Monday, August 3, 2009
Nicaragua Approves New Coastal Real Estate Law
Nicaraguan officials have approved a new law that bans property from being built within 50 meters of the high tide line on the beach front. The decision is a tremendous relief to developers, who have had to endure 5 years of uncertainty and speculation…it was feared that the ban would be approved at 800 meters from the beach front! Could you imagine? 800 meters is a long way!
The New Coastal Law establishes a clear set of laws, rules and guarantees for land ownership and development along the shores of the ocean, lakes and lagoons, but river front property is excluded from the law…this gives developers who have been in limbo about how to move forward a huge sigh of relief and a green traffic light.
It is speculated that this new law and the green light it gives to developers could create up to 10,000 new jobs! Something the Nicaraguan people and economy could sorely use…just like the rest of us.
I’ve got friend who visits Nicaragua every year and he loves it! The people are wonderful…warm, friendly and very hospitable. The country is very diverse from a visitors perspective, you can choose from a beach vacation to a lake front trip to mountain retreats and if investing in Nicaragua is in your sights, property here is approximately 20-30% less than comparable property in Costa Rica….oh…and the surfing is fantastic from what I hear. I am not a surfer, although I’d like to give it a try (bucket list item number 124!) I’ve seen some video and have been told that surfing on the Pacific coast of Nicaragua is world class.
Cant’ wait for the world to believe that the whole economic downturn has flat-lined and starts opening up their wallets again…maybe if the media started reporting upbeat positive news…ah well that’s probably too much to ask for. I can tell you this…this new Coastal Law in Nicaragua is excellent news for Nicaraguans and for real estate investors who are paying attention!
‘Til next time…Surf’s Up!