New trend: buying a “gang” condo in Mexico

Quebecers form groups to buy condominiums in Mexico to reduce costs and risks, and share the property according to their needs.

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Caroline and Patrick have just taken the plunge. Within two weeks they will take possession of a lovely condominium in Playa del Carmen, Mexico.

“After traveling and visiting Playa del Carmen, we understood that it was pleasant and safe. My partner and two of his colleagues then started talking about the possibility of buying and that’s where the idea came from.”

What made the adventure possible was investing as a group. By joining with another couple and a single person, they were able to reduce the bill and the risks, and will be able to share the co-ownership according to their schedules and needs.

“The total condo cost $200,000 US. So it cost us around $40,000 each. It’s our first purchase so being in a gang like that gives us a safety net. If something happens, we are not the only ones to suffer the problem,” says Caroline, who is a teacher.

“The ultimate goal was to kill two birds with one stone. Having a place where we could travel as a family, but also having an investment and benefiting other people like us who would like to visit this place by renting it,” she adds.

A trend

Josianne Lambert, a real estate broker for six years in Playa del Carmen, helps hundreds of Quebecers realize their dream of owning a property under the hot Mexican sun.

“It’s a trend. There are more and more people doing this. I have a lot of groups today, families and colleagues who come together to buy a condo or a timeshare,” she says.

Six years ago, Josianne Lambert founded her real estate agency, Evoke, in downtown Playa del Carmen, three blocks from the Caribbean Sea.

“Is match sometimes people who don’t even know each other. Of course, things need to be clear at the start. But if it’s the same type of personality and the same goals, it works,” she explains.

“There are a lot of people today who are alone. For example, there was one who said to me: “I would like to spend the month of February”. Another wanted to spend the month of March and another wanted to spend the month of November. Well, perfect. The rest of the time, we rent and make good income.”

“Buying a $250,000 condo with three or four people is much more accessible than alone. There is strength in unity,” she said.

Escape the metro-work-sleep

The majority of clients of Josianne and her agency Evoke are looking for a place to spend two or three weeks a year, and take the rest of the time to rent it and get a return on their investment.

“Three-quarters of my clients, that’s it. The other quarter are people who want to settle here for good,” she explains.

“People work like crazy today to afford a week or two in the South, to relax and then come back to the metro-work-sleep… I want to help people do more than that.”