As a foreigner buying a home in Mexico, you will purchase real estate by way of a Fideicomiso, which is simply what you would know in the States as a trust. It is a very straightforward way of owning property in Mexico. The trust initially runs for fifty years, it is completely flexible; it's renewable and transferable, so it can be transferred to a spouse or to one's children, or simply form part of a will. This should not be confused with a lease with a Fideicomiso you own 100% of the property - permanently.
There is a set up cost for a Fideicomiso which is usually about $1,000 usd and an ongoing annual fee of around $600 - 700 per annum. Although if you plan to do what many purchaser of luxury properties on Isla Mujeres tend to do; which is use their property for their holidays and weekends away and letting it for the remainder of the time, the annual cost of maintaining a trust becomes insignificant. Our luxury homes have a rental potential of between 500 -$700 usd per night and the demand is such that they can be let out at up to 200 nights a year, should you chose to.
Some owners chose not to let their home to it's full potential and calculate the rentals to cover, cleaning gardening, maintenance and all their flights and holiday expenses. All our properties have a large bodega (storage room) so that the owners can keep all their personal items stored in the bodega whilst the property is let out.
Property prices have risen steeply on Isla Mujeres. Homes we sold 15 years ago have gone up by 400% since then and they are predicated to rise even more steeply in the future as prime land become harder to come by. At the moment we have luxury villas available at Las Faroles Garrafon which is one of the most sought after residential parts of the island, overlooking the bay towards Cancun where the view is of crystal clear turquoise seas and the most spectacular sunsets in the evenings