Update
Nicaragua in General:
Arriving in Nicaragua in the afternoon of the 1st of January I was immediately struck by the quantity of roadside real-estate advertisements. In the 12mths since leaving Nicaragua it is clear that all the large international speculators have now discovered the booming property market and all have set-up offices in SJS and/or Granada to cater to the primarily North-Amercian buyers seeking lots for apartments and homes. Speaking with friends and business-owners this picture is confirmed and also the development of the tourism industry is speeding-up at the anticipated pace.
Specifically this is visible in SJS and Granada where there are more foereigners on the streets, more hostals, restaurants and bars. In SJS the Japanese are personally funding and supervising the building of an extended dock in the marina to accomodate the increasing number of cruise ships arriving. Since being here, two have already visited SJS. Granada looks all the nicer for having invested in city-beautification, complete renovation of the main cathedral, a renovated Calzado (the main strip leading down to the river) and the renovated road (now 4-lanes) to Masaya and Managua.
Politically everyone is expecting a busy year with elections due in November but with the boom in property speculation it is clear that there is little fear amongst institutional investors of any serious consequences, regardless of the outcome.
Property Search:
Speaking with our local contact in SJS, Ronaldo Toruno, I highlighted all the developments in the Casa Tortuga project and I quized him at length about his own thoughts on what specific areas he thought would best suite the joint venture. The first general conclusion was that the area north of SJS, rather than south, would yield better options. Specifically, over the next 5 to 10 years the Tola coastal region has 3,480manzanas planned for development which will yield over 2000 vacation homes/condominiums, 800 hotel rooms, 500,000m2 of construction and 2 golf-courses. Looking at both the movement of backpacker tourists as well as higher-end tourists this area will increase in popularity faster than the beaches south of SJS. Also, better infrastructure and accessability would allow Casa Tortuga to get up and running more quickly here. This conclusion has been confirmed when speaking with local friends and business-owners. Consequently I have thusfar focussed my search more in this direction.
During various trips in the 1st week of January I visited property at playas Iguana, Gigante, Popoyo and Sardinas. After a few days in Granada I returned to the area and saw property at playas Playones, Nacoscal and again Popoyo. Among other things, my attention has been drawn to the tiny fishing community at playa Gigante. The presence of such a community is unique along the entire south-west coast and it has endeared itself to me very quickly. The beach itself is typically stunning and tourist development is in its infancy (1 bed&breakfast with a few basic rooms). It is easy to picture the steady development, over the next 5 to 10 years, of more hostals and hotels alongside the existing community. This combined development is exactly the kind of environment that suites the Casa Tortuga joint venture profile and there are various properties close to the beach that I am currently investigating.
A bit further north, playa Popoyo also has very specific potential. Already enjoying a very regular flow of backpacker tourists thanks to having probably the best surf-break in the country, it thusfar lacks any significant accomodation. The possibility of being the ´1st one on the block´ would mean a significant head-start and be a great advantage. Also, Popoyo is one of the largest beaches on the south-west coast which is an advantage in itself. At Popoyo I have identified both beach-front and hill-top property that suits Casa Tortuga´s needs to a tee.
In the coming week I will be visiting new property at Gigante as well as investigating the Playa Coco area to the south of SJS. The conclusion thusfar is clear: Tourist development along the entire south-west coast is still increasing exponentially and it is simply a matter of choosing the best option out of various excellent and varying possibilities.
Registration of Casa Tortuga in Nicaragua:
With the registration process of Casa Tortuga Holding BV all but complete (we are expecting the KvK Registration number any day now) I have met with mr. Victor Lopez of Deloitte Tax&Legal in Managua to discuss the details of registering Casa Tortuga here in Nicaragua. The meeting was very fruitfull and the following agreement has been made, mr. Lopez will provide us with 2 proposals:
Arriving in Nicaragua in the afternoon of the 1st of January I was immediately struck by the quantity of roadside real-estate advertisements. In the 12mths since leaving Nicaragua it is clear that all the large international speculators have now discovered the booming property market and all have set-up offices in SJS and/or Granada to cater to the primarily North-Amercian buyers seeking lots for apartments and homes. Speaking with friends and business-owners this picture is confirmed and also the development of the tourism industry is speeding-up at the anticipated pace.
