Incredible Nicaragua Real Estate and Property
The real estate in Nicaragua is majestic in its beauty
It doesn’t demand much imagination to realize where the Nicaragua real estate market is headed. The real estate boom in Nicaragua is similar to what took place in Costa Rica in the 1980s, where people took advantage of an unknown, misunderstood country with a vibrant culture, spectacular landscape, and friendly people, to own a property in paradise for both pleasure and profit.
In Costa Rica, the course of events was much like what is happening today in Nicaragua: First, political stability was achieved with an eye on improving the economy and infrastructure. Then its wealth of spectacular beaches attracted tourists in record numbers…followed by retirees and real estate developers.
This process is exactly what is underway right now in Nicaragua, and as the nation develops, you can find excellent Nicaraguan real estate for sale. But you need to be aware that the window of opportunity is small and you must act soon in order to ensure you will find the best real estate opportunities available.
With numerous Nicaragua real estate projects in their infancy, now is the perfect time to take advantage of what you may have missed in Costa Rica. But what areas are investors and second-home buyers focusing on as they think about buying property in Nicaragua?
Current Nicaragua Real Estate Hot-Spots
(1) Real Estate on the Pacific Coast
Nicaragua’s Pacific coast–referred to as the “Nicaraguan Riviera”–is the predominant investor focal area in the current property market. Today, most of the beachfront real estate activity on the Pacific coast is centered on three primary pockets that are home to some of the most spectacular beaches in Latin America: the area of San Juan del Sur, the Rivas/Tola area, and the coast near Managua. A fourth real estate pocket currently developing is the coastal areas within 30 minutes of the northern colonial city of Leon.
Possibilities With the Real Estate for Sale Along the “Nicaraguan Riviera”
(a) Invest in any of the country’s numerous beachfront/oceanview residential resort communities.
(b) Purchase beach land or lots for development or land speculation.
Granada is an amazing place to purchase Nicaraguan real estate.
(2) Real Estate in Granada
The jewel in Nicaragua’s crown is a little city called Granada. It’s a beautiful, bewitching place. And if your dream of an overseas property involves an old colonial home, you’ll get more for your money in Granada. Granada has an unmistakable colonial charm. Red-tile roofs stand out against the dark-green cloud forest that covers the slopes of the sleeping VolcanMombacho. Thick-walled adobe homes line the narrow streets, painted in shades of terracotta red and jade green.
One of the city’s charms is its tranquility. You won’t live life by the clock, rushing from one meeting to the next. Instead, you’ll enjoy life to the full…lingering over meals with friends, spending the day fishing or boating on the lake, or browsing the street markets…
Possibilities With the Real Estate for Sale in Granada
(a) Purchase a colonial home in need of renovation and/or restoration for the purpose of a second home, bar/restaurant, small boutique hotel, or condominium conversion project.
(b) Scout for shell properties (in complete need of renovation), which are available in Granada for $20,000 to $40,000 if you pound the streets looking for unlisted properties (there are several available now) for about 2,000 to 3,000 square feet. Other colonial homes in better condition, but still in need of restoration, start at $180,000 for approximately 10,000-plus square feet.
Property samples in Granada:
- A very spacious one-bedroom, one-bathroom home with beautiful tile floors, high ceilings, and an internal courtyard garden. It’s just three blocks from the central park. Furniture and appliances are included. Price: $170,000.
A three-bedroom, four-bathroom home with 2,690 square feet of living space is on a corner plot. The 150-year-old house has a swimming pool and a garage. Price: $229,000. Annual property taxes on this house are less than $300.
(3) Nicaragua Real Estate in the Lake Regions of Laguna de Apoyo and Apanas
At the foot of the Mombacho Volcano, Laguna de Apoyo is located 15 minutes from the colonial city of Granada and 45 minutes from the international airport in Managua. It is a perfect location for someone who wants to enjoy calm, cooling waters lakeside, while also having the opportunity to blend into life in Granada–a town full of restaurants, artisans, markets, and an incredibly vibrant culture. A natural phenomenon, Laguna de Apoyo is among the cleanest lakes in all of Central America–filled with mineral water fed by underground springs. The lake is so clear that you can see 100 feet down. Apanas Lake, located in the Northern Sierras near Jinotega, is a manmade, yet expansive freshwater lake with majestic views.
Nicaragua Real Estate Purchase Process
Property ownership in Nicaragua is fee simple/freehold, with title issued and registered in your name. If you are familiar with real estate affairs in Nicaragua (and speak fluent Spanish), you could buy directly from the local farmer or property owner. As is the case with any other emerging real estate market, it is strongly recommended that you enlist the help of a reputable local attorney. Nicaraguan property titles can be in disputes at times–an experienced attorney can trace title of the property that interests you to ensure it is not contested.
In Nicaragua, the real estate purchase process is essentially a two-tier process involving three parties: the buyer, the seller, and the notary (the position of notary is the highest level of attorney qualification in Nicaragua, and is awarded by the state).
Once you have agreed upon a purchase price with the seller, the notary will prepare a promesa de venta (promise to sell). This is a three-party agreement, signed by the buyer, seller, and notary. Upon its execution, the notary will prepare a testimonio. This is an exact copy of the promesa and is placed in the public records to advise other prospective real estate buyers that the property is under contract.
Once all conditions of the promesa have been met, the notary will prepare an escritura (deed) to be executed by the buyer, seller, and notary. Once again, a testimonio is prepared. This is taken to the property registry and an appraisal of the property is done. An appraisal certificate is issued and submitted to the IRS, along with the testimonio. Once the transfer taxes have been paid the testimonio is recorded in the public registry office at the local municipal.
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