Can US citizens own property in Mexico? I heard it was a 99 year lease?

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This is in response to Karen Cooper's comment/question:

The First Amendment to the (Mexican) Constitution that allowed foreign purchase in the Restricted Zone was the establishment of the Fideicomiso Trust Act of 1970. This Act allows a foreigner to purchase property in the coastal zone by using a Mexican Bank as a partner in the transaction. The Mexican Bank holds the title in Mexico and becomes the administrator of the Trust account for the foreigner. This partnership gives the foreigner all rights as owner and beneficiary of the property, with the Bank acting as the Trustee of the account.