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Nicaragua Travel |
Nicaragua Real EstateBefore investing in Nicaragua real estate, there are several things to take into account. A lot of potential problems can be avoided by planning ahead and learning more about Nicaragua's history and legal system. Consult a trustworthy lawyer specialising in real estate and make sure to have all agreements notarised. You can save yourself a lot of trouble by devoting some time and money to investigating in advance instead of trying to fix problems as they gradually surface. Nicaragua real estate – Somozas, Sandinistas and the big PiñataNicaragua has gone through very dramatic changes during the last few decades and this can potentially cause problems for you when you purchase Nicaragua real estate. When dictator Somoza was overthrown by the Sandinistas, land was confiscated by the state. When the Sandinistas handed over their power to the newly elected democratic government in the 1990’s, a lot of state property was distributed among Sandinista party members. This redistribution was commonly referred to as the “Piñata”. When you purchase a piece of Nicaragua real estate from Owner A, there is therefore a risk that Owner B shows up, claiming that he or she is the rightful owner of the property. Owner A can have a lawful claim from the “Piñata” period, while Owner B asserts that the land was confiscated by an undemocratic government and hence should be returned to the original owner. Nicaragua real estate – Indigenous peopleEven though indigenous groups may have lived in the same place for thousands of years, it can be very hard for them to be accepted by the Nicaraguan government as the lawful owners of their area and there are currently several disputes going on in Nicaragua where real estate developers have managed to gain titles for land inhabited by indigenous people. Before you purchase Nicaragua real estate it is therefore a good idea to investigate whether there are any unresolved claims from indigenous groups or individuals regarding the land you are interested in. Nicaragua real estate – Boom or notSince the situation in Nicaragua became more stable, the interest in Nicaragua real estate has increased dramatically. The prices are much higher today than only a few years ago, and more and more parts of the country are used for real estate developments. As history can tell us, this type of behaviour has been going on for centuries in various parts of the world, and during the 20th century we have witnessed plenty of real estate crashes or less dramatic ‘price-corrections’ where the price of real estate have returned back to more feasible figures. It is of course impossible to tell whether or not the increased real estate prices in Nicaragua is a sign of a looming real estate boom with a crash in tow, or if the high price of Nicaragua real estate is here to stay. After all, Nicaragua is a marvellous country with a pleasant climate and its geographical location makes it especially appealing for United States residents that wish to escape chilling U.S. winters. Nicaragua real estate is still inexpensive compared to popular parts of Mexico, Belize and Costa Rica, especially if you are willing to live at some distance from the main cities. Whether or not you find a piece of Nicaragua real estate that you are interested in over-priced will of course not only depend on global and domestic factors. A person planning to buy a house to live in must of course assess the situation differently than a person interested in purchasing Nicaragua real estate for resale or speculation.
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