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Buying Real Estate in Cozumel
As beautiful and modern as Cozumel is, visitors must remember that it is a foreign country is not part of America, although it caters quite well to American tourists. Everybody on Cozumel speaks English, some with little or no detectable accent. The atmosphere on the island is extremely international so the frequent traveler or long term guest may forget that it is in fact Mexico he is visiting and not Hawaii with a Spanish flair. Buying or owning some property on the island is not the same as buying or owning property in America. Foreigners are allowed to buy property on the island, but you must use the services of an experienced real estate attorney. If the property is in a restricted zone such as along borders, coastal areas or wildlife preserves, you must first obtain a "fidei comiso" or bank trust instrument established and recorded by a notary public.
Home and property prices are cheaper in Cozumel than in the USA , and the price depends, as it does anywhere, upon the size and location of the property. Obviously beachfront homes and property will cost more than a similar sized investment inland. Homes and property in town are cheaper than those on the rest of the island. Condominiums, dotting many locations, are available depending upon your tastes and budgets. Lately, timeshares have become all the rage as tourists can "own" a piece of the island that is theirs to enjoy for a modestly small investment. Currently, the overall real estate market on the island is definitely a "sellers" market so you must be prepared to spend some time and do your research to find just the right piece of paradise for your budget.
Interview several real estate agents out of the many that are available on the island before you settle on one who can handle your purchase. Decide whether you'd like to purchase some raw land and build your island dream home on it or purchase a finished home out of the many that are available. The realtor will give you listings of available properties and escort you to them for viewing. If you've found something you like, he can then instruct you on the best way, using the most secure methods, to complete the transaction. It may take several trips to the island or more time than you had anticipated to find just that right slice of heaven to call your own, but in the end it will be worth it.
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