Merida is the capital city of the Mexican state of Yucatan, with population of almost 740,000 permanent residents. It is located on the northwest part of the state, right along the Gulf of Mexico.

Merida is not as popular as other Mexican travel destinations, and consequently, the Merida real estate market offers relatively affordable property values. For instance, homes that would be considered handyman specials can be bought for as little as $100,000. Although there may be some restrictions placed on homes for sale in the historic district of Merida, the government requires only the façade of the structure to remain historically accurate; interior modifications can be at the property owners discretion.

Merida homes run the gamut of beachfront haciendas to historical mansions. Many have been neglected for years, and require only a moderate cash injection to restore them to their previous state.

Recently, Merida has become home to a growing number of expatriates from all over the globe, many of which are buying up properties for renovation.

Property owners wishing to renovate property can obtain very qualified local contractors, including painters, masons and tillers. “Pasta” tile and harvested wood is also available locally, and is less expensive than its imported counterparts. It’s best to obtain recommendations and referrals, and ensure that the renovation is carefully supervised.

It is recommended that potential buyers of real estate in Merida seek reputable assistance, such as realtors, lawyers, and notaries to help navigate them through the process. Merida property is considered part of the Restricted Zone in Mexico, but new laws have been enacted to allow foreigners to acquire Restricted Zone property under certain conditions.

As a testimony to the growth potential of the Mexican property market, GE Financing has recently opened a branch in Merida and has begun offering mortgages for property purchases made by American buyers.


Photo source: http://www.flickr.com/photos/exfordy/2050759957/

Sources:
http://www.yucatantoday.cm/destinations/eng-realestate.php
http://www.yucatanliving.com/real-estate-yucatan/mortgages-in-merida-yucatan.htm