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.
Sitting on the shores of a vast freshwater lake sprinkled with more than 400 volcanic islands, Granada has an unmistakable colonial charm. Red-tile roofs stand out against the dark-green cloud forest that covers the slopes of the sleeping Volcan Mombacho. Thick-walled adobe homes line the narrow streets, painted in shades of terracotta red and jade green.
Grander buildings with spires and bell towers frame the brilliant blue sky. Horse-drawn carriages, festooned with flowers and ribbons, stand in the central plaza, waiting patiently for their next passenger.
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…
But back to those bargain colonials. I write about these types of properties sometimes in my e-mail newsletter (you can get a free subscription here). Here are three good examples of what’s on the market in Granada today.
1. A very spacious one-bed, one-bath home has beautiful tile floors, high ceilings, and an internal courtyard garden. It’s just three blocks from the central park. Furniture and appliances are included in the list price of $170,000.
2. A three-bed, four-bath home with 250 square meters of living space is on a corner plot. The 150-year-old house has a swimming pool and a garage. The asking price is $229,000. Annual property taxes on this house are less than $300.
3. A huge, 1,000-square-meter mansion one block from the central park could make a luxurious family home or a B&B. The five-bed, five-bath home has elaborate ceilings, a garage, a large swimming pool and a home cinema theater.
The $900,000 price tag sounds high, but works out to $900 a square meter. The lot that the property sits on is 0.4 acres in size, which is very big for such a centrally-located property.
All three of these properties average less than $1,000 a meter. Compare that to colonials in Casco Viejo, Panama, where the average price for renovated property is $2,200 a square meter…or Cartagena, Colombia, where they average $3,000 a square meter…and you’ll see that Granada offers great value for money.
Editor’s Note: Margaret Summerfield is a director of Pathfinder, IL’s preferred real estate advertiser. If you’d like to get more property picks from Margaret, sign up for her free e-letter here.