 Puerto Vallarta Retirement - Visitors interested in retiring in Puerto Vallarta rent a condominiums and villas in order to see all of Puerto Vallarta.
The average cost per square foot for a villa is $250, whereas the average cost for a condo would be a little less, at $200 per square foot. There are many properties in Puerto Vallarta that sell for substantially less, though we refer to prime Banderas Bay views and modern amenities. On the surface, these prices may seem high; however, similar properties with comparable views would be two to three times as much in the States. Furthermore, association fees are much less and property taxes are negligible in Mexico.
An additional consideration that every retiree must have relates to real estate future values. In Mexico in general, and in Puerto Vallarta specifically, there is no housing slump or fear of recession, as prices continue to escalate at a rate of 10% or more per year.
All properties, whether condos or villas, are purchased through 50 year trusts, held by a designated bank. These trusts give the holder exclusive right to property usage for 50 years and can be renewed after 50 years, can be given to a designated beneficiary upon death and then renewed for another 50 years, or can be sold, allowing the buyer to renew the trust for new 50 year term. These bank trusts are as safe as the title and deed used in the States or Canada; plus, since they are Mexican bank trusts, they are virtually untouchable by any outside entity.
Since all real estate legal transactions in Mexico are done in Spanish, it is imperative that the buyer is represented by a qualified attorney. Also, much of the Mexican coastal land is classified as ejido land, and as such, was designated by the Mexican government many years ago to be used by the natives as farm land.
North Americans are unable to purchase some of this beautiful coastal land and therefore, any North American retiree considering real estate ownership in the Vallarta area, must have competent representation to assure them that the land is appropriate for foreign ownership. |
