Real Estate Nicaragua - Do You Dare To Check Out It?Real Estate Nicaragua, Nicaragua was long thought as a land of volcanoes and lakes, and was considered too rough-and-tumble to be seen a retirement haven away from home. But times are fast changing and real estate has never looked so appealing before. All of a sudden, foreign investors and investment media are flocking into Nicaragua in numbers, and real estate Nicargua is poised to become the most profitable of businesses available in the country currently. A democratically elected government and the introduction of a free market economy have only strengthened the cause further. Real estate Nicaragua prices have soared many times over the years. With indications the trend will continue for some time. Result: many foreign investors, more and more locals are jumping in to the real estate Nicaragua bandwagon. All with hope of making some fast buck with minimum risk. Cashing in on the real estate boom in Nicaragua, hundreds of realtors and real estate giants are matching each other in promoting the country. Enticing prospective buyers to pick up any prized piece of land in all major towns and cities in Nicaragua. Numereous websites marketing Nicaraguan real estate now clog the internet is indicative of the burgeoning real estate scene in Nicaragua. In fact, from a customer point of view, whether it is a piece of land in Granada or Masaya, commercial properties, beach front getaways or luxury homes, it is a candy store of choices. For a prospective real estate buyer, it is just about finding the right real estate in the place of his/her choice. The biggest advantage is the cheaper prices compared to most other places on earth. Whether your are buying or selling real estate Nicaragua, you should be aware the real estate industry is not regulated to the same extent as in North America. There are no real estate boards to help educate and promote professionlism within the industry.
Tie into your risk analysis and due digilence the potential problem facing some properties in Nicaragua. That of an invalid or questionably legal escatura (certificate of title to the property). This stems from the early days of the last revolution, when the Sandista government confiscated the properties of many middle and upper classes and then divided those properties up amongst farming co-operatives, private individuals and corporations as they saw fit. Add that together with some of the local mayors also giving property away as little as a few years ago. Bottom line - hire a good lawyer who can thoroughly check out the escatura to ensure that it is indeed good. Generally speaking if you can find a property with current owner holding the land since prior to the Sandistas coming to power, you can feel pretty confident that the title is good. Yes, you can purchase title insurance for your property as well. Many of these companies have a pre-qualified list of lawyers they will deal with on insuring properties and titles. There are several cases of where money has exchanged hands where the seller did not even own the property. Or sold the property only to go back a few months and sometimes years later to claim it back saying that the title was no good or that they sold it too cheaply. Fortunately there are a greater number of honest people to deal with, who will help you through the purchasing process. You should also be aware it is difficult for foreigners to obtain mortgages here. Unless the vendor is prepared to carry a mortgage you are advised to make your financing arrangements at home prior to purchasing. The good part of that side is the lending rates are cheaper in the industrialized countries than here. The rules and regulations and/or lack thereof, provide countless real estate Nicaragua opportunities. Both for the honest and not so honest individuals. Buyer beware - do your due diligence. It is the old law governing real estate investments - when the real estate scene is ripe, don’t hesitate to make the move. There are numerous examples of properties which sold for 2, 3 times and sometimes more within 3 years. Is it just the right time to invest in real estate Nicaragua? Additional references: Beach Front Properties Nicaragua International Real Estate Nicaragua - A Money Spinning Business For Both The Realtors and Nicaraguans! Nicaragua Property - How To Try To Protect Your Assets! For the Spanish version click here.
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