Yes it is possible to own property in Mexico. The confusion about property ownership comes from an amendment in the Mexican Constitution that prohibits foreigners from owning land within a certain number of kilometers from its borders and coastlines. Many foreigners in the past would go around the law by leasing it from a national owner or paying a fee to use their name. It was a lousy system. In 1970 the system changed. The Mexican government began a concerted effort to encourage tourism and property investment. But the amendment still existed.
The government consulted with international attorneys and adopted a Trust system of property ownership that would appeal and attract foreigners who were used to the fee simple system. Based on a similar system in Hawaii a property in trust would allow the foreigners to own the land by transferring title from the original owner with a one time purchase price, giving all rights of use, building, reselling, and renting as the local laws would allow for the life of the trust. The result of the planning was the Fideicomiso. Essentially it allows you to purchase property of your choice. The agreement puts the title of your property in the name of a Mexican bank designated by you and that is how the amendment is respected. Unlike Hawaii the Fideicomiso is established for a term of 50 years and is renewable in perpetuity. Since 1970 the tourism and foreign investment market in Mexico has become an impressive part of the Mexican economy.
In our 27 year history we have witnessed remarkable changes in the real estate industry. Although the purchasing process is a bit different we will guide you through the closing effortlessly. Feel free to let us know if you would like to know more details. We will be happy to answer any of your questions.