Investing in Nicaragua Real Estate
Interview with Michael I. Hanyecz is a property Advisor, in this interview he discuss the investment opportunities at Gran Pacifica.
Can you briefly introduce yourself?
The Gran Pacifica Beach & Golf Resort is a residential community in Nicaragua, it offers the best of both worlds a North American beachside lifestyle and being within walking distance of surfing, horseback riding, golfing and nearby colonial cities
The community is served by top-notch infrastructure and amenities built both to serve the resident’s needs and their peace of mind.
The resort has several ready-to-buy properties, available for both investors or full-time residents ready to explore the community and the beauty of Nicaragua.
Gran Pacifica was established in 2002 on over 2,500 acres surrounded by 3.5 miles of walking beaches.
How long has this project been in development?
Since 2002.
When will this project be completed?
15-20 years.
How many units have been sold?
More than 240 lots. We have approx. 65 homes, condos.
How many units have been re-sold?
Maybe 15-20
Can you give us an overview of the units you have available for sale?
- A few remaining lots in Phase #1 from $59,000
- Casita Village: small lots, 2 BR units, $139,900
- New Phase Santa Barbara: lots from $179,900 to $409,900. Some are oceanfront, over an acre lots
- Las Perlas Resort (Phase II) oceanfront 3 story condos, 4 units per floor. First building Marbella model (6): 470 sq. feet from $129,900, Costa Dorada model (6) 670 sq. feet with larger balconies from $159,900.
To be part of the rental property management buyer needs to buy a furniture package $8,762 + 15% sales tax.
What are the yearly maintenance fees for these units?
- Property Owner fees are $300/month
- Property taxes: 1%
Are these properties rented, to whom and what has been the ROI in the past?
Las Perlas I was building 1 and 2 BR condos. ROI is over 10%
What is the ROI with the today’s prices?
New Las Perlas II buildings with lower rental rates we project better than 12%
Who is the primary customer of Gran Pacifica?
Surfers, retirees, investors.
Do you also syndicate purchases between multiple investors, how does this work?
So far no, but open to the idea.
What are the main pros and cons of investing in Nicaragua real estate?
Contrary to average US person’s perception, the country is very safe. According to the latest INTERPOL (which is revisited yearly), it is the safest country in the hemisphere after Canada!!!!
How can people protect themselves against “property fraud” in South Am
erica?
Gran Pacifica has a 15 point report about what to do before you buy. GP has a title insurance from First American Title.
Do you have graphs of price history of property in Nicaragua?
What has been the state of the market for the last three years?
In 2008 the US had a bad case of an economical bust. The whole world was in the hospital with pneumonia.
In the last 2-3 years Nicaragua is markedly growing. Better roads than Costa Rica, new commercial buildings and private construction. Gran Pacifica is slowly recovering with the introduction of our new phases.
Where do you see Gran Pacifica in the next 5 years?
Las Perlas II probably will finish the project at 10 buildings and a total of 120 condos. We expect that a major hotel will also be built by then and Santa Barbara will see some larger, more luxurious homes built, and a couple of new phases beside SB will be also open.
How can potential investors learn more about Gran Pacifica?
Check out our website: http://www.ecidevelopment.com/contact-us.html
Investors are encouraged to sign up for your information packet that matches your interest.
We participate in dozens of conferences in North and South America as well as in Europe. We also participate in the US NAR conferences and several regional Real Estate conferences.
We are holding special offshore investment strategical meeting for our future qualified investors.
