With crime increasing in Mexico some tourists are shying away from popular holiday resorts such as Cancun. However Isla Mujeres and Isla Mujeres luxury real estate remains as popular as ever. It is not hard to understand why; Isla Mujeres must be one of the safest places in the world, serous crime is unheard of and it is perfectly safe to walk around the island at anytime of the day or night without fear for one’s safety.
Many Americans chose Isla Mujeres as the location for their retirement home for this reason, it is somewhere that retired people can feel completely secure. The popularity of the Island has a downside, in that Isla Mujeres real estate is expensive although of course it depends by what measure. Our three bedroom three bathroom luxury turnkey homes start at $800,000 USD. With the most expensive property still under $1m. All have secluded landscaped gardens and private pools. What pushes up the cost is that land on Isla Mujeres is very expensive; it's a small island and there are now very few prime locations available that can be built upon.
Mexican properties are bought using a Fideicomiso which is a trust. The trust is managed by one of the major banks and the management fee is in the order of $500 USD per annum. Government property taxes in Mexico are low depending on the size of the property, between $200 and $500 USD a year. Many Americans are amazed at this cost when comparing with the taxes they are required to pay in the States.
It is actually very cheap to live on Isla Mujeres in spite of the fact that it is such a popular tourist resort. Food is cheap to purchase and eating out, whilst there are some very expensive restaurants, can be very economical, there are restaurants that are excellent value for money and also have really good food. Many American and Canadian enjoy eating in the authentic Mexican restaurants, one in particular has a three course menu for 90 Pesos, which is about $5 USD and the food is very good indeed and the service excellent.
Whilst Isla Mujeres real estate is initially expensive to purchase it is going up year on year as land becomes in shorter supply it is proving to be an excellent long term investment.