Information about Real Estate in Mazatlán, Mexico



Downtown Mazatlán

Downtown Mazatlán

The real estate market in Mazatlán, Sinaloa, Mexico has cooled in the last few years.  The real estate market in Mazatlán consists of condominiums, single (american/canadian style) houses, and mexican (attached, narrow) houses.  In the last 15 years many condominium buildings have been built.  "Bienes Raices" means "Real Estate" in english.

The areas that Americans and Canadians are buying are: Marina Mazatlán, Emerald Bay, El Cid, Golden Zone, Malecon, and Old Town Mazatlán, and Estrella del Mar.  Thousands of condos have been built around the Marina Mazatlán area in the last 15 years  Development stopped after the financial crisis of 2009, but is starting to pick up again.  Emerald Bay is in the north area of Mazatlán and is just starting to be developed.  Both the marina and Emerald Bay are quite far to the north, i.e. about 20-30 minutes drive north of downtown.  The El Cid is one of the largest developments in Mexico.  It has a very large gated housing community that has American/Canadian style houses within it.  The Golden Zone is the tourist zone and has some old and new condos.  Also, there are are some neighbourhoods just behind it (e.g. Gaviotas, Lomas De Mazatlán that have large houses.  The Malecon area is about 10km long stretching south from the Golden Zone to Downtown/Old Town.  There are some older neighbourhoods here that have many Mexican houses (attached to their neighbours) and a number of brand new condos on the main street.  The old town is an artsy area that has some very old (up to 500 years old) houses.  In the last few years, the old town has been a very popular place for Americans and Canadians to buy real estate in Mazatlán.

Old Town Mazatlán

Old Town Mazatlán

Some condos in Mazatlán

Some condos in Mazatlán

Can foreigners own houses/condos in Mazatlán

Foreigners cannot directly own property in Mexico that is within 100km of any border or 50km from the beaches.  This is called the 'Restricted Zone'.  In order to own property in the restricted zone it must be placed in a trust.  Normally, trusts are held by a bank.  Many foreigners have trusts.  I have not heard of any problems happening with them.  How the trust works is that the owner of the property transfers the title to a 'Fiedeicomiso' provided by a bank.  The bank acts as a trustee, holding the property for the new owner's benefit.  Currently, the Trust can be up to 50 years, with option to subsequently renew it for another 50 years.  The beneficiary of the Trust may use and enjoy the property as they wish.  For example: You can rent the property, transfer it to a third party or sell it.  Requirements for a Trust are a registration form, property tax information, Buyer identification (e.g. copy of passport, FM3).  I am not sure if you need an FM3 visa or not in order to have a trust.



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This page was last updated on January 4, 2014