Mérida is one of the hottest property markets in the country for foreigners looking to purchase a second home in Mexico. Americans are the largest group of foreign buyers in Mérida, followed by Canadians, although an increasing number of European buyers have arrived over the past few years, primarily French and Italians and Germans. These buyers are drawn to the wonderful climate, colonial architecture, safety and amenities the city offers. “One person comes, they find it very cheap and attractive to retire here,” Zamudio Conde, a real estate agent with listings in the region, said. “They start to tell their friends, and a new community grows.”
Mérida is the largest city in the state of Yucatán. The Centro Historico area is popular with expats and has restaurants, historic houses and a cathedral built on the site of Mayan ruins. Another popular neighborhood is around Plaza Grande, filled with street vendors selling food and local arts and crafts. The nearest beach, called Progreso, is on the Gulf of Mexico and about a 40-minute drive from Mérida.
Since 2010, the local market has been climbing out of a lull in the market caused by the recession. But prices have not yet returned to pre-recession levels and Mérida is still a buyer’s market. It is possible to buy a renovated 19th- or early 20th-century house in Mérida’s downtown for as little as $275,000, although extremely old houses cost more, as do homes in central locations with larger gardens. There are also gated communities with new construction, like the lovely Yucatán Country Club.
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