The Real Estate Market In Manzanillo a very attractive opportunity
The port city of Manzanillo Could very well prove to have some highly profitable real estate investment opportunities for investing in Mexican real estate. Many real estate prospectors are searching for something a little laid back than the popular tourist destinations. Manzanillo Mexico real estate values in have been on the rise in recent years and prospects look promisng as Manzanillo becomes more visible holiday makers.
Manzanillo Information
Manzanillo can be found on the western coast of the state of Colima. Manzanillo City is quickly growing with over 100,000 residnts. Although Silver deposits can be found in the region, a large portion of the municipality’s economy is agriculture. Crops such as corn, coconuts, and mangoes are all grown and sold in large numbers.
The city of Manzanillo has become much more popular for seasoned travelers and more tourists are choosing to stay here. A large reason for this change may be because cruise lines, including Carnival, have started calling Manzanillo one of their choice destinations. 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.
History of the Region
The Port of Manzanillo first opened in 1825. It was named after the manzanillo trees that were very common in the area during those years. Manzanillo trees are , with sap so potent that even sitting around one can result in death. Wood from these trees was commonly used when building ships, and by 1767 most trees had been cut down, leaving just one 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 snacking on its fruit.
What Manzanillo Has Going For It
Though Manzanillo is an up and coming vacation destination, the city would never be dubbed a “tourist trap.” It’s mostly considered a family get away by Mexicans; interestingly, around 60 percent of holiday homes in the city are owned by Mexican nationals. Visit Manzanillo on all souls day and you will see why.
Manzanillo doesn’t want to become another Aculpulco. There are hardly any timeshares, very few wandering sellers and when you relax on the beach a quick no will send any salesman away. Which is more than can be said of Cancun! It is this sleepy environment that makes Manzanillo so attractive to visitors trying to get off the beaten path and expats looking for a place to call home.
Another factor in the city’s favor is the low crime rate. Not only does the state of Colima have the lowest crime rate in the country, but Manzanillo has the lowest in the state. When investing in real estate abroad, crime is a major factor to consider.
Real Estate in Manzanillo
Due in part to its increasing popularity with expats, real estate value in Manzanillo has been increasing at a rate of approximately 20% per year over the last five years. Property values will continue to grow in coming years. In this economy, growth like that is not very common! Manzanillo luxury real estate is rapidly becoming the investment choice of many foreign investors.
As with buying property elsewhere in Mexico, foreigners must purchase property using 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. These fideicomisos can ultimately make property purchases safer for investors.
Manzanillo isn’t just a attractive vacation option, it’s also a real investment opportunity for those looking to make a good deal of money on real estate for international living. Don’t overlook the real estate in Manzanillo for your next investment!
