Guide to Buying Real Estate in Nicaragua as a Foreigner
Nicaragua has been described as the “rising star” of Central America. And there is certainly plenty of reasons for why it has earned that moniker. The country boasts one of the fastest growing economies in the region, in all of the Americas in fact, with an economic growth rate over the past 5 years of 5.2%. In addition to this, the tourism industry in Nicaragua is growing at a feverish pace, with the country welcoming 1.4 million foreigner visitors into their borders in 2015, generating a total of $450 million. For an investment property, Nicaragua is a prime destination. In addition, the incredibly low cost of living in Nicaragua makes it an equally attractive destination for vacation, full time living, or retirement real estate purchases. Buying real estate in Nicaragua has many, many appealing sides to it.
For those interested in buying real estate in Nicaragua, there is a lot of good news. Not only are prices very low, but the market looks incredibly promising in the future. In addition, there are no restrictions on foreigners owning real estate in Nicaragua, making Nicaragua an appealing country in which to invest in real estate.
For those foreigners interested in buying real estate in Nicaragua, one of the first places to start is to find a reliable Nicaragua real estate agent, as well as a trustworthy attorney. These are both absolutely essential. A real estate agent will help you to find the right property that you want. In addition, they can help to make sure that you get a good deal. A good attorney is essential because the legal process of buying real estate in Nicaragua can be a bit tricky. For instance, you will need to make sure that the seller has the legal rights to sell you the real estate you are interested in. An attorney can also do a title search to make sure that the land isn’t involved in any sort of legal dispute.
The legal system in Nicaragua is a civil law system. This will make it easier to navigate for most Europeans, as well as buyers from most of Latin America. However, buyers from the United States, Canada, Great Britain and several other countries, all of whom have common law systems, may find it a bit different than what they are used to. Keep this in mind when buying real estate in Nicaragua.
Purchasing title insurance is strongly advised when buying real estate in Nicaragua. There are a handful of companies which provide title insurance for foreign real estate owners in Nicaragua….