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Granada's Real Estate Boom

“Face it, Nicaragua is the ugly house on the prettiest street in the neighborhood,” said Charlie with a laugh. We were talking about the real estate boom in Nicaragua, which continues to expand at an unprecedented rate. Judging by the number of tevaed and slightly sunburned gringos gawking at the listings outside his office, he was right. Charlie’s a trooper and a veteran in the real estate boom that started just a couple of years ago and now runs the risk of imploding under the weight of all the real estate agencies it has spawned, eager to dine on the growing feeding frenzy that is Granada.

It’s hard for me to comprehend just how dramatically Granada has changed even since I first encountered this once-sleepy colonial village as a Peace Corps volunteer in 1998. Fast forward eight years and Granada has undergone a transition worthy of a prodigal son.

In 2001 Josue and I were writing the Moon Handbook guide to Nicaragua for backpackers and travelers, and Granada stood out as a fantastic traveler destination and one of Nicaragua’s jewels: colonial architecture, peaceful, laid-back atmosphere, plus goodies like stunning view of Lake Cocibolca and horse-drawn carriages. But it’s not just tourists anymore, the baby boomers have discovered Granada.

What’s the draw? Granada’s far less expensive than neighboring Costa Rica is, and offers a palpable sense of culture that the Ticos to the south long ago traded in for higher numbers of tourists. That’s another thing Nicaragua retains: a far less dense tourist population, meaning you don’t feel quite as much like a participant in the Disney version of a gringo ride than you do in Costa Rica.

Granada’s fate is uncertain. It will prosper, of course. But will it retain its colonial charm, or will it become the next Antigua, Guatemala, overrun with tourists and largely bereft of the very characteristics that drew a crowd in the first place? The Nicas don’t know yet. They complain about the housing sharks as fast as they sell their places for a quick buck. Don’t ask the sharks: they just want a piece of the action. And don’t ask the gringo investors. They just know they want a neat place to live and a gorgeous new lifestyle, even if it’s just for a couple months out of the year.

For that matter, don’t ask Josue or me, either. We’re hoping all those prospective home buyers walk away with a copy of Living Abroad in Nicaragua, due to be published in November of this year. We’re getting close!

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