Granada is growing into the most popular tourism destination in Nicaragua. Many are lured by its rich history dating back to the Spanish conquistadors, beautiful colonial architecture and coherent historical center. Being the oldest city on the continent brings with it a certain cache and its location in Nicaragua’s tourism “heartland” makes it a logical choice as a stopping off point for visitors. Restaurants and bars are plentiful with ever increasing numbers of specialty shops but with none of the hustle and bustle of the capital.
Real estate and tourism are inexorably linked and the growing tourism numbers to the colonial town bodes well for Granada’s property market. You know how it goes… You go on holiday… you find a charming town and spend two glorious weeks relaxing and doing fun stuff. On the last day you look at realtors window and then buy a property - or at least start looking.
Real estate Investors are attracted by the availability of historic colonial properties characterized by 12 foot high adobe walls, wooden beams and pillars, internal courtyards, terracotta tiles and expansive proportions. More and more of these 17th century adobe structures are being remodeled remaining true to traditional Spanish colonial architecture as a result of strict planning regulations. The buoyant rental market offers the promise of an immediate rental income for properties that are finished to a high standard. Have a look at our rental listings for more information.
We regularly analyze market prices for colonials of different sizes that fall within the 10 block area that makes up Granada's historical center. Colonials are typically characterized by the number of interior patio courtyards they have, whether “full” (with walkways completely encircling the courtyard) or ‘split’ and the number of doors onto the street. With our market benchmarks, we are able to indentify properties that are priced competitively and which offer good value to investors.
As with most colonial cities in Central America, Granada is built around its central square (Parque Central) that represents the city's social, cultural, and economic hub. Real estate values are highest near the Parque Central and fall off relatively uniformly with distance from the centre as indicated in the map of Granada below. The central area is rapidly emerging as a commercial area with investors seeking properties to develop into hotels, bars and restaurants. Further away from the centre the real estate is more residential in nature.
Granada has applied for accreditation as a UNESCO world Heritage site and has an exciting development future. New projects are being launched on a regular basis and the next few years will see the development of “colonial inspired” condo developments, entertainment centers, modern gyms and a new shopping centre to complement the increasing numbers of tourists and residents enjoining this historical gem.
We have a wide range of Nicaragua real estate for sale and would be delighted to take you on a tour of properties in and around Granada. Please contact us to set up an appointment or click here to view property listings in Granada