Why is Nicaragua considered a top spot for overseas real estate?
Despite Nicaragua’s complicated past there is a growing momentum of property investors heading to the country to ferret out hot real estate deals. In order to unpick the trend, we’ve pulled together a list of the main reasons why the country continues to garner international attention.
Top of the list is the price factor. Data from overseas property site Reveal Real Estate shows that Nicaragua has real estate at lower prices than other Central American locations such as Costa Rica, Panama and Belize. That in itself is a big draw. But when you add in the fact that it also has the lowest costs of living in the region according to IMF Purchasing Parity data, investors and retirees can’t seem to help but take notice.
Nicaragua is beautiful. It’s beaches on the Pacific easily rival those of Costa Rica as does it’s surfing. The country boasts a rich colonial past which has left its mark with the gorgeous colonial architecture and grand buildings of Leon and Granada. Great lakes (Nicaragua boasts the 10th largest lake in the world), volcanoes (including the remarkable Ometepe Volcano) and rolling green hills complete the picture.
The capital Managua is not known for it’s looks but boasts a host of dining, entertainment and shopping venues. Visitors from the US enjoy the familiarity of well-known hospitality brands and can access all the comforts of home from the “modern-style” multi-level shopping malls that seem to be popping up around every corner.
The last 18 months have seen a significant number of infrastructure improvements catered to boost tourism, real estate investment and retirees. Take San Juan del Sur the main coastal tourism hotspot for example. A new pedestrian walkway has been built, a water-main is currently being laid from Lake Nicaragua, the main beach road has been upgraded and plans are in place to improve the port facility to attract more cruise visitors. (Right now visitors get ashore by tender, the plan is to expand the port so they can disembark directly).
Investing in Nicaragua real estate still represents an ‘early in’ opportunity with the risks that this entails. But if you do your homework correctly and contract with a good lawyer, you may find the deal of a lifetime in Nicaragua.
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