Buyer’s Market: Century 21 Best Value Realty Weighs In On Ortega Victory
Managua, Nicaragua (9 November 2006)

Managua, Nicaragua (9 November 2006) Nicaraguans cast ballots this past Sunday, November 5th and decided to give Daniel Ortega a second chance as president.  Although many remember Ortega as a revolutionary figure of 1980’s Nicaragua, he now espouses Catholicism, professes to be Washington-friendly, and has stated he supports CAFTA.  Century 21 Best Value Realty analyzes the Ortega victory below, citing the effects it might have on the real estate market.

Ortega, himself a large land owner, has stated on many occasions his desire to secure foreign investment and respect private property.  Ortega told reporters after meeting with former U.S. president Jimmy Carter on Monday evening that “Nicaragua would continue to give security to the private sector, protect foreign and national investors … and work to eradicate poverty in the country,” as reported by the Los Angeles Times.

Several analysts view Washington’s response to Ortega’s presidency as the largest uncertainty.  While Ortega has stated his willingness to cultivate stronger ties with the U.S. is apparent, Washington’s response to this gesture is unclear.

Ortega has countered certain U.S. congressmen’s threats to withhold foreign aid with statements about working with the United States to reconcile the countries’ once bitter relations.  The Washington Post published the following statement by Ortega on Monday: “We are ready to work together [with the other candidates] to eradicate the poverty of Nicaragua, to provide security to the private sector, to provide security to the diverse foreigners in our country … and to develop relations with the entire international community.”

The most important piece of information for anyone looking to own property in Nicaragua is that Ortega has repeatedly stated his government will respect the private sector and private property.  Political analysts agree that he will.  The Washington Post reports:
Longtime political analysts in Managua said that Ortega was too pragmatic to attempt to resurrect controversial policies implemented during his 1979-90 government that drew international condemnation -- such as military conscription, confiscation of some private property and press censorship.

In addition, neighboring Costa Rican president and Nobel Peace Prize winner Oscar Arias stated last week an Ortega victory represents no risk whatsoever for the region. 
La Nación, a Costa Rican newspaper reported Arias is poised to work with Ortega and the Nicaraguan government for the further development and benefit of Central America.

Considering Ortega’s express commitment to securing foreign investment and Washington’s hesitancy to warm up to a one-time foe, Century 21 Best Value Realty predicts a strong buyer’s market.  Although some foreign investors could shy away from Nicaragua, Century 21 sees the present as an opportunity for savvy investors to get ahead of the curve.  The situation here on the ground is calm and business continues as usual. 

“The waves are still great and the wind still blows offshore most of the year,” added Century 21 Best Value Realty’s General Manager, Barry Oliver.

Contact: Barry Oliver, General Manager and Co-owner
barry@c21sanjuan.com or (+505)568-2283, Century 21 Best Value Realty, Nicaragua