Vacation Rentals Listed by Owner in San Miguel de Allende
General Information For Buying Real Estate In San Miguel de Allende, Mexico
Why buy San Miguel de Allende Mexico real estate?
San Miguel de Allende has become a popular location to own a second home or vacation property. Many people from around the world -- and especially the United States and Canada -- are actively buying real estate in San Miguel. In recent years San Miguel become an attractive place to invest. You might know at least one person who has recently visited San Miguel or who has made a real estate investment in the country of Mexico. There are several reasons behind this trend:
1) The prices of San Miguel properties are often favorable in comparison with other destinations. And, with more and more people discovering Mexico, many experts believe the long-term investment prospects remain attractive.
2) San Miguel’s culture and services are increasingly welcoming of foreigners. While Spanish remains the primary language in San Miguel, it is also true that more and more people speak English, enabling Americans and Canadians to have a more comfortable experience.
3) Over 70 million people in the United States are now over 50 years old. This segment of the population is prone to seek vacation homes, retirement locations and real estate investments. As more and more people invest in San Miguel, additional services and infrastructure are coming up to support this trend. As this occurs, it will make San Miguel even more appealing to new investors, and therefore values should increase.
4) The long-term future of San Miguel looks promising. As a UNESCO World Heritage Site, the city itself is becoming stronger economically and the opportunity for long-term real estate appreciation in San Miguel continues to be favorable.
5) San Miguel’s natural beauty, climate and cost of living is attractive to many from the United States, Canada and other foreign locations. For decades many people have enjoyed vacationing in San Miguel. Purchasing property is the natural next step.
6) Over 1 million Americans now live full time in Mexico. Along with residents who have moved from other countries, this large population has proved the safety and viability of life in Mexico.
7) San Miguel offers an array of interesting and fun things to do. From hot springs, hot air baloon rides, horseback riding, hiking, bicycle riding to golf and tennis, most people are excited at the numerous types of recreation to be found here. And, of course, many people find that San Miguel is the perfect destination for simple rest and relaxation.
8) There is a large inventory of homes, villas, and land, plus a growing selection of developments with extensive amenities. This provides a steady supply of properties for interested buyers and investors in the San Miguel area.
Recently nominated as the 4th Best City In The World by Travel + Leisure magazine, it is no surprise that San Miguel provides an increasingly attractive location for Mexicans, Americans, Canadians and other foreigners. Most local experts believe that San Miguel Mexico real estate will continue to provide an attractive opportunity for both investment and enjoyment for decades to come.
General Buying Tips:
When it comes to purchasing real estate in San Miguel, the process of making an offer is very similar to how one makes an offer in the United States or Canada. However, the escrow and title process is different. Due to Mexico’s low standards requirements for entering the real estate profession there exists a variety of self-proclaimed real estate “agents” and professionals. Buyer beware!
It is worth noting that there is no Multiple Listing Service in San Miguel at this time. All in all, you should only work with the highest quality professionals in all categories of the purchasing process, including brokers/agents, mortgage, legal, financing and title. Although it is quite common these days for foreigners to purchase San Miguel real estate, it never hurts to do a little background checking to ensure you are working with highly qualified professionals.
General Investing Information
Mexico’s economy is currently undergoing significant growth and improvement. In 1982, following it’s inability to support its escalating foreign debt, Mexico made changes in its infrastructure in order to encourage more foreign investment. Most notable of these changes was Mexico’s stance on foreign ownership.
Foreign ownership of Mexican companies, formerly limited to 49 percent, was raised to 100 percent for many businesses. This includes real estate development companies, hotel companies, etc. This change was important because many companies no longer need prior consent from the Foreign Investment Commission as well as a requirement to have Mexican investment partners.
Mexico’s economy is great for foreign investors. It offers a solid communications infrastructure, ample energy supplies, low labor costs, and skilled trainable labor resources all in close proximity to the world’s largest market.
In addition, the Mexican government has dedicated time and money to developing new tourist destinations with modern facilities and infrastructure in order to promote the tourism industry.
Who's Involved in Real estate Transactions in San Migurel de Allende?
Normally, there are three to four players involved in any real estate transaction in the restricted zone:
All four are helpful in their respective areas in assisting with real estate transactions.