San Juan Del Sur and Granada are the two main real estate foreign investment and lifestyle destinations in Nicaragua.
It is hard to get data for a proper market analysis as the market is very fragmented and not data rich.
However, based on my discussions with various real estate agents, the consensus is that prices increased substantially from 2011, and then plummeted following the 2018 protests. Prices plunged about 30% in USD on average and stopped decreasing around Q3-Q4 2019, at which point transaction volume started increasing, albeit at constant prices. The market had found support around that base and was ready for an uptick.
However, the Coronavirus worldwide economy shutdown changed this. Even though Nicaragua has not implemented a lockdown, the economy has been strongly impacted, especially in these two tourist hotpots.
Very few transactions are taking place right now, but occasional fire-sales do happen; most often by American sellers who need cash.
Bearing this in mind, I met a few agents and went to see a few listings. I did not see all the listings below; some I simply took online. None of these are recommendations, nor are they the best deals in the market. The following is simply an above-average shortlist of properties which I found had interesting attributes. They offer a glimpse into the opportunities in the current market.

San Juan Del Sur, on the southern Pacific coast, is widely revered for its year long waves. Many Canadians and Americans, and some Europeans, live here full time. There is (usually) vibrant tourism, great surfing, a relaxed atmosphere, an established expat scene, and even a bilingual school for children. It is a decent option for a winter base or year-long living.
When you consider that Nicaragua offers affordable healthcare, multiple residency options and great taxation, it starts to look more than decent.
I’m saying this because I would classify San Juan Del Sur as more of a lifestyle decision, than an investment decision. Having compared some listings with rental rates (both short and long term), it is quite hard to get any decent return on investment, even at the current “low” prices.
After all maintenance costs, taxes, fees, etc, you can expect to make less than 2% net yield. Needless to say, that is not worth all the risk.
This massive house is in a gated community, walking distance from town down some steep steps. It offers unparalleled views of the bay, especially at sunset. This villa is massive, consisting of two units. You could choose to live in one and rent out the other, or keep it all to yourself.

Once listed at $1,200,000, it is now down to the fire sale price of $494,000. Bear in mind that you could negotiate the price down even further. Though these measurements include the terraces, you are looking at $666 per m2 ($62 per ft2) for such high-quality real estate. The seller is definitely taking a substantial loss on the sale.
On the more affordable end you can get this cute one-bedroom house for $89,000. It is within a small gated community featuring 24/7 security. For less than $100k you have your plan B. It is a 20 minute walk from town and from the beach, in a quiet area.

You might think it’s a great investment. But on the long term market you’ll probably get a mere $450 per month for it, and once you pay your HOA dues (maybe $150), finder’s fee for tenants, management fee, maintenance, taxes and empty months, you end up with a net yield of less than 2%.
I repeat, San Juan Del Sur is not an investment destination – it is a (lovely) lifestyle decision, with some potential side money to cover expenses.

• Do you believe the world economy will crash and people will have to go back to working the land?
• Do you believe governments in the West will become increasingly tyrannical and try to confiscate your wealth?
• Are you a Christian who feels increasingly persecuted in the secular West and want to live in a devout country where Christianity is widely practiced and respected?
• Do you want distance from governments and global elites who will want to force-inject something into you and your family?
• Are you simply sick of people and want to get away from it all?
• Do you want to live in sync with nature?

If you’ve replied yes to any of the above, I have the perfect property for you.
In the midst of a nature reserve, this property sits within a development and has 5 acres of land boasting over 200 fruit trees, a private well, massive water storage tanks, and enough solar panels to live in complete autarky. This house has it all.

The property even includes a separate studio for guests, down the pebbled path. It is a short drive away from San Juan Del Sur, but just far enough to live in peace.

It doesn’t demand much imagination to realize where the Nicaragua real estate market is headed. The real estate boom in Nicaragua is similar to what took place in Costa Rica in the 1980s, where people took advantage of an unknown, misunderstood country with a vibrant culture, spectacular landscape, and friendly people, to own a property in paradise for both pleasure and profit.

