Nicaragua real estate snapshot: Tola Riviera and Popoyo
November 12th, 2009
International real estate in Nicaragua (or any market for that matter) is best analyzed on a granular, market by market and asset-by-asset basis. So to help buyers and sellers get to grips with the market, we’re writing a series of posts looking at the main property purchasing destinations in Central America.
This first post in the series looks at the ‘Tola Riveria and Popoyo’ area in Nicaragua. We’ve answered 5 questions designed to give you a quick market snapshot of the area. You’ll find that the post dives straight into the real estate nitty gritty, so if you first want to step back and read a description of the area, then click here. Onto the questions:
1. What real estate is available in the Tola Rivieria & Popoyo area of Nicaragua?
We follow 12 master planned communities in the area. The projects range from large destination style resorts with a host of amenities, ambitious hotel & spa resorts to smaller-scale surf-focused projects and subdivisions offering serviced lots.
The bulk of real estate on offer in the area is serviced lots (or homesites), with buyers choosing between ocean view, golf front, ‘tropical view’ and beach front positions. The larger projects, and those more advanced in their plans (see question 3 on amenities) also offer condos and single family houses for sale.
2. How much does property cost in Tola Riviera and Popoyo?
The table below shows the median price for condos and lots in the main real estate developments. If you want to see more detail then click through to each development where the prices are split out into additional categories (e.g. beachfront, ocean view, long ocean view and so on).
| Name of real estate development in Tola Rivieria & Popoyo | Median price/sqft condos and houses* | Median price/sqft serviced lots** |
|---|---|---|
| Rancho Santana | $195 | $5 |
| The Village at Aqua | $165 | _ |
| Iguana Golf Condominiums | $142 | _ |
| Bella Vista Guasacate, Nicaragua | _ | $12 |
| La Vista Nicaragua | _ | $2 |
| Bella Mar Nica | _ | $5 |
| Hacienda Iguana | _ | $7 |
| Hills of Santa Marta | _ | $6 |
| Prana del Sol | _ | $3 |
| Selva del Mar | _ | $5 |
| Guacalito | no data | no data |
| Los Perros | no data | no data |
* Average of the median asking price for each real estate development. Data collected July to September 2009.
3. What amenities are the developers offering?
Rancho Santana, The Village at Aqua and Hacienda Iguana are the furthest ahead in the completion of their masterplan. Some of the smaller subdivisions that do not plan on-site amenities, intend to make use of memberships offered by the other projects in the area (e.g. corporate membership to the Iguana Golf Club).
| Name of real estate development | Completed community amenities | Planned community amenities |
|---|---|---|
| Rancho Santana | Clubhouse; Racquet courts; Hotel, Restaurant; Stables/equestrian center; Swimming Pool | |
| The Village at Aqua | Restaurant | Spa/yoga center; Gym/fitness center; Hotel |
| Iguana Golf Condominiums | 9-hole golf course; Hotel; Restaurant | _ |
| Bella Vista Guasacate, Nicaragua | _ | _ |
| La Vista Nicaragua | _ | _ |
| Bella Mar Nica | _ | _ |
| Hacienda Iguana | 9-hole golf course; Restaurant | _ |
| Hills of Santa Marta | _ | _ |
| Prana del Sol | _ | _ |
| Selva del Mar | _ | Clubhouse |
| Guacalito | _ | Hotel; Clubhouse; 18-hole golf course |
| Los Perros | Clubhouse; Racquet courts; Hotel; Restaurant; Stables/equestrian center | _ |
4. How do prices compare with Nicaragua as a whole and the average for Reveal Real Estate?
For condos and single family homes, median prices in Tola Riviera are similar to the medians for Nicaragua as a whole, but well below the Reveal Real Estate average (which also takes into account property in Costa Rica, Belize and Panama).
For serviced lots the picture is more varied although for the most part the median for Tola is still below country and regional averages. The full chart can be seen on the Tola Riviera page (scroll down and click on the tabs)
5. What’s the year-on-year price trend?
The table below shows the year on year price trend for the area compared with other purchasing destinations in Belize, Costa Rica, Nicaragua and Panama.
| Purchasing destination | Country | Y-O-Y change in price (%) | Median price per sq/ft* | Rank by price |
|---|---|---|---|---|
| Tola Riviera and Popoyo | Nicaragua | -10.00% | 168.62 | 10 |
| Placencia | Belize | -9.91% | 253.98 | 5 |
| San Juan del Sur | Nicaragua | -9.90% | 203.15 | 8 |
| Bocas del Toro | Panama | -9.00% | 241.65 | 6 |
| Tamarindo | Costa Rica | -6.12% | 241.26 | 7 |
| Boquete | Panama | -5.13% | 110.26 | 11 |
| Papagayo, hermosa and Coco | Costa Rica | -4.49% | 283.39 | 2 |
| Jaco | Costa Rica | -3.41% | 287.53 | 1 |
| Panama City | Panama | -3.23% | 269.21 | 4 |
| Coronado & San Carlos | Panama | -2.14% | 201.03 | 9 |
| Ambergris Caye | Belize | -0.14% | 268.57 | 3 |
*Data looks at condos and townhouses for sale in international real estate developments
The developments that we follow in Tola showed an overall drop in asking price of 10% year-on-year to September 2009. Although higher than the other property markets we track, the falls are less than those we’ve become used to seeing in the US and other developed world markets. For more analysis on the trends in the table, check out an article we wrote over at International Property Journal.
That’s it for a quick market snapshot of master planned communities in Tola Riviera & Popoyo. Any questions or comments, please reply below. We’d love to have your feedback. And stay tuned for the next one.
Tags: Nicaragua, Tola Riviera Popoyo
This entry was posted on Thursday, November 12th, 2009 at 12:11 am and is filed under Market statistics and data. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
It is great that someone is finally offering a great forum for real estate in Nicaragua, and I look forward to your reports on other regions in the country. I have done research on some of the properties you mentioned above, so it was nice to see how they are coming along.
Even though you did not have much data for Guacalito, the exclusive resort destination is being developed by a well known group, Pellas Development, with offices in Costa Rica and Nicaragua, and various projects and investments throughout Central America. You can be quite certain it is going to be spectacular.
I am based in Mexico and consult on projects in this country, but have always spread the word about Nicaragua and love it as not only an investment, but as a country with so much beauty in its land and in the people that live there. You can still purchase properties at a reasonable price in a safe environment with such incredible potential. I hope people visit and fall in love with it, just as I have, from a business and quality of life point of view.
Keep up these great reports, and thanks again for spreading the word about Nicaragua.
Nice article. It’s surprising to see the price per sq foot going up at a rate equal to the rate of the price going down for San Juan.
Dear Popoyo Nicaragua, Apologies that is an error in the table. In fact the drop in asking prices in Tola Rivieria was 10%, similar to that for San Juan del Sur. I’ll update the table to reflect this. Thanks for the comment.