From
the outskirts of town, it's hard to believe that Campeche is anything other
than yet another Mexican industrial center and state capital. Driving
in, the low-lying undergrowth of the Yucatan countryside gives way
to the usual gas stations and auto dealerships of urban sprawl.
But approach
downtown and suddenly there they are massive 18th-century stone walls and
bulwarks that enclose 40 square blocks of pure colonial charm. Within those
walls lie street after street of gaily painted facades, austere churches
and cathedrals, and a graceful town square-complete with gazebo-just
begging for a stroll.
In December
1999 UNESCO granted Campeche World Heritage status for its cultural and
historic significance. The state government wants to turn Campeche, city
and state, into a mecca for high-end cultural and eco-tourism.
Ten years
ago, locals say, they couldn't even give away their big, rambling properties
in Campeche's city center and historic barrios.
Now that these
properties are World Heritage, however, the story is different. There are
no more bargain-basement deals, and many owners are holding onto properties,
waiting for prices to rise. As a result, there are never many colonial
properties on the market at any one time. That said, there are still good
deals to be had, particularly compared to U.S. and European prices.
Playas
Palmeras was the pioneer beach development in Campeche, and is the
only one that's actually up and running. It lies 40 kilometers from Champot?n,
farther south than the other two development projects. The British-backed
group owns 13 kilometers of coastline, all of it white sand beach. Playas
Palmeras sold its first beach lots in 2003; the first houses were built
in 2005. Company officials say there are still about 25 phase one lots
available. About 60 phase two lots will be released for sale by year end.
Lots at Playas
Palmeras are priced by the square meter, at $100 a square meter. Lot sizes
range from roughly 800 to 2,000 square meters. All lots have at least
20 meters of beach frontage. Housing construction costs range from
about $100,000 to $400,000, depending on the size, complexity, and amenities
of the house.
The biggest
noise in Campeche beachfront development is this ambitious, $450 million
resort backed by Spain's Grupo Mall.
As currently
planned, the resort will include over 3,000 condominium units; a marina
with slips for 150 boats; an 18-hole Jack Nicklaus golf course; a 500-room
five-star hotel; numerous pools; a beach; and an entire shopping center
for everything from groceries to the latest designer beach wear.
The American-backed
Santillana project lies one kilometer from the Grupo Mall project. As envisioned,
Santillana will be a gated residential community in two parts: a "del
Mar" area with two rows of beachfront lots, and, across the highway
and farther from the beach, a "Sea Ranch" of larger lots.
|
| Only first-row
beachfront lots will be right on the water. However, all lots will have
access to beach areas via footpaths. And the Sea Ranch lots, which run
2,000 to 3,000 square meters apiece, are big enough for private pools.
Prices for
beach lots are $125,000 for first-row lots and $100,000 for second-row.
There are 15 first-row lots and 14 second-row, all ranging in size from
about 1,000 to about 1,500 square meters. Sea Ranch lots go for $75,000.
These are all pre-development prices, says Santillana's management, and
will hold through the end of December 2007.
Remember: Mexico's
constitution does not allow foreigners to hold direct title to property
within 50 kilometers of the coast. Campeche City properties, as well as
the beachfront developments, fall within the 50 kilometer limit. So what
do foreigners do?
There are
two options:
The fideicomiso
is a trust that is set up to hold title to the property, with you as the
trust's beneficiary.
A Mexican bank
sets up the trust and holds the deed, charging an annual fee for this service
(currently about $600).
Fideicomisos
are flexible; you can do just about anything under a fideicomiso that you
could do if you held the title yourself.
The downside:
You'll pay an annual fee to the bank (usually $500 to $600) as long as
you have the property. If you plan to live full-time on the property, you'll
be advised to buy through a fideicomiso.
Mexican corporation.
If you plan to use the property for investment-say, renting it out most
of the year-you can choose to set up a Mexican corporation that holds the
title. You'll avoid the annual fideicomiso fees, but there will be other
guidelines you'll have to follow.
Suzan Haskins
Editor, Mexico
Insider |
|
 |
| Subscribing
Is A Good Idea |
|
|
|
|