In Costa Rica, the course of events was much like what is happening today in Nicaragua: First, political stability was achieved with an eye on improving the economy and infrastructure. Then its wealth of spectacular beaches attracted tourists in record numbers…followed by retirees and real estate developers.

This process is exactly what is underway right now in Nicaragua, and as the nation develops, you can find excellent Nicaraguan real estate for sale. But you need to be aware that the window of opportunity is small and you must act soon in order to ensure you will find the best real estate opportunities available.

With numerous Nicaraguan real estate projects in their infancy, now is the perfect time to take advantage of what you may have missed in Costa Rica. But what areas are investors and second-home buyers focusing on as they think about buying property in Nicaragua?

Nicaragua’s Pacific coast comprises miles of beach living in the current property market. Today, most of the beachfront real estate activity on the Pacific coast is centered on three primary pockets that are home to some of the most spectacular beaches in Latin America: the “Emerald Coast,” the area that includes Tola, Popoyo, Gigante, Colorado and beaches up to Jiquiliste; San Juan del Sur, a small tourist city that boasts super surf, great international restaurants and lots of fun; and the coastal areas within 30 minutes of the northern colonial city of Leon, Poneloya and Las Peñitas.

If your retirement dream includes looking at the ocean every morning, look no further than San Juan del Sur, Nicaragua’s most-popular beach town. A small, eclectic town San Juan del Sur offers you an idyllic beach life. Picture yourself in a hammock, cocktail in hand, watching a breathtaking sunset—every day! Swimming, surfing, lounging, meeting your friends at one of the over 50 restaurants in town will become a way of life.

Never thought you could afford the life of Riley? What about an ocean-view condo, two-bedroom, two-bathroom, beautifully furnished for $97,000? Or a luxury house on a cliff with an infinity pool and the great blue ocean beyond for $289,000? Or buy a lot for $20,000 and up and build your own dream house. If you always wanted to live by the ocean, but knew it was out of your reach in your home country, you can do it here in San Juan del Sur.

The jewel in Nicaragua’s crown is a little city called Granada. It’s a beautiful, bewitching place and home to the most expats. And if your dream of an overseas property involves an old colonial home, you’ll get more for your money in Granada.

Granada has an unmistakable colonial charm. Red-tile roofs stand out against the dark-green cloud forest that covers the slopes of the sleeping Volcan Mombacho. Thick-walled adobe homes line the narrow streets, painted in all colors. Yet familiar western-type shops and restaurants can be found everywhere. The central park is a particularly nice place to hang out and people watch, take a horse-and-buggy ride, or stroll around the plaza checking out the artists and vendors who sell their wares there every day.

Here you won’t live life by the clock, rushing from one meeting to the next. Instead, you’ll enjoy life to the full…lingering over meals with friends, spending the day fishing or boating on the lake, or browsing the street markets…

Purchase a colonial home in need of renovation and/or restoration for the purpose of a second home, bar, restaurant, small boutique hotel, or condominium conversion project.

Scout for shell properties (in complete need of renovation), which are available in Granada for $50,000 to $100,000 if you pound the streets looking for unlisted properties for about 2,000 to 4,000 square feet. Some will even have pools. Other colonial homes in better condition, but still in need of restoration, start at $180,000 for approximately 5,000-plus square feet.

León and Granada have always been in competition for the title of biggest, best colonial city. In fact, the two cities competed to be the capital of Nicaragua, but Managua was chosen instead. Where Granada is more glitzy and westernized, León provides an inside view on a real Nicaraguan colonial city. Also a university town, Leon has a student culture, which includes many museums and the arts. A very musical town as well, you can visit neighborhood bars for local music as well as concerts. A fascinating city to walk around, León’s Cathedral is otherworldly and beautiful.

You can find real estate in León for a song. Fixer-upper colonial homes can be found for $35,000 and up. Buy a completely refurbished, furnished colonial for $180,000 or more, depending on size, location and amenities.