If you’ve been toying with the idea of buying income property overseas, there are many viable and tempting opportunities to be found across the globe. However, I believe that one opportunity far outweighs all the rest and here’s why.
International Living has recently named Mexico as the number one retirement destination in the world and the Riviera Maya, along Mexico’s Caribbean coast, remains the number one tourist destination in all the Caribbean. With such broad public attention now focused on Mexico and the Riviera Maya, this is an area well worth considering if you are looking to invest in real estate overseas.
With some 5 million tourists flocking to the area each year, most arriving through Cancún’s bustling international airport, this area is always ripe for investors seeking a nice return on their outlay. Hotels in the Cancún area regularly report occupancy rates over 90%, attesting to the area’s stability and popularity among tourists.
An investor who purchases, for example, a condo with close access to beachfront, and rents the property to vacationers, can easily expect similarly high occupancy rates when properly managed. And there are many good management companies in the area. Weekly vacation rates are commonly seen in the $750 to $1200 range or more—depending on the size, amenities, and location of the property.
One example of a nice Cancún condo with excellent rental potential is located right on the beach, just a short drive from the airport. This ground floor, one-bedroom unit comes completely furnished and is just steps to the sparkling sand. Just grab your towel, walk past the pool and you’re wading in the warm Caribbean surf. This efficient, air conditioned property comes with a Jacuzzi tub. This condo can be yours for just $155,000.
Cancún was built to serve tourists. With over 750 restaurants, hundreds of beautiful hotels and resorts, a large and efficient public transportation system, modern hospitals, well-maintained infrastructure, and a culture that is built around the hospitality and tourism industry, Cancún is the ideal location for a second residence or your investment property.
For example, at only $104,000, you can snap up a two-bedroom, two-bathroom modern condo with full amenities. And this is typical of what can be found off the beach. Fully furnished with a modern kitchen and appliances, this is the perfect Cancún location, with fast access to beaches and shopping with a large park nearby. This 1,000-square-foot unit even comes with covered parking and should be an easy rental to maintain until you’re ready to make it your retirement home.
For Cancún residents, the cost of living is often 30% less than a similar lifestyle in the States. And with the current devaluation of the Mexican peso against the U.S. dollar, those with U.S. dollars to spend can often save an additional 25% by taking advantage of the favorable exchange. The trick is to earn dollars and spend pesos, so look for properties priced in pesos when doing your shopping and comparisons.
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