We are not going to test the waters until Spring of 2017, but we are hoping to rent for a period and then purchase a townhome or condo if things go as well as expected. We anticipate calling Cancun home for a minimum of 3 years. We won't be seeking employment, but would be willing to pitch in if any part time/temporary labor is available. Our budget is in the $100-150K USD price range. We are currently impressed with the SM17 area of town. We dream of a neighborhood within walking distance of groceries, general shopping, bus routes and parks. We would welcome any opinions and insight from current expats living in the community! Thanks in advance! Joe and Lucinda
SM17 is a good area close to all the things you have on your priority list we used to live in SM18 'next door'. With your budget you could probably buy a 2 bed condo - especially with the dollar as strong as it is. I would consider renting though - houses can be notoriously difficult to sell and if you are only planning on 3 years, adding in unstable currency fluctuations it might be less hassle and economically beneficial in the long run.
Steve's right about properties being slow to move, as a rule. Overbuilding is part of the reason. Right now though things are selling. Mexicans who have money have seen the value of their money, when measured against the USD, drop by a third in the last two years, so they're anxious to park cash in tangible assets. In my building, in SM4, condos are selling almost as fast as they are being put on the market. One was sold in a week. Another has had two offers but has refused them both. One that had been on the market for six years sold in this heated atmosphere at 2.5 million pesos more than was being asked for it two years ago. This sounds good but actually is not. If you bought here a few years ago you've watched the value of your property decline right along with the peso. Some had the misfortune of buying eight to ten years ago, when the peso was at ten to the dollar. Their properties are now worth just 60% as much as they put into it. Currency fluctuation puts a whole new element of chance into the mix when buying abroad.
