A Two-Bedroom Townhouse in Antigua, Guatemala
$299,000
This two-bedroom townhouse sits in a gated group on the outskirts of Antigua, the colonial metropolis and UNESCO Heritage Site surrounded by volcanoes within the highlands of central Guatemala, about 25 miles west of Guatemala City.
“It’s close to Antigua, but not in the hustle and bustle of the commercial areas,” stated Glenn Wilson, an agent with Century 21 Antigua Fine Homes, which has the itemizing. The 39-home improvement is laid out as “a big square, and in the middle of the square there’s a park with benches, gardens.” From varied locations on the grounds, he stated, residents can eye the dormant Agua volcano.
Built circa 2010, the 1,991-square-foot cinder-block house is accessed via its one-car storage. Mr. Wilson stated that generally in gated communities in Antigua, the storage isn’t used for automobiles, that are parked simply exterior as a substitute. These repurposed garages create additional area for storage, or for a household or sitting room or, in others instances, a bed room. “I’ve seen all kinds of uses for it,” he stated.
“Because it’s a corner house, there’s a lot of windows,” Mr. Wilson stated, “so you have nice, natural light coming in.” The nice room’s handmade fire, with a hefty wraparound wooden mantel, is “more than enough” to warmth the residence within the winter, he stated, and air-conditioning is pointless given the area’s gentle local weather. The dwelling conforms to fashionable earthquake-safety constructing codes.
A bed room close to the doorway has an en suite toilet. From the lounge, ornately tiled steps ascend to the principle bed room, which is lofted. With a walk-in closet, an en suite bathtub and entry to a small personal terrace, the bed room is a sanctuary regardless of being partially open to the ground-floor area under.
The metropolis of Antigua, with about 50,000 residents, is famend for its colonial structure and non secular monuments, most notably the Seventeenth-century Santa Catalina Arch, as properly for the volcanoes on its horizon. Restaurants and buying are inside strolling distance from this property, whereas Antigua’s Central Park is a 30-minute stroll or a 10-minute drive. Guatemala City and La Aurora International Airport are 25 miles east, although the drive takes about an hour.
Market Overview
Guatemala doesn't have a centralized a number of itemizing service, making it troublesome to trace worth developments, brokers stated. Mr. Wilson stated that demand for houses in Antigua — a vacationer and retirement vacation spot for Guatemalans and foreigners alike — picked up final 12 months, fueled largely by consumers in a position to work remotely.
“‘How’s the internet?’ That seems to be the biggest question. ‘Is it strong enough for me to work?’ And it is,” Mr. Wilson stated. As a end result, he has discovered the true property market in early 2022 to be “more active” than it’s been in years, estimating that costs are 10 to fifteen p.c larger than they have been earlier than the pandemic.
Not each native dealer is seeing the identical developments. Rolando León, the overall supervisor of Nova Antigua Real Estate, characterised Antigua as a consumers’ market, with weakened demand and ample provide owing to market uncertainty.
“Nobody is trying to make lifetime decisions like spending $500,000 if they don’t know what’s going to happen with the economy and the pandemic,” Mr. León stated. With fewer consumers presently on the hunt, sellers have develop into “more flexible” on costs, he stated, although total gross sales exercise has held regular.
Pedro Ramírez Fait, the president of Guatemala’s Chamber of Real Estate Brokers, stated the nation’s housing market carried out very properly in 2021, and particularly within the final six months. After a short lived slowdown in gross sales due to pandemic-related restrictions and lockdowns, the market picked up with the identical vigor as earlier than the pandemic, he stated. (Guatemala’s authorities is presently requiring proof of vaccination and a latest damaging Covid-19 check for entry into the nation.)
Guatemala’s financial restoration because the pandemic, together with its projected 5.1 p.c GDP progress in 2021 and the steadiness of the Guatemalan quetzal with respect to the greenback, provides “confidence and hope” to buyers, Mr. Ramírez Fait stated.
Although Guatemala has lengthy struggled with violent crime, notably in Guatemala City, and political corruption — together with allegations of bribery dealing with its present president — Mr. Ramírez Fait stated the notion of Guatemala as unsafe is perpetuated by the media. “It’s different from the reality,” he stated. “People come to Guatemala and they have no safety issues,” he stated, including that the nation has labored for many years to enhance its security.
Prices in Antigua are larger within the metropolis middle and decrease on the periphery. Mr. Wilson stated a centrally situated three-bedroom home may cost a little $300,000 to $600,000, relying on high quality and site. Most consumers wish to spend lower than $500,000.
At the excessive finish of the market is an unique gated group within the metropolis middle, Jacarandas de Antigua, the place 4,800-square-foot tons promote for a mean of $550,000 and residential costs common $1 million. A second part, with tons to be priced at lower than $260,000, is underway, Mr. León stated.
Mr. Wilson and Mr. León stated consumers who're priced out of the middle are more and more seeking to its southern suburbs. “Most of the large coffee plantations are located there, and eventually these are sold for new real estate developments,” Mr. León stated. “The cost of land is increasing so fast that coffee growers tend to sell for good money in order to buy more land out of the cities.”
Who Buys in Antigua
The majority of consumers in Antigua are second-home consumers or retirees from different elements of the nation, Mr. Wilson stated.
International consumers sometimes come from the United States (many have a direct tie to Guatemala), adopted by Europe (notably Spain) and Canada.
“We’re seeing a bit of a miniboom right now from people that went to the U.S. when they were younger, have been successful, and now they’re planning their retirement,” Mr. Wilson stated.
Mr. León stated about 60 p.c of consumers in Antigua are Guatemalan and the remaining are overseas. The combine was “different a few years ago, when foreigners were buying most of the homes,” he added. “One of the main reasons for this is that local banks offer less restrictions to Guatemalans, as opposed to foreigners, who usually end up paying cash.”
Buying Basics
Foreigners will not be restricted from shopping for actual property in Guatemala, Mr. Ramírez Fait stated, although they can't personal property subsequent to our bodies of water, equivalent to seas or lakes.
Mr. Wilson stated that as a result of the business is unregulated, and brokers will not be licensed, it’s necessary for consumers to rent an moral agent with a minimum of 5 years’ expertise. He recommended vetting brokers with three