Specifically this is visible in SJS and Granada where there are more foereigners on the streets, more hostals, restaurants and bars. In SJS the Japanese are personally funding and supervising the building of an extended dock in the marina to accomodate the increasing number of cruise ships arriving. Since being here, two have already visited SJS. Granada looks all the nicer for having invested in city-beautification, complete renovation of the main cathedral, a renovated Calzado (the main strip leading down to the river) and the renovated road (now 4-lanes) to Masaya and Managua.
Politically everyone is expecting a busy year with elections due in November but with the boom in property speculation it is clear that there is little fear amongst institutional investors of any serious consequences, regardless of the outcome.
Property Search:
Speaking with our local contact in SJS, Ronaldo Toruno, I highlighted all the developments in the Casa Tortuga project and I quized him at length about his own thoughts on what specific areas he thought would best suite the joint venture. The first general conclusion was that the area north of SJS, rather than south, would yield better options. Specifically, over the next 5 to 10 years the Tola coastal region has 3,480manzanas planned for development which will yield over 2000 vacation homes/condominiums, 800 hotel rooms, 500,000m2 of construction and 2 golf-courses. Looking at both the movement of backpacker tourists as well as higher-end tourists this area will increase in popularity faster than the beaches south of SJS. Also, better infrastructure and accessability would allow Casa Tortuga to get up and running more quickly here. This conclusion has been confirmed when speaking with local friends and business-owners. Consequently I have thusfar focussed my search more in this direction.
During various trips in the 1st week of January I visited property at playas Iguana, Gigante, Popoyo and Sardinas. After a few days in Granada I returned to the area and saw property at playas Playones, Nacoscal and again Popoyo. Among other things, my attention has been drawn to the tiny fishing community at playa Gigante. The presence of such a community is unique along the entire south-west coast and it has endeared itself to me very quickly. The beach itself is typically stunning and tourist development is in its infancy (1 bed&breakfast with a few basic rooms). It is easy to picture the steady development, over the next 5 to 10 years, of more hostals and hotels alongside the existing community. This combined development is exactly the kind of environment that suites the Casa Tortuga joint venture profile and there are various properties close to the beach that I am currently investigating.
A bit further north, playa Popoyo also has very specific potential. Already enjoying a very regular flow of backpacker tourists thanks to having probably the best surf-break in the country, it thusfar lacks any significant accomodation. The possibility of being the ´1st one on the block´ would mean a significant head-start and be a great advantage. Also, Popoyo is one of the largest beaches on the south-west coast which is an advantage in itself. At Popoyo I have identified both beach-front and hill-top property that suits Casa Tortuga´s needs to a tee.
In the coming week I will be visiting new property at Gigante as well as investigating the Playa Coco area to the south of SJS. The conclusion thusfar is clear: Tourist development along the entire south-west coast is still increasing exponentially and it is simply a matter of choosing the best option out of various excellent and varying possibilities.
Registration of Casa Tortuga in Nicaragua:
With the registration process of Casa Tortuga Holding BV all but complete (we are expecting the KvK Registration number any day now) I have met with mr. Victor Lopez of Deloitte Tax&Legal in Managua to discuss the details of registering Casa Tortuga here in Nicaragua. The meeting was very fruitfull and the following agreement has been made, mr. Lopez will provide us with 2 proposals:
The first proposal will be for the full registration of the business in Rivas which includes registration with the a) Chamber of Commerce b)Tax Authority c)Foreign Office and d) Municipality.
The second proposal will be for the application to INTUR (Ministry of Tourism) for the incentives under Law 306.
posted by Totoco Management at 6:56 PM
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