Yucatan Real Estate Scams: The danger of investment lots in the Yucatan

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I am often asked about the investment lots in Yucatan. My response always begins with a hurt, helpless sigh. Then, I explain that there is a real estate bubble that is rarely talked about and that represents a serious risk. 

Throughout the country, these properties are advertised under the promise of a safe investment. They are advertised as idyllic residential complexes, a few minutes from the beach and in high-value areas. Contrary to the fantasies of the renderings, the economy of these lots is sustained by speculators and not by future inhabitants.

The lots are selling, yes, but the buyers are not thinking of moving in. They want to resell in the future to make a profit on the capital gain. Many people are doing the same, but there is no certainty that those final buyers who, in advertising, walk through the future green areas of the subdivision with their children will appear. 

When prices increase, far from being a sign of profit, it means less chance that someone will want to buy that land in a few years.

The projects are presented as residential areas of 100, 200, 500, and even more investment lots. Many of them are located more than 20 minutes from Mérida, in uninhabited areas or at most near towns of 3,000 inhabitants.

Although some have the apparent attraction of being 10, 20, or 30 minutes from the beach, in Yucatan this feature is not relevant. The capital of the entity itself is just under 20 minutes from the coast. The proximity to the sea does not mean that a site is isolated and unattractive to live permanently.

Many people fall victim to this speculative euphoria without asking themselves what the real estate agencies are basing themselves on to believe that 100, 200, or 500 families will decide to move away from Mérida, from the universities, from work centers, and from cultural life.

Investment lots generate deforestation of areas where no one will ever live. For investors, it may imply a loss of their assets. Although the prices of land continue to rise, it will be useless for them to be worth the millions if no one is willing to pay that price.

That the investment lots in Yucatan are already a phenomenon at the national level is reason to raise the alarm even more. It means, on the one hand, that the bubble has been externalized. It is no longer just local people who are involved in its growth. There are even people in Spain and Sweden offering Yucatecan land. 

On the other hand, the search for foreign investors can also be explained as a way of abusing their lack of knowledge about local dynamics. For example, for a person from Monterrey, about 5 hours from the nearest beach, the offer of a piece of land “only” 30 minutes from the coast sounds like an enviable opportunity that will give sure profits in the future. 

But in Yucatan that is not a guarantee of anything.

The real estate bubble in Yucatan is dangerous largely because it is not talked about. The real estate agents in the area and the authorities are aware of its existence but prefer to let the game of chairs continue, trusting that the music will still not stop. 

I always give the same recommendation to those who are thinking of buying investment lots in Yucatan: there is no safer move than not doing it.

investment lots in Yucatan |  Business Insider Mexico
Jonas Cortes | Business Insider Mexico

How to Invest in Yucatan Without Being a Victim of FRAUD

Hello! I invite you to take note to reinforce what you are going to learn.

We are going to talk about 7 main topics:

  • One. Why is it cheap to buy land in Yucatan?
  • Two. What land options exist in the market?
  • Three. How do I know if what they sell me is already legal?
  • Four. How to discover the ecological impact of the project?
  • Five. How to make sure your purchase went smoothly? (writing)
  • Six. What expenses should I take into account?
  • And seven. A proposal we have for you

Get a note sheet and press PLAY

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Source: businessinsider.mx

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