Posts Tagged ‘mexico’
The port city of Manzanillo looks to offer some exciting options for investing in international real estate. Many retirees are looking for an alternative to Mexican tourist cities such as Cabo, Cancun and Puerto Vallarta. Manzanillo Market values in have been on the rise in recent years and will likely continue to increase as Manzanillo becomes more visible expatriates.
Manzanillo Location
Manzanillo can be found on the western coast of the state of Colima. Manzanillo City is the municipal seat of the Manzanillo municipality. Although Marble deposits are mined here, a large portion for this region is agriculture. Crops such as corn, tomatoes, and tamarind are all grown and sold in large numbers.
The city of Manzanillo has begun to attract the attention of world travelers and more people are visiting than before. A large reason for this change may be because cruise lines, including Carnival, have started sailing into Manzanillo waters. Manzanillo has just become an origin port for some cruise lines as well, it will have it’s own cruise ship sailing from the Manzanillo port. There are many Manzanillo hotels to choose from for newcomers.
Manzanillo’s Namesake
Manzanillo’s port first opened in 1825. The name came from manzanillo trees that were found everywhere in the area during those years. This tree is highly toxic, with sap so potent that even resting under one can result in extremely unpleasant side effects. Wood from these trees was commonly used when building ships, and by 1767 there was only a single manzanillo tree remaining in the city. In 1825, the story goes that the governor of the state of Colima had the last manzanillo tree cut down after several people died from eating its fruit.
Why A Good Real Estate Investment
Though Manzanillo has drawn more attention to itself recently, the city would never be called a “tourist trap.” Manzanillo is as popular with Mexican families as it is with foreign tourists; interestingly, approximately 60 percent of holiday homes in the city are owned by Mexican nationals. Visit Manzanillo on all souls day and you will see why.
They will never put the emphasis on tourism in Manzanillo. There are no aggressive time share salesman, very few tourist based stores and when you relax on the beach nobody tries to sell you anything. You can't say the much about Mazatlan! It is this tranquil atmosphere that makes Manzanillo so attractive to real estate investors trying to get off the beaten path and expats looking for a place to call home.
The crime rate is very low here. Not only does the state of Colima have the lowest crime rate in the country, but Manzanillo has the lowest in the state. When buying real estate, you can rest easy in Manzanillo.
Manzanillo Real Estate
Due in part to its increasing popularity with locals and visitors alike, real estate value in Manzanillo has been increasing at a rate of approximately 20 percent per year over the last five years. Property values will continue to rise in coming years. In this economy, growth like that is hard to find! Manzanillo luxury real estate is rapidly becoming the investment choice of many foreign investors.
Just like in other parts of Mexico, foreigners must purchase property in conjunction with a Mexican bank that acts as their partner. Foreigners must set up a real estate trust called a “fideicomiso” to act on their behalf if they wish to purchase property in the restricted zone. The restricted zone includes land within 100 kilometers of international borders and land within 50 kilometers of Mexican coastline, according to Mexico Law. It is very risky to buy in an area where a fideicomiso is not available.
Manzanillo isn’t just a sleepy little beach town, it’s also a very lucrative option for those looking to make a good deal of money on real estate for international living. Be sure not to forget to look at Manzanillo as your next home! Check here if you want to learn more: international wealth generation blog