Investors Searching For Real Estate Are Loving Akumal
Riviera Maya has grown up and over the past decade, more and more foreigners are purchasing homes along the Quintana Roo coastline. Retirees and remote workers are finding Akumal to be one of the most interesting areas to explore in their search for a great vacation home or full-time residence.
Thanks to its centric location the most important sites and destinations are within driving distance but not too close to larger cities like Cancun and Tulum. Ancient ruins, natural parks, Sian Kaan, Cozumel, Isla Mujeres, and Valladolid are fun trips that can be done in a day. Plus, Akumal is part of Tulum municipality minus the traffic and Dubai pricing.
Unfortunately, not understanding the language or the local processes can be a deterrent for non-Spanish speakers to explore the opportunity. Investors must also be aware of financial and legal responsibilities to owning property on the coast. In January 2023, Akumal Direct spoke to local realtors, investors, and homeowners in the area to learn more about the experience and provide future homeowners with these helpful tips.
5 Real Estate Tips For Buying Property In Akumal
1. Always Have Representation
Just as in the US, having the right representation will help you negotiate a fair price for your new home and protect your interests throughout the process. Whether you are looking for an investment property or a residential home having a realtor is a valuable asset. Especially, because all non-Mexican buyers must set up a title and bank trust to obtain a clean and clear title.
2. Ask Your Realtor For Their “Matricula”
Realtors in Mexico need to belong to the Mexican Association of Real Estate Professional (AMPI) which works alongside with secretary of sustainable urban territorial development (SEDETUS). Both are official entities that collaborate in an effort to certify the legality of professional realtors through a training and certification program. Aspiring realtors must make 3 sales before earning their license a.k.a “matricula”. During this period, trainees may practice under a certified realtor's supervision. Under the SEDETUS ordinance realtors are also required to renew their license every year which also requires 30 hours of on site training.
3. Licenses Are Exclusive To Each State
Mexico has 32 states and the peninsula of Yucatan has three states, Yucatan, Quintana Roo, and Campeche. Plus, Belize is also part of the peninsula so do make sure your realtor is licensed to operate in the state where you want to purchase.
4. All Realtors Must Be Fluent In Spanish To Be Licensed
No exceptions. In order to even be considered to join the certification program applicants must be fluent in reading, writing, and speaking Spanish. Applicants must not only make three sales but also pass a written exam which in order to be considered for accreditation. In addition, and as with any legal documentation, all official titles and deeds are only provided in Spanish. Buyers can have documents translated by a certified translator but in order to ensure your realtor can follow thru the due diligence process they must be completely fluent in Spanish.
5. There Is No MLS In Quintana Roo
As many resources and standards as the state of Quintana Roo have implemented to regulate real estate, the infrastructure does not yet have an MLS system to look up the property. That said, accredited licensed realtors have created a network to share listings in an effort to create a database.
Find The Information You Need
We understand navigating through Riviera Maya’s real estate environment can be overwhelming but we’re here to help. If you are interested in buying or purchasing a home in Riviera Maya contact us and we'll help you find the information you want.