The short answer to this question is YES.
However, under the Mexican Constitution's article 27, foreigners cannot acquire direct ownership in an area known as the Restricted Zone, which is that section of Mexican Territory located 50 kilometers from the coast and 100 kilometers from the boarder.
Foreign individuals and foreign corporations can however, acquire property by way of a trust in the Restricted Zone, where they get exclusive rights to use the property but its title will be held by a Mexican bank as a trustee.
The purchase of a property by way of a trust is both safe and legal, and is provided for under Mexico's Foreign Investment Law (the FIL) of 1993. The duration of a trust is for a period of 50 renewable years.
Mexican Corporations with foreign investment can acquire full ownership of property even if located in the Restricted Zone, provide it is not intended to be used for residential purposes, though mixed use, i.e., residential and commercial, can be allowed under the Regulations to the FIL.
Elsewhere in Mexico, foreigners may acquire full ownership but must file with the Mexican Government an agreement promising not to invoke the protection of his government in the event of a dispute.
