The port city of Manzanillo, Mexico promises to hold some very lucrative options for investing in Mexican real estate. Many retirees are searching for something a little more calm than the popular tourist destinations. Manzanillo real estate values in have been rising steadily in recent years and will likely continue to increase as Manzanillo gains popularity with vacationers.
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 Copper deposits can be found in the region, a large portion for this region is agriculture. Crops such as watermelons, sorghum, and tamarind are all grown and sold in large numbers.
The areas in and around Manzanillo has become a secret getaway for vacationers and more visitors are visiting than before. Possibly this change may be because cruise lines, including Holland America, 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.
Manzanillo's Namesake
The Port of Manzanillo first opened in 1825. The name came from manzanillo trees that were very common in the area at the time. Manzanillo trees are very poisonous, with sap so potent that even sleeping beneath one can result in extremely unpleasant side effects. 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 has drawn more attention to itself recently, the city would never be accused of being 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 Christmas and you will see why.
They will never put the emphasis on tourism in Manzanillo. There are hardly any timeshares, very few tourist based stores and when you walk down the street nobody tries to sell you anything. Which is more than can be said of Puerto Vallarta! It is this relaxing atmosphere that creates much of Manzanillo’s attraction 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 buying real estate, you can rest easy in Manzanillo.
The Real Estate Market
Due in part to its growing appeal with travelers, 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 rise in coming years. In this economy, growth like that is not very common! Manzanillo luxury real estate is quickly becoming the investment choice of many foreign investors.
Just like in other parts of 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. 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 real investment opportunity for those looking to cash in on real estate for international living. Don't overlook the real estate in Manzanillo for your future home!
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