Foreigners are allowed to buy homes in Mexico and hold their titles, just as long as they follow the same rules as Mexican natives. There are a few documents required to purchase a home in Mexico, coastlines require the land to be purchased through a bank trust, and you will need a good Real Estate broker to help you navigate some of the laws and terminology.
Prices depend on the location and whether or not there are many expatriates already living there. This tends to raise prices in housing since many US and Canadian residents require standards to reflect their native homes.
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