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New Apartments & Condos for Sale in Bacalar - 2024 Edition

Welcome to Bacalar, a hidden gem in the southern part of Mexico's Yucatán Peninsula.

Known as the "Lagoon of Seven Colors," Bacalar is a magical town boasting one of the most stunning freshwater lakes in the world. With its crystal-clear turquoise waters, rich Mayan history, and tranquil atmosphere, Bacalar has become an increasingly popular destination for both tourists and real estate investors in recent years.

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1. Introduction to Bacalar

​The Allure of Bacalar

Located in the state of Quintana Roo, just 40 kilometers north of Chetumal (the state capital), Bacalar is a picturesque town that has remained one of Mexico's best-kept secrets. Centered around the Laguna de Bacalar, also known as the Lagoon of Seven Colors due to its varying shades of blue and turquoise waters, Bacalar offers a unique blend of natural beauty and cultural richness.

  • Natural Beauty: The lagoon is fed by underground cenotes and is renowned for its clarity and beauty, making it ideal for swimming, kayaking, sailing, and paddleboarding.

  • Rich History: Bacalar was a significant Mayan city and later a Spanish colonial town, with historical sites like the Fortress of San Felipe dating back to 1729.

  • Tranquility: Unlike the bustling tourist hubs of Cancun or Playa del Carmen, Bacalar offers a peaceful environment, perfect for relaxation and rejuvenation.

  • Accessibility: Easily reachable via the Chetumal International Airport or a few hours' drive from major cities like Cancun and Tulum.

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Growth as a Real Estate Hotspot

As of 2023, Bacalar has seen a significant surge in real estate interest due to:

  • Rising Tourism: Recognized as a Pueblo Mágico (Magic Town) by the Mexican government, tourism has been increasing by 20% annually over the past few years.

  • Untapped Market: With less development compared to other Riviera Maya destinations, there's substantial potential for appreciation.

  • Eco-Tourism Appeal: Growing interest in sustainable living and eco-friendly developments aligns with Bacalar's emphasis on environmental preservation.

  • Government Investment: Infrastructure improvements, including road expansions and utilities, support sustainable tourism and development.

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2. Why Invest in Bacalar Condos?

Booming Tourism Industry

  • Visitor Statistics: Bacalar welcomed well over 300,000 visitors in 2023, and projections for 2024 indicate a continued upward trend.

  • Eco-Tourism Hub: Attractions like the lagoon, cenotes, and nearby Mayan ruins draw nature enthusiasts and adventure seekers.

  • High Occupancy Rates: Vacation rentals have occupancy rates averaging 65% to 80% annually, with peak seasons often fully booked.

  • International Recognition: Featured in leading travel publications and blogs as an emerging must-visit destination.

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High Return on Investment

  • Rental Yields: Investors can expect net ROI between 8% to 14% annually, higher than many other regions.

  • Property Appreciation: Average condo value increases of 10% to 12% per year due to growing demand and limited supply.

  • Lower Entry Costs: More affordable than other Quintana Roo destinations like Tulum or Playa del Carmen, offering significant potential for capital appreciation.

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Quality of Life and Amenities

  • Peaceful Lifestyle: Ideal for retirees, digital nomads, and families seeking tranquility away from crowded tourist areas.

  • Natural Surroundings: Lush jungles, crystal-clear waters, and abundant wildlife create a serene environment.

  • Community Feel: Close-knit community with local events, cultural festivals, and a focus on sustainability.

  • Sustainability: Emphasis on eco-friendly developments and sustainable living practices attracts environmentally conscious buyers.

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  • STUDIO CONDO IN TULUM

3. Understanding Bacalar's Neighborhoods

1. Bacalar Centro (Downtown)

Overview:

The heart of Bacalar, offering a mix of historical charm and modern conveniences.

  • Location: Surrounding the main square and the Fortress of San Felipe.

  • Characteristics:

    • Cultural Hub: Museums, art galleries, historical landmarks.

    • Walkability: Easy access to restaurants, shops, and the lagoon.

    • Local Markets: Fresh produce, artisanal crafts, and local cuisine.

  • Condos:

    • Types: Studios, 1-bedroom, and boutique condos.

    • Prices (2023):

      • Studios: Starting from $90,000 USD.

      • 1-bedroom units: From $130,000 USD.

      • Boutique condos: Up to $280,000 USD.

    • Features: Traditional architecture, balconies, rooftop terraces.

  • Ideal For:

    • Buyers seeking cultural experiences.

    • Investors targeting short-term rentals.

    • Those who enjoy a vibrant, local atmosphere.

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2. Lakefront Zone

Overview:

Prime real estate along the lagoon offering stunning views and immediate water access.

  • Location: East of Bacalar Centro, along the lagoon's shoreline.

  • Characteristics:

    • Luxury Condos: High-end units with premium amenities.

    • Scenic Beauty: Unobstructed lagoon views and private docks.

    • Privacy: Secluded areas providing tranquility.

  • Condos:

    • Types: 1-bedroom, 2-bedroom, and luxury penthouses.

    • Prices (2023):

      • 1-bedroom units: From $220,000 USD.

      • 2-bedroom units: Starting at $350,000 USD.

      • Penthouses: Can exceed $650,000 USD.

    • Features: Private lagoon access, swimming pools, eco-friendly designs.

  • Ideal For:

    • Luxury buyers desiring lakefront living.

    • Investors in the high-end rental market.

    • Those seeking a serene and picturesque setting.

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3. Mario Villanueva Madrid

Overview:

A residential area offering affordable condos and a local atmosphere.

  • Location: West of Bacalar Centro, slightly inland.

  • Characteristics:

    • Affordable Living: Lower condo prices with growth potential.

    • Local Community: Predominantly local residents with a growing expat presence.

    • Development: New condo projects and infrastructure improvements.

  • Condos:

    • Types: Studios, 1-bedroom units.

    • Prices (2023):

      • Studios: Starting from $80,000 USD.

      • 1-bedroom units: Up to $160,000 USD.

    • Features: Basic amenities, potential for customization.

  • Ideal For:

    • First-time buyers or investors.

    • Budget-conscious individuals.

    • Those interested in integrating into the local community.

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4. Magisterial

Overview:

A peaceful neighborhood known for its residential feel and proximity to amenities.

  • Location: North of Bacalar Centro, inland but close to the lagoon.

  • Characteristics:

    • Family-Oriented: Safe environment with parks and schools nearby.

    • Local Amenities: Close to supermarkets, restaurants, and services.

    • Quiet Streets: Ideal for those seeking a tranquil lifestyle.

  • Condos:

    • Types: 1-bedroom and 2-bedroom units.

    • Prices (2023):

      • 1-bedroom units: From $110,000 USD.

      • 2-bedroom units: Up to $220,000 USD.

    • Features: Spacious layouts, community pools, parking.

  • Ideal For:

    • Families and long-term residents.

    • Investors in long-term rentals.

    • Those seeking a balance between community life and tranquility.

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5. Xul-Ha

Overview:

A small village south of Bacalar known for its natural beauty and lake access.

  • Location: Approximately 15 kilometers south of Bacalar Centro.

  • Characteristics:

    • Natural Surroundings: Lush vegetation, wildlife, and direct lagoon access.

    • Eco-Tourism: Focus on sustainable living and environmental conservation.

    • Quiet Environment: Perfect for those seeking solitude.

  • Condos:

    • Types: Eco-friendly condos and boutique developments.

    • Prices (2023):

      • Eco-condos: Starting from $170,000 USD.

      • Boutique units: Up to $320,000 USD.

    • Features: Sustainable materials, solar energy, water conservation systems.

  • Ideal For:

    • Nature enthusiasts.

    • Investors in eco-tourism and sustainable living.

    • Those desiring a tranquil retreat.

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6. Buenavista

Overview:

A lakeside community offering a mix of residential and vacation properties.

  • Location: Approximately 25 kilometers north of Bacalar Centro.

  • Characteristics:

    • Lakeside Living: Beautiful views and direct access to the lagoon.

    • Local Charm: Small-town feel with friendly residents.

    • Development Potential: Growing interest in real estate investment.

  • Condos:

    • Types: 1-bedroom, 2-bedroom units, and luxury condos.

    • Prices (2023):

      • 1-bedroom units: From $130,000 USD.

      • 2-bedroom units: Up to $270,000 USD.

    • Features: Lagoon views, modern designs, communal areas.

  • Ideal For:

    • Buyers seeking lakeside properties at a lower cost.

    • Investors targeting vacation rentals.

    • Those wanting a peaceful environment close to nature.

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7. Limones

Overview:

A small town offering a local lifestyle and affordable real estate options.

  • Location: About 50 kilometers north of Bacalar Centro.

  • Characteristics:

    • Local Community: Predominantly inhabited by locals.

    • Affordable Living: Attractive prices for condos and apartments.

    • Access to Nature: Close to jungle areas and less-explored parts of the lagoon.

  • Condos:

    • Types: Studios, 1-bedroom units.

    • Prices (2023):

      • Studios: From $55,000 USD.

      • 1-bedroom units: Up to $110,000 USD.

    • Features: Simple designs, potential for rental income.

  • Ideal For:

    • Budget-conscious buyers.

    • Investors in long-term rentals.

    • Those wanting to experience authentic local culture.

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8. Bacalar South

Overview:

An area characterized by its natural beauty and luxury developments.

  • Location: South of Bacalar Centro along the lagoon.

  • Characteristics:

    • Luxury Living: High-end condos and eco-resorts.

    • Secluded Beaches: Private access to the lagoon.

    • Eco-Friendly Focus: Emphasis on sustainability and environmental preservation.

  • Condos:

    • Types: Luxury condos, penthouses, eco-friendly units.

    • Prices (2023):

      • Luxury condos: Starting at $320,000 USD.

      • Penthouses: Can exceed $700,000 USD.

    • Features: Private pools, panoramic lagoon views, premium amenities.

  • Ideal For:

    • High-net-worth individuals.

    • Investors in luxury rentals.

    • Those seeking an exclusive and serene environment.

4. Types of Condos Available in Bacalar

Studio Condos

Features:

  • Size: Typically 300 to 500 sq ft.

  • Layout: Open-concept living area combining bedroom and living space.

  • Amenities: Basic facilities; may include shared pools and gardens.

  • Ideal For:

    • Solo travelers or couples.

    • First-time investors.

    • Budget-conscious buyers.

  • Price Range (2023): $55,000 to $130,000 USD.

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1-Bedroom Condos

Features:

  • Size: Approximately 500 to 800 sq ft.

  • Layout: Separate bedroom, living room, kitchen.

  • Amenities: Balconies, modern kitchens, access to building facilities.

  • Ideal For:

    • Singles or couples wanting more space.

    • Investors seeking balance between cost and rental income.

    • Long-term renters.

  • Price Range (2023): $90,000 to $220,000 USD.

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2-Bedroom Condos

Features:

  • Size: Ranges from 800 to 1,200 sq ft.

  • Layout: Two bedrooms, larger living areas, often with en-suite bathrooms.

  • Amenities: Enhanced facilities like rooftop pools, security, parking.

  • Ideal For:

    • Small families.

    • Investors targeting families or groups.

    • Higher rental income potential.

  • Price Range (2023): $160,000 to $380,000 USD.

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Luxury Condos and Penthouses

Features:

  • Size: Over 1,200 sq ft.

  • Layout: Multiple bedrooms with en-suite bathrooms, expansive living spaces.

  • Amenities: Private pools, rooftop terraces, concierge services, panoramic lagoon views.

  • Ideal For:

    • High-net-worth individuals.

    • Investors targeting premium clientele.

    • Those desiring the pinnacle of luxury living.

  • Price Range (2023): $320,000 USD and above.

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5. Bacalar Condo Market Overview

Market Trends and Statistics

The condo market in Bacalar is experiencing significant growth in 2023, driven by increasing tourism and interest in sustainable living.

  • Appreciation Rates: Condo values have appreciated by an average of 10% to 12% annually over the past five years.

  • Rental Market:

    • Occupancy Rates: Average annual occupancy rates range from 65% to 80%, with peak seasons often fully booked.

    • Rental Yields: Net rental yields can range from 8% to 14%, depending on location and condo type.

  • Buyer Demographics:

    • International Investors: Growing interest from buyers in the U.S., Canada, Europe, and increasingly from Asia.

    • Retirees and Digital Nomads: Attracted by the tranquil environment, lower cost of living, and reliable internet infrastructure.

    • Local Investors: Recognizing the potential in the rapidly developing market.

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Condo Price Ranges (2023)

  • Studios: $55,000 to $130,000 USD.

  • 1-Bedroom Condos: $90,000 to $220,000 USD.

  • 2-Bedroom Condos: $160,000 to $380,000 USD.

  • Luxury Condos/Penthouses: $320,000 USD and above.

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Investment Potential and ROI

Studios and 1-Bedroom Condos:

  • Rental Income: $9,000 to $18,000 USD annually.

  • ROI: Net ROI of 8% to 10%.

2-Bedroom Condos:

  • Rental Income: $18,000 to $30,000 USD annually.

  • ROI: Net ROI of 9% to 12%.

Luxury Condos and Penthouses:

  • Rental Income: $30,000 to $60,000+ USD annually.

  • ROI: Net ROI of 10% to 14%.

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Factors Influencing Returns:

  • Location: Lakefront condos and those in prime areas command higher rental rates and have better appreciation potential.

  • Amenities: Properties with eco-friendly features and premium amenities attract more renters and can justify higher rental prices.

  • Property Management: Effective management maximizes occupancy and rental income, positively impacting ROI.

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6. Luxury Condo Sector

Lakefront Condos

Features:

  • Exclusive Locations: Direct access to the lagoon with private docks.

  • Amenities: Infinity pools, rooftop terraces, high-end appliances.

  • Prices (2023): From $220,000 USD to over $700,000 USD.

Investment Potential:

  • High Rental Rates: Nightly rates ranging from $250 to $1,200 USD.

  • Occupancy Rates: Approximately 75% to 85% annually.

  • ROI: Net ROI of 10% to 14%.

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Eco-Friendly Condos

Features:

  • Sustainable Design: Use of renewable energy, natural materials, and waste reduction systems.

  • Locations: Xul-Ha, Bacalar South.

  • Prices (2023): Starting from $170,000 USD.

Investment Potential:

  • Market Appeal: Growing demand for eco-friendly accommodations among environmentally conscious travelers.

  • ROI: Potential net ROI of 9% to 12%.

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Gated Communities

Examples:

  • Eco-Resorts in Bacalar South

  • Boutique Developments in Xul-Ha

Features:

  • Security: Gated access with 24-hour surveillance and concierge services.

  • Amenities: Wellness centers, communal gardens, private beach areas.

  • Condo Prices (2023): Ranging from $220,000 USD to over $600,000 USD.

7. Buying A Condo In Bacalar

Engaging a Real Estate Agent

  • Benefits:

    • Local Expertise: Insight into market trends, property values, and upcoming developments.

    • Negotiation Skills: Assistance in securing the best price and favorable terms.

    • Legal Guidance: Help navigating contracts, legal requirements, and due diligence.

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Legal Considerations for Foreign Buyers

  • Restricted Zone: Bacalar falls within the restricted zone (50 km from the coast and borders), where foreigners cannot own property outright.

  • Fideicomiso (Bank Trust):

    • Setup Cost: Approximately $1,500 to $2,000 USD.

    • Annual Fees: Around $500 to $800 USD.

    • Ownership Rights: Full rights to use, sell, rent, or bequeath the property.

  • Mexican Corporation:

    • Used for Commercial Properties or owning multiple properties.

    • Setup Cost: Approximately $2,000 to $3,000 USD.

    • Annual Maintenance: $1,000 to $2,000 USD.

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Financing Options

  • Cash Purchases: Preferred and most common among foreign buyers.

  • Developer Financing: Available for pre-construction condos; terms vary (usually 12 to 24 months).

  • Mexican Banks: Limited mortgage options for foreigners; interest rates between 7% to 9%.

  • International Lenders: Some foreign banks offer financing for Mexican properties; interest rates and terms vary.

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Closing Costs and Taxes

  • Closing Costs:

    • Estimated at 5% to 8% of the purchase price.

    • Includes: Notary fees, transfer taxes, appraisal, registration fees, and bank trust setup.

  • Property Taxes (Predial):

    • Approximately 0.1% to 0.2% of the assessed value.

    • Example: A $250,000 USD condo would have an annual tax of $250 to $500 USD.

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Property Management and Rental Services

  • Services Offered:

    • Marketing: Professional listings on rental platforms and social media.

    • Maintenance: Regular upkeep, cleaning, and repairs.

    • Guest Services: Check-in/out assistance, concierge services.

  • Fees:

    • Management Fees: Typically 15% to 25% of rental income.

    • Additional Costs: Some companies charge setup fees or fees for specific services.

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FAQ

7. Frequently Asked Questions

Can foreigners buy condos in Bacalar?

Yes, foreigners can legally purchase condos in Bacalar using a Fideicomiso (bank trust) or by establishing a Mexican corporation for commercial properties.

  • Fideicomiso Setup Cost: $1,500 to $2,000 USD.

  • Annual Trust Fees: $500 to $800 USD.

  • Ownership Rights: Full rights to use, sell, rent, or bequeath the property.

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What are the steps to buying a condo in Bacalar?

  • Engage a Real Estate Agent: Find a reputable local agent experienced in Bacalar properties.

  • Property Search: Identify condos that meet your criteria and budget.

  • Offer and Acceptance: Negotiate the price and terms; submit a formal offer.

  • Sales Agreement: Sign a promissory contract and pay a deposit (usually 10%).

  • Establish Fideicomiso: Set up the bank trust with a Mexican bank.

  • Due Diligence: Conduct legal checks on the condo's title, permits, and any liens.

  • Closing: Sign final documents before a Notary Public; pay the remaining balance.

  • Registration: The condo is registered in your name (or the trust) at the Public Registry of Property.

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How much are closing costs when buying a condo?

Closing costs typically range from 5% to 8% of the condo's purchase price, including:

  • Notary Fees: 1% to 2%.

  • Transfer Tax: Approximately 2%.

  • Appraisal and Registration Fees: 1% to 2%.

  • Bank Trust Fees: Initial setup of $1,500 to $2,000 USD.

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Are property taxes high in Bacalar?

No, property taxes in Bacalar are relatively low.

  • Annual Property Tax (Predial):

    • Rate: Approximately 0.1% to 0.2% of the assessed value.

    • Example: A condo valued at $250,000 USD would have an annual tax of $250 to $500 USD.

  • Discounts: Early payment discounts of up to 25% if paid in January.

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Can I rent out my condo when I'm not using it?

Yes, you can rent out your condo.

  • Short-Term Rentals: Popular through platforms like Airbnb, VRBO, and Booking.com.

  • Property Management: Local companies offer comprehensive services to manage bookings, maintenance, and guest services.

  • Rental Income: Can provide a significant ROI; ensure compliance with local regulations and tax obligations.

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What are the ongoing costs of owning a condo?

  • Property Taxes: As detailed above.

  • Utilities: Electricity, water, gas, internet; costs vary based on usage.

  • HOA Fees: Ranges from $50 to $250 USD per month, depending on the complex and amenities.

  • Maintenance: Regular upkeep, potential repairs; budget for unexpected expenses.

  • Insurance: Condo insurance averages $300 to $800 USD annually, depending on coverage.

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Is financing available for purchasing a condo?

  • Mexican Banks: Limited mortgage options for foreigners; higher interest rates and strict requirements.

  • Developer Financing: Available for select properties, often with short-term payment plans.

  • Home Country Financing: Some buyers leverage home equity loans or financing from lenders in their home country.

  • Interest Rates: Typically between 7% to 12%, depending on the lender and terms.

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What is the cost of living compared to the U.S. or Canada?

  • Lower Overall Costs: Generally 40% to 60% less than major U.S. or Canadian cities.

  • Example:

  • Monthly Expenses for a Couple: Comfortable lifestyle at $1,800 to $2,800 USD per month, including housing, utilities, food, transportation, and entertainment.

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Are there any restrictions on renting out my condo?

  • HOA Regulations: Some condo complexes have rules regarding rentals; always check the homeowners association bylaws.

  • Local Laws: Ensure compliance with municipal regulations, including obtaining necessary permits and paying lodging taxes.

  • Permits: May require a business license or permit for short-term rentals; consult with a local attorney or property manager.

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How secure is investing in Bacalar condos?

  • Emerging Market: Bacalar's growing popularity and limited supply contribute to strong appreciation potential.

  • Legal Protections: Proper use of a Fideicomiso provides secure ownership rights for foreigners.

  • Due Diligence: Working with reputable real estate agents, attorneys, and notaries minimizes risks.

  • Market Stability: Bacalar has shown resilience and steady growth, making it an attractive option for investors.

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