In the middle of the financial crisis,2 of Spain's largest banks invested a billion dollars in Mexico,half of which went to the project on the northern end of Playa del Carmen called Grand Coral. Grand Coral is a 14 phase multifaceted project that will be developed over the next decade.
The first phase of Grand Coral,called Mareazul which just completed contraction,is 300 units on the Caribbean all with spectacular ocean views. Mareazul is the only beach front condominium in the 14 phase Grand Coral development. The 2nd phase called Nick Price Golf Course Residences is currently under construction. The additional phases will consist of condominiums,stand alone homes,a shopping district that will eventually connect the famous 5th Avenue,and even a private school. So the question is why Mareazul?
Mareazul is located on the most pristine section of white sand beach and the construction materials and amenities associated with Mareazul are setting the standard in the Riviera Maya. Whether it be a 1,2,3 bedroom,or penthouse unit,Mareazul residents are buying a property that will soon be surrounded 13 additional phases. Most importantly,because 2 of Spain's banks are financing Grand Coral,buyers can finance Mareazul condominiums with minimum money down at a rate of LIBOR plus 3,which is a rate of about 4%. Traditional banks might be able to lend at a rate of 7% or 8% for qualified applicants. In short,a condominium buyer with a 350K budget could realistically finance a beautiful ocean front condominium at Mareazul listed for 600K. The financing options alone at Grand Coral can more than double a buyers maximum budget.
The location,lifestyle,amenities,and financing makes Mareazul and Grand Coral a easy choice for anyone looking to live or invest in the limited availability of Caribbean beach front in Mexico's Riviera Maya.