Yucatan Real Estate has recently presented a new Mexico Real Estate financing option, offering mortgages in Euros. This move is significant as a part of the growing number of possibilities for foreigners to finance real estate through Mexican banks.
Yucatan Real Estate has recently taken another step forward in the area of mortgages for foreigners. This year, 2010, BBVA Bancomer will become the first bank in Mexico to offer mortgages in Euros. While this move is part of a specific promotion for a real estate development in Campeche, on the Gulf shore of the Yucatan Peninsula, it is an indication of the progress that Mexico Real Estate on the whole has seen recently in the area of mortgages for foreigners through Mexican banking institutions.
Offering mortgages in Euros is a part of Bancomer's sales strategy for the a golf and marina resort in Campeche, being developed by a Spanish group. The President of the developer explained that BBVA Bancomer will provide the financing option to buyers in Europe who are interested in any of the condos or homes that will be part of the eco-tourism mega project that is being built on the Yucatan Peninsula, and will be the largest on the Gulf of Mexico.
This is the first time that mortgages in Euros are being granted in Mexico and BBVA Bancomer is the first Mexican bank to make this offer. The plan was finalized on January 21, 2010.
While the current offer is exclusively for customers of the specific development on the Yucatan, this project holds its key importance as another possibility for foreign real estate buyers who wish to obtain a mortgage through a banking institution in Mexico.
During the past decade, international buyers have seen their options for financing Mexico real estate purchases grow tremendously. Until recently, buyers either had to pay in cash, or seek financing options in their home country. Although regulations are stricter, and the process is longer than in other countries, the fact that Mexico now offers mortgages opens many options for foreigner buyers who wish to keep their funds or properties in their home country free for other investments.
During 2009, more non-Mexican real estate buyers have taken advantage of these options, taking a mortgage from a bank in Mexico itself. As more buyers use this financing tool, and further possibilities are opened, such as the mortgage in Euros that is currently being introduced in Yucatan, even more buyers will begin to see this a viable financing option
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment