Vacation Homes in Nicaragua are poised to be the hot buy of 2009. The Nicaragua real estate market has been maturing over the past decade and it is re...
Vacation Homes in Nicaragua are poised to be the hot buy of 2009. The Nicaragua real estate market has been maturing over the past decade and it is ready to explode. Baby boomers are getting set to retire and they have just started to discover Nicaragua.
Nicaragua is located in Central America where it is hugged by both the Pacific and Atlantic Oceans. Historically associated with unrest, it is now associated with colorful villages, great surfing and beautiful beaches. Direct flights into Managua are available from a number of U.S. cities such as Fort Lauderdale, Atlanta and Houston. In the past six or seven years, the tourism industry in Nicaragua has experienced outstanding growth and the country’s infrastructure has seen a great deal of attention and investment.
Nicaragua has unsurpassed natural beauty and super exciting tourism related activities. Such attractions and activities include world class surfing and sport fishing, volcano snowboarding, exploring colorful colonial cities, relaxing on one of the beautiful beaches, golf, hiking along fresh water lakes and rivers, canopy tours, bird watching, turtle watching, exploring the local markets or visiting a coffee plantation in the mountainous regions.
Add to the mix an incredibly friendly population and Nicaragua’s rich and fascinating cultural history and it is suddenly no surprise that Nicaraguan property has become the hot buy amongst baby boomers looking for retirement homes or vacation homes, or seeking to diversify a real estate investment portfolio. In addition to the multiple benefits of owning Nicaragua property, you may also be eligible to receive some compelling tax incentives as an investor or developer under Nicaragua Law 306.
Foreigner investors are entitled to hold fee simple title to Nicaragua property in their own names. Title insurance is also available from some of the most reputable American title insurers to further ensure your peace of mind. Nicaraguan real estate is a very safe investment.
Because the Nicaragua real estate market still remains relatively undiscovered, compared to other tropical markets such as Costa Rica, Panama and Mexico, many great deals can be had. Ocean side villas are still affordable here. And when you consider that the cost of living in Nicaragua, including food and health care and services is a fraction of that in North America, the argument for buying Nicaraguan Real Estate becomes even more attractive.
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You don’t need to be wealthy to buy your Nicaragua vacation house. More and more exciting financing opportunities are coming on the market.
The real estate in Nicaragua has exploded over the past decade. Retiring baby boomer have realized that Nicaragua real estate offers the same as can be found in Costa Rica but for half of the cost. Nicaraguan vacation homes have become a hot ticket. Up until recently, most real estate sales in this country have been completed as cash only transactions. However, this scenario has changed as the investment market matures and various financing options have emerged.
It is now possible for non-Nicaraguan nationals to secure bank financing in Nicaragua. Financing is offered by the well known names in Nicaraguan banking such as Bancentro, BDF and BAC. Buyers can now apply for financial assistance of up to 90% of the total purchase price! Interest rates float in the range of 9-12% per annum amortized over 10 to 15 years with an option to extend.
An increasing number of developments are also offering developer financing. This type of financing often provides the best deals. A handful of developers offer short term (generally 5-6 years) financing at extremely rates with no pre-payment penalties. For example, a fantastic resort on the Pacific with a golf course is currently offering a 2 year financing option at 2.9% with a 50% down payment. Other nearby developments are offering 7 year financing on condos, completed home and ocean view lots at 8% with a 30% down payment. Another brand new beach condominium project within walking distance of the village of San Juan del Sur is offering 15 year financing at 9%. The terms of developer financing vary from development to development and are open to negotiation.
Yet another type of available financing includes developments that have specific arrangements with American style mortgage brokers. This type of financing option offers longer term financing opportunities on very competitive terms. The terms of this type of financing is similar to that offered by American or Canadian banks.
The least common but still available means by which to finance your Nicaragua vacation home is akin to private vendor take back mortgages. These days there are an increasing number of opportunities using this method of financing. Vendors know that the credit market has dried up and this might be the only way they can sell their home.
Financial assistance in buying your Nicaragua vacation home is now available. These financing options have made Nicaragua real estate more attractive than ever. These options coupled with Nicaragua’s low cost of living make investing in Nicaragua Real Estate more interesting than ever before. Financing your Nicaragua vacation is now a real possibility.
All year round there are some wonderful cultural events in Nicaragua. In my opinion, once of the most important perks that comes with buying real estate in Nicaragua is the opportunity to become exposed to the rich cultural heritage of Nicaragua. There seem to be cultural celebrations in Nicaragua every month. Many are dance related while many are more related to horses.
Christmas time has a number of wonderful and unique celebrations specific to Nicaragua and these celebrations offer a wonderful glimpse into this rich and wonderfully warm and welcoming cultural heritage. These festivities around Christmas start on November 28th and run until January 2nd.
The Christmas time festivities begin on November 28th when the Virgin’s statute is taken from the church so that she may visit the different communities served by the church. La purism is the most widespread of all Nicaraguan celebrations. From November 29th until December 13th, the Virgin is carried into different barrios by groups of neighbors. The joyful procession is accompanied by music, singing, a horn and drum band and a remarkable number of very loud firecrackers. During this period families decorate a portion of their homes or the sidewalk outside of their homes in tribute to various themes related to the Virgin Mary.
During this period of Purisma, a church mass is celebrated early every morning. These masses are the starting point for the days procession to a new neighborhood. A rosary is read at the barrio in early evening after which a traditional drink made from maiz called chichi and sweets are distributed to the neighbors. Later in the evening, the procession of the Virgin returns to the Church.
On December 7th, La Griteria is celebrated. December 7th is the day before Dia de la Virgin Maria. La Griteria literally means “the outcry”. “What causes so much joy?” is chanted by people walking from home to home in the streets of their neighborhoods. People inside their homes shout out “The Conception of Mary” in reply. On each and every December 7th, a loud, happy, joyful and at times boisterous “crying out” for the Virgin can be heard at all hours of the day in cities and villages all over Nicaragua. Although it originated in the colonial city of Leon, the celebration of La Griteria has spread to Masaya, Jinotega, Managua, San Juan del Sur and Granada and eventually spread across all the cities and villages of Nicaragua. No matter where you might decide to purchase real estate in Nicaragua you will be exposed to the joyful celebration of La Griteria.
Nicaragua is really a wonderful place to retire. If are attracted to sun and sand but also enjoy the enriching experience of exploring new and exciting cultures then a retirement in Nicaragua might appeal to you. There are currently some wonderful opportunities to own real estate in Nicaragua.
