Morelia Real Estate is a market which is just beginning to gain attention from the international market, as is true about the small towns on the nearby Lake Patzcuaro. The potential of this area, however, has been seen by the Mexican government, which has recently announced new investment into the village of Patzcuaro and other towns which have been officially identified as “Magic Towns.” These also include Valle de Bravo real estate which likewise offers an exciting new market for North American buyers.
Large-scale investment was announced for these towns, of which there is a total of 35, at the recent National Meeting of Magic Towns. In addition to the investment, a special prize has been offered of 10 million pesos (about $1 million USD) for promotion, training and improvement of infrastructure. The Ministry of Tourism of the Federal Government likewise announced guidelines to deliver the prize to the magical town that has the best tourism product. These are additional resources to encourage the provision of quality services offered to visitors. The winner will be chosen according to the following areas: level of development, conservation of tourism infrastructure and urban image, as well as management of vendors and trade regulation.
Regardless of who wins the contest, the new investment will help these areas continue to develop already strong images. Magic Towns are given this status based on having a unique image, well-developed traditions and events, the accessibility of these traditions and events to tourists, and the combination of these items with modern services and well-kept up roads, buildings etc.
Although these Magic Towns to date have gained far more attention from Mexican nationals – both in terms of tourism and in real estate – they have the infrastructure, the lifestyle, the services and image that many expat real estate buyers are looking for. For many of them, such as Valle de Bravo and Patzcuaro near Morelia, it is only a matter of time before they are discovered by international buyers.
A successful situation of a similar process can be seen in the towns on Lake Chapala, which has been a favorite location for Mexico’s elite to have vacation homes for well over a century; currently the principal buyers of Lake Chapala real estate are American and Canadian retirees.
Americans and Canadians looking for an alternative to the more common beachfront real estate in Mexico which combines Mexico’s charm with warm weather, low prices and modern comfort, small lakefront villages such as these “Magic Towns” provide an excellent option to consider.
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