strong real estate sector.

The development that happened last week, was the first governmental step to changing the real estate law, however the process is still a long journey to completion. Hope this proposal to lift the fideicomiso law which has been circulating for over a year in the capital gets passed.

Snorkeling With Turtles – Akumal

Akumal is famous for snorkeling and turtles. Here is a breathtaking video of snorkeling with turtles.

Akumal Beach Mexico Snorkeling with turtles from kitesurfvacation.com

Best way to Snorkel: Buy or Rent? | Akumal Real Estate

Best way to Snorkel: Buy or Rent? Akumal real estate

Best way to Snorkel: Buy or Rent? Akumal real estate

Many people who come to snorkel in Akumal real estate have this question on if it’s better to buy own snorkeling equipment or just rent it.  One such question was posed on Tripadvisor. One traveler will be going to Playa del Carmen and surrounding areas like Cozumel. He will be snorkeling with his family. He has snorkeled many times with guided tours who used to provide snorkeling gear. But now he wants to snorkel on his own. He poses a query whether he would be better off buying the equipment or renting it.

Members advised him to buy his own gear or at least buy a mask as the rented masks can be very ill-fitting. Many members also advised to buy a dry snorkel and rent fins. Snorkel vest and fins can also be bought but it’s not essential.

Personalized equipment will ensure that a great snorkeling experience is not ruined by leaky masks.  Hygiene is also a factor as the rented snorkel and other stuff may not have been sanitized properly.

Are you ready to buy an Akumal house?

The one question that dogs everyone is if he or she is ready to buy a home. This confusion is further compounded when you have to make a decision about purchasing a second home in Akumal, Mexico. After all, you are investing a sizeable amount of money in a foreign destination.

To help you out in a decision, IOwnAkumal.com has found a n easy method courtesy realestate.com. The infographic titled “Am I ready to buy a house” is a flowchart of the whole decision making  process.

Am-I-Ready-To-Buy-A-House-Flowchart

“Am I Ready to Buy a House?” – RealEstate.com Flowchart

Video: Snorkeling in Akumal Real Estate

IOwnAkumal.com has posted earlier also on why Akumal is the snorkeling capital of Mexico. Here is another testimonial to this fact. Here is a breathtaking view of  Snorkeling at Riveria Maya – Kantenah Resort and Akumal Bay

Akumal Real Estate, Can We stay in Vacation Condos in Akumal?

Akumal is a wonderful travel destination with so many offerings for tourists. Initially a popular destination for day tours, it is now transforming into a prominent vacation destination. Many tourists are now opting to spend weeks in Akumal with family to soak every element of it. Spending the vacation in a condo or casita on the beach with a kitchen is a great idea. Therefore visitors make sure that they have through knowledge of it beforehand.

Some of the options which can be considered are as follows:

  • Half Moon Bay at the Vista Del Mar, a nice place located close to La Buena Vida.
  • Condo in Playa Blanca also offers great services at an affordable price.
  • La Joya Studio.
  • Playa Caribe casitas.
  • Yal Ku Cai casita.

Visitors can browse Akumal vacation condos for a wider variety.  Living in a vacation condo with a Kitchen means you can also cook. For this you will require groceries.  Although the number of grocery stores in Akumal is few, yet they are well stocked. Tourists are sure to find their requirements in them.

From where can I rent Snorkeling kit in Akumal real estate?

Akumal with its mesmerizing waters and beaches is the place for water sports. Also know as diver’s paradise, the destination offers wide range of entertainment options. Tourists come prepared for all the fun and hit the waters as soon as they land here. Many come with their own equipment but many can’t accommodate them. Hence they are on lookout for other available options.

Fellow travelers always suggest bringing one’s own snorkeling kit as they will fit better and for hygiene. They can also purchase ones which aren’t very costly and dispose them after use. Of all equipment, fins can be rented but having a personal mask and snorkel increases the comfort level. Though if one is interested in renting the total set then the Akumal dive shops are the place to visit. They rent out equipment on hourly, daily and weekly basis.

Real Estate is Back, So is Akumal Real Estate!

ActiveRain conducted a survey among its community and based on the results a cool infographic  was created. While US real estate may be back in favor in 2013, the fact is that Akumal real estate has been making waves for last many years. This small destination is the new hotbed of real estate and tourism investment. This could be the next big thing in Riviera Maya. Can you afford to miss it?

Here is the infographic

The future of the U.S. real estate market in 2013 is bright
Real Estate Is Back – 2013 ActiveRain Survey

Swimming with turtles in Akumal, Mexico

If you live in Akumal or go to Akumal as a tourist then one must-do thing is to swim with Turtles. After all, Akumal is all about turtles and beaches.

Here is one video of swimming/snorkeling with turtles in Akumal real estate