77 F
Saturday, January 22, 2022

Foreign property ownership up 3.5% annually in Yucatán — study

Latest headlines

Booster shots arrive for Mérida residents between 40-59

Booster shots for Mérida residents in their 40s and 50s arrived Friday. Photo: Courtesy A military plane with...

Mexico celebrates International Mariachi Day

Mariachis in Mexico and around the world celebrate International Mariachi Day observed every Jan 21. 

Marines to take over security at Mérida and Cancún airports

Mexico's Marines will be taking control of seven airports across the country, with  Mérida and Cancún among them. 

What to do if you find baby sea turtles on the beach

Most people realize that it is not a good idea to disturb nesting or baby turtles, but what should we do if one appears to be in peril or distress?
Yucatán Magazine
Sign up to get our top headlines delivered to your inbox twice a week.

The number of United States and Canadian citizens who have decided to live temporarily or permanently in Yucatán increases 3.5% every year.

That’s the conclusion from Antonio Osorio Acevedo, director of the Mérida market research firm Información Sistemática de la Península.

The normal reasons apply: Many of them are retirees who are impressed by Yucatán’s promise of safety, culture, and affordable quality health care. Easy airport access is another plus, the survey says.

Add to that rising housing costs north of the border, especially since an increase in home-office options caused housing costs to rise in cities recently considered affordable. 

Foreigners looking for a second home in Yucatán are hunting mainly in the capital’s city center as well as along the coast from Chuburná to Telchac Puerto.

They often go into business themselves selling or renting properties to the next waves of newcomers, Osorio Acevedo noted.

By the numbers

Most — 72%, according to the study — are from the United States. Another 21% are from Canada, according to the report.

From Sisal to Telchac Puerto, an estimated 11,600 residential properties are vacation homes. 

Hurricane Gilberto, which left a path of destruction in 1988, opened a door to foreigners. Beach property could be had cheaply when locals could not afford to repair the damage, he said.

“At that time, the first Americans who bought a house and remodeled it began to arrive. When they showed it to their friends, they were so impressed that they too bought and remodeled houses and became second-home tourists. Thus they formed a chain,” said Osorio Acevedo.

In Chelem alone, there are several real estate agencies dedicated to buying and selling houses and renting them through Airbnb, “with rates that a decade ago it would have been impossible to collect in this small town,” he remarked.

- Advertisement -

Subscribe Now!

More articles

Yucatán’s muralism boom —  an explosion of color, tradition and meaning

Yucatán’s history of muralism famously dates all the way back to the elaborate frescoes of the ancient Maya.

Students at Mérida’s private Catholic Universities caught trading thousands of explicit photos of their classmates

Numerous students at Mérida’s Anáuac Mayab University are reportedly active in a “secret” chat group to trade intimate photos of classmates, as well as engage in cyberbullying. 

New benches at ancient archaeological site anger Izamal residents

Modern slab benches detract from an ancient ruin at Izamal, neighbors say. Photo: Courtesy Modern-looking benches installed at...

Being a good neighbor to Yucatán’s roof cats and street dogs

Illustration: Juan Pablo Quintal García Cats replaced people as my friends soon after quarantine 2020 began. 

What my rescue dogs taught me

I thought I knew a lot about dogs until I took in two rescues. I was wrong....

Bus full of construction workers catches fire in Mérida’s north

A bus went up in flames just before 8 this morning in Mérida’s Francisco de Montejo neighborhood.

Mérida’s new surveillance center now has eyes on over 6,700 cameras

Yucatán's government has opened a new remote surveillance center to oversee the state's thousands of active security cameras. 

600 acres expropriated in Quintana Roo for new Mayan Train route

Mexico has seized 198 lots of land in Quintana Roo along phase 5 of the Mayan Train's path.

Omicron strain now dominant in Yucatán

The Omicron variant of COVID-19 now appears to be the most common form of the virus in Yucatán.

Exploring Tazumal and Casa Blanca in Western El Salvador

Though part of the Mayan world, archaeological sites in El Salvador have largely remained unvisited by all but the most avid adventurers. But this tiny country boasts several interesting sites full of unique features and blends of cultural traditions.