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Mexico Condos News: 6,000 Condo Units for Sale in 561-Acre Coastal Resort Community
Mexico got its another high-value condo project last April, thanks to Grupo Grand Coral, a development company owned by Spanish financial houses including Bancaja and Banco de Valencia.
This ambitious condo-resort project called, Grand Coral Riviera Maya, spread across 561 acres of lands in the quiet coastal town of Playa del Carmen. In addition to its 6000 condo units, this $2.5 billion real estate project is going to have in its campus, upscale hotels, resorts, an 18-hole Nick Price golf course, an entertainment complex including retail franchises and restaurants.
The entire project will take 10 years to finish. $700 million has been already invested and
300-unit luxury beachfront condominium community, named Mareazul is currently under construction. With its exclusive amenities such as spa, Botanical Zen garden with Mayan sculptures and beach club with private cabanas, Mareazul is definitely going to be one of the brightest feathers in the hat of Mexico condos market. And all these you can have at a price of $600,000. So far as the mode of payment is concerned, the developers have decided to keep it extremely flexible in view of the current recession. We are providing up to 70 percent financing to our customers with a 6 percent interest rate, through Bancaja, Jordi Mercadé CEO of Grupo Grand Coral was quoted saying.
Of its 6,000 Mexico condos, 130 units have been already sold out. While over 40% of the units were bought by Mexican citizens, the number of overseas buyers is also significant. Among the foreign buyers, 7% are US citizens. The rest of the units were bought by a mix of Canadian and European buyers.
The condominium is ideal for those who are looking for investment opportunities in Mexico vacation properties. The next 250 units of Grand Coral Riviera Maya are going to be developed as vacation homes. The company offers a rental management program for these Mexico condos to help its customers to earn revenues.
Grand Coral Riviera Maya is going to join the club of those green Mexico condos that make conscious attempts at reducing environmental impacts. It has incorporated a number of green features with an objective of protecting the environment surrounding the property. More than 75 percent of 561-acre lands within the boundary of this Mexico condo property will be kept in its natural state for the cause of preservation of the environment. Some of them will be turned into recreational parks and gardens. In a unique attempt to stay committed to green causes, the project is going to transfer all displaced greeneries in a greenhouse until they are ready for replanting.
However, the project management informed the media that they are going to adapt the market demands. As such, the construction of the consecutive phases will be taken up as and when the demands crop up. It is the market trends for Mexico condos, which will decide the proportion of luxury condos and medium-priced condos.
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