Everything about Tulum
Tulum is a small town set between the turquoise waters of the Mexican Caribbean Sea and the green Jungle of the Mayan hinterland. Located a 50-minute drive from Playa del Carmen, Tulum was for many years a hidden spot in the Riviera Maya and is mostly known for its iconic archeological site. The Mayan Ruins of Tulum are sitting high above turquoise waters that extend as far as your eye can see.
Tulum today is the newest addition to the booming Real Estate Market in the Riviera Maya and is developing fast into an exclusive tourism hot spot, attracting upscale tourism including many celebrities as well as the mindful traveler. People from all over the world are drawn to the eco-chic atmosphere and spiritual vibe of Tulum, where you can relax to reconnect with nature and yourself while experiencing what Tulum has to offer: over 6 miles (10 km) of stunning white sand beaches as seen on millions of Instagram posts, a UNESCO World Heritage biosphere with beautiful lagoons, a magical jungle full of freshwater cenotes featured in movies and national geographic documentaries. No wonder, that Tulum is one of the hottest Real Estate Market in the world.
The mixture of the turquoise Mexican Caribbean Sea and the lush green jungle is reflected in the beautiful organic designs and architecture of the new Real Estate developments in Tulum. They feed the needs of a new generation of international home buyers and real estate investors looking for more sustainable properties for sale in the Riviera Maya including new amenities such as community gardens, outside yoga/gym areas, bicycle storage/parking, pet amenities, lock-off options for rental income and eco features.
Most Eco Homes in the Riviera Maya with green technologies are being built in or around Tulum and contribute to the necessity to limit the ecological footprints of each and every one. The fast development of Tulum’s Tourism & Real Estate Industry calls for improvement in infrastructure and sustainability, but Tulum is not alone in this. Worldwide cities and communities are struggling with their efforts to be more effective in regards to recycling, energy efficiency, biodiversity, and climate change.
Guide for Foreign Investors to Tulum Real Estate
Everything foreign buyers need to know to succeed in the Tulum Real Estate Market
Tulum is one of the hottest Real Estate Markets in Latin America and is attracting the attention of many foreign buyers looking for investment opportunities. Buying Real Estate in Tulum, Mexico as a foreigner presents unique challenges and there are things that you need to be aware of as you work towards homeownership in Tulum.
This article will go over everything a foreign investor needs to know before they get into the Tulum Real Estate Market.
- Can foreigners buy property in Tulum, Mexico?
- Why invest in Tulum Real Estate?
- What special rules or taxes apply for Real Estate in Tulum?
- Finding the best residential properties in Tulum for you
- Putting your property in Tulum up for rent
- Advice for foreigners who plan to move to Tulum, Playa del Carmen & the Riviera Maya in Mexico
Can foreign investors buy property in Tulum?
Yes, of course, there are no laws preventing non-resident ownership of Real Estate in Tulum. You do not need to have residency or citizenship to be eligible to do so. However, foreign buyers have to purchase Real Estate either through a trust (=fideicomiso) or a Mexican corporation. With the right information and assistance from one of our Expat Real Estate Agents at Playa Rentals & Sales®, this process will be safe and easy.
Why invest in Tulum Real Estate?
Tulum is one of Mexico´s hottest Real Estate Markets. The small city of Tulum is growing fast and has become an important tourist magnet as well as a popular place to spend several months during the winter. Since the start of the pandemic in 2020 relocating to Tulum is on the rise. Tulum has a very special vibe & lifestyle that attracts many different nationalities as well as nationals. Foreign buyers account for a significant number of sales in Tulum and investors can choose between condos, townhouses, and luxury homes. Tulum, and especially the surrounding jungle is also the place if you are looking into buying an Eco Home in the Riviera Maya. The Tulum Real Estate Market is hot right now, with many new buildings and projects currently build. Prices for pre-sale condos start under 100,000 USD. Luxury quality Condos start at 250,000 USD. Investing in Tulum in a Vacation Rental Condo is especially interesting because there are not a lot of hotel rooms in Tulum available, so guests who do not want to stay in n expensive hotel on the beach, are looking to stay in a vacation rental property.
Taxes & duties for foreign buyers
One thing to know as a foreign buyer is that you will be subject to the following fees when closing on buying a property in Tulum, Playa del Carmen, or the Riviera Maya:
Notary Fees
All real estate purchases must be registered with a Notary. They are legally responsible to ensure the property’s title is clear and properly recorded with the public registry. The fee paid to the Notary is based on the purchase price of the property.
Bank Trust Fees (Fideicomiso)
This fee includes the set-up of the trust (or the transfer of an existing trust), as well as the first year’s trust payment. The annual trust fee is around 500 USD.
Legal Fees
The legal fees for a Real Estate transaction include the closing services and escrow services from experienced Real Estate Attorneys in Tulum and Playa del Carmen. We at Playa Rentals & Sales® work with several highly skilled Real Estate attorneys that speak your language.
Taxes & duties
- registration of the title deed (= escritura publica) at the public registry
- transfer tax or acquisition tax (= ISABI, impuesto sobre adquisicion de bienes inmuebles)
- government closing documents and appraisal (required by law and based on the purchase price of the property)
Summary: in general a buyer pays around 8% in closing cost when purchasing Real Estate in Mexico. Therefore the annual property taxes in Mexico are very low. For a 2 BR Condo in Tulum for example you will pay around 250 USD per year.
Tip: If you purchase a pre-sale property, the closing will occur once your property is finished and ready for delivery, only at this point in time most of the above-mentioned fees will be due.
The buying process and finding the right property for you
So you have decided to get into the Tulum Real Estate Market. Now you need to find the right property for you. Finding the right property in Tulum for you depend on a few factors. The biggest factor will be how much you can afford and what you plan to use the property for. The average price for a property will vary greatly depending on where and what you want to buy in Tulum, a house, a condo, or a beachfront property. If you are looking for a place to live with a family, consider a house in one of the developments or gated communities. If you look for a high-earning rental property, consider condos that are located in the desired areas of Tulum, like Aldea Zama.
Currently (2022), there is a very low offer of Houses & Beachfront in Tulum, but a lot of pre-sale condos, perfect to invest in and take advantage of the appreciation once the building is finished and delivered.
Throughout the process of finding and purchasing a home, we recommend working with one of our knowledgeable Expat Real Estate Agents. They have the best local expertise and best expert advice to help you to make the right choice. They will also, along with a real estate lawyer, assist in navigating the legal processes required to close on your property.
Closing on our property
Once you have found a property and your offer is accepted, there are a few steps before you can take possession. Your realtor will help you through these final few steps.
Curious about the Real Estate Market in Tulum?
Choosing the right property and neighborhood in Tulum can be time-consuming and confusing. So, how do you find the best condos in Tulum?
Work with one of our agents who have the local knowledge and expertise to assist you in choosing the right investment in Tulum.
Call your Expat Agent
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(+52) 984 175 02 55 – MagdaWhat if I want to move to Tulum?
One of the reasons for foreign investors to buy Real Estate in the Riviera Maya is the goal of living full-time in Tulum or Playa del Carmen. Owning a property in Mexico does not provide you with any special privileges when it comes to applying for immigration, but it can help. A non-resident can obtain temporary and permanent resident status in Mexico.
If you need more information on this subject please click here.