In principle, only Mexicans and Mexican companies may acquire ownership of land in the Mexican territory. Other persons may lease land generally for a term not exceeding 10 years for residential use and 20 years for commercial and industrial use [although this may vary depending on Mexican state-level civil codes which contaim most provisions governing lease agreements (each state has its own applicable civil code)]. Nevertheless, the State may allow foreigners to acquire land through an agreement in which they renounce the possibility of invoking the protection of their Government regarding said property. However, under no circumstance may foreigners acquire direct control over land and waters.within a "restricted zone" consisting of a 100-kilometre strip alongside the Mexican land border and a 50-kilometre strip inland from the Mexican coast. For the purposes of the OECD FDI RR Index, the restriction on access to land in border areas by foreigners and foreign-owned entities is assumed for national security purposes and, hence, not considered a restrictive measure under the index; the restriction on access to land in proximity to the coast is, however, considered a restriction under the index and assumed to affect only accommodation, food service and real estate investment activities.
"Article 27. [...]
The ability to acquire ownership of the lands and waters of the Nation shall be governed by the following prescriptions:
I. Only Mexicans by birth or naturalization and Mexican companies have the right to acquire ownership of lands, waters and their accessions or to obtain mining or water exploitation concessions. The State may grant the same right to foreigners, provided that they agree before the Secretary of Relations to consider themselves as nationals with respect to said goods and not therefore invoke the protection of their governments with respect to them; under the penalty, in case of breach of the agreement, of losing for the benefit of the Nation, the goods that they have acquired by virtue of it. In a strip of one hundred kilometers along the borders and fifty on the beaches, for no reason may foreigners acquire direct control over land and waters. [...]
IV. Trading companies by shares may be owners of rustic land but only to the extent necessary for the fulfillment of their purpose. In no case may companies of this class own land dedicated to agricultural, livestock or forestry activities to a greater extent than the respective equivalent to twenty-five times the limits indicated in section XV of this article. The regulatory law will regulate the capital structure and the minimum number of partners of these companies, so that the lands owned by the company do not exceed the limits of the small property in relation to each partner. In this case, all individual share ownership, corresponding to rustic land, will be cumulative for computational purposes. Likewise, the law will establish the conditions for foreign participation in said companies. [...]" (Mexican Constitution (5 February 1917), last amended on 28 May 2021, Article 27 [google translation])
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"ARTICLE 10.- In accordance with the provisions of section I of article 27 of the Political Constitution of the United Mexican States, Mexican companies with an exclusion clause for foreigners or that have entered into the agreement to which said provision refers, may acquire the domain of real estate in the national territory.
In the case of companies whose statutes include the agreement provided for in section I of Article 27 of the Constitution, the following will apply:
I.- They may acquire the domain of real estate located in the restricted area, destined to carry out non-residential activities, having to give notice of said acquisition to the Ministry of Foreign Relations, within sixty business days following the one in which the acquisition is made, and
II.- They may acquire rights to real estate in the restricted area, which are intended for residential purposes, in accordance with the provisions of the following chapter.
ARTICLE 10 A.- Foreigners who intend to acquire real estate outside the restricted area, or obtain concessions for the exploration and exploitation of mines and waters in the national territory, must previously submit a document in which they agree the provisions of section I of article 27 of the Political Constitution of the United Mexican States and obtain the corresponding permission from said agency. [...]
The Ministry of Foreign Relations may determine, through general agreements that will be published in the Official Gazette of the Federation, cases in which foreigners, in order to have the right referred to in this article, should only submit to said agency a letter in which they agree to the provisions of section I of article 27 of the Constitution, without requiring the corresponding permission of said agency.
ARTICLE 11.- Permission from the Ministry of Foreign Relations is required for credit institutions to acquire as trustees, rights over real estate located within the restricted area, when the purpose of the trust is to allow the use and exploitation of such assets without constituting real rights over them, and the trustees are:
I.- Mexican companies without a foreigner exclusion clause in the case provided for in section II of article 10 of this Law; and
II.- Foreign individuals or legal entities.
ARTICLE 12.- The use and exploitation of real estate located in the restricted area will be understood as the rights to use or enjoy them, including where appropriate, obtaining fruits, products and, in general, any resulting performance of the profitable operation and exploitation, through third parties or the fiduciary institution.
ARTICLE 13.- The duration of the trusts referred to in this chapter will be for a maximum period of fifty years, which may be extended at the request of the interested party.
The Ministry of Foreign Relations may verify at any time compliance with the conditions under which the permits provided for in this Title are granted, as well as the presentation and veracity of the content of the notices provided therein.
ARTICLE 14.- The Ministry of Foreign Relations will decide on the permits referred to in this chapter, considering the economic and social benefit that the performance of these operations implies for the Nation. [...]" (Foreign Investment Law (27 December 1993), last amended on 15 June 2018, Articles 10 - 14 [google traslation])
Mexican Constitution (5 February 1917), last amended on 28 May 2021, Article 27 
Foreign Investment Law (27 December 1993), last amended on 15 June 2018, Articles 10 - 14
[<a href="http://www.diputados.gob.mx/LeyesBiblio/pdf/1_280521.pdf">Constitution</a>],[<a href="http://www.diputados.gob.mx/LeyesBiblio/pdf/44_150618.pdf">Law</a>],[<a href="https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/WT/TPR/S352R1.pdf&Open=True">Other</a>],[<a href="">Otherhttps//resourcehub.bakermckenzie.com/en/resources/global-corporate-real-estate-guide/latin-america/mexico/topics/real-estate-law</a>]