The Vancouver Sun says Nicaragua emerges as a retirement haven
An article in the Sun asked: Want to know the secret to buying a tropical waterfront vacation property? Get in before the building boom! A summary of the article appears here.
Despite being the second poorest country in the Western Hemisphere Nicaragua's sprawling ocean views and cheap purchase prices are attracting Canadian and American buyers looking to purchase second homes. While the country's developing infrastructure makes some service like electricity unreliable three-bedroom homes with ocean views start at only $155, 000 US.
Many homebuyers are comparing Nicaragua to Costa Rica before the building boom that priced most people out of the market. Minnesota residents Jan and Duane Snow searched the coasts of Mexico and Panama for 10 years looking for an affordable investment/vacation property, but couldn't find any they wanted that were reasonably priced. Jan said, "We were always at the tail end of the development boom".
However after discovering a gorgeous quarter-acre of beachfront property in San Juan del Sur for $220, 000 Jan knew they were getting in before the boom. Price, ease of purchase, tax incentives and a laid back lifestyle are all factors that are drawing foreigners to areas of Nicaragua like San Juan del Sur.
Paradise is never perfect and if you're thinking of purchasing a home in Nicaragua cash is the recommended method as the interest rates on loans from local banks are high. HSBC is now apparently lending to its Premier clients for this type of purchase....anyhow, its beautiful!
(All cited quotes & figures are from The Vancouver Sun, March 31)
