The significant and ongoing strengthening of the U.S. dollar against the Mexican peso continues to make the purchase of real estate very attractive in Mexico. One location, in particular, is maintaining its steady growth with excellent opportunities. In fact, the population has grown from around 10,000 people in 2008 to over 35,000 today. More and more people are discovering Tulum.
Tulum, on Mexico‘s famed Riviera Maya, is competing for the title of fastest growing Mexican city and is continuing to present a robust opportunity to buy real estate. Given the present currency exchange rate, it’s become even stronger.
Tulum, and in fact, the entire country, has been discounted for those who have U.S. dollars to spend. The mantra of many of us from the U.S. who live in Mexico is, “Earn Dollars-Spend Pesos.” Here’s what I mean.
Nearly three years ago, my wife and I rented a fully furnished, beautiful 1,500-square-foot, multi-level beachfront condo on the Riviera Maya. Our monthly rent, negotiated in pesos, was about $1,300 dollars with the exchange rate at that time. A good deal, for sure. Now, due to the valuation of the dollar against the peso, my rent has dropped to just under $1,000 and I pay the same peso amount…a savings of over $300 monthly, or about 25%. Properties, selling for pesos, are demonstrating the same sort of savings.
There is one caution, however. Sellers, particularly in those areas popular with expats (like Tulum), have recently begun to list their properties in U.S. dollars, often negating or severely limiting the advantage of the peso exchange rate. The prices, even in dollars, often remain well below similar prices in the U.S. for comparable investments.
There’s so many good-value properties available throughout Tulum. One property that caught my eye is a two-bedroom, two-and-a-half-bathroom house. Located in gated community with underground utilities, the house comes with modern architecture and beautiful, natural woodwork to blend with the feel of Tulum’s jungle feel, on a large lot. The tile work is gorgeous, too. The 1,900-square-foot home is only $169,000.
Another option is a condo now under development. The condo is slated to be finished with fine, local woods, modern appliances and stunning kitchens. For a two-bedroom, two-bathroom unit of 1,735 square foot, you’ll pay $185,900.
Another I was drawn to was a one-bedroom, one-bathroom condo. The stunning, modern 775-square-foot condo feels much more spacious, and is on the market for $213,000. These units make wonderful retirement homes.
With the current favorable exchange rate, stunning beaches and warm weather along Mexico’s Riviera Maya, you need to consider Tulum.
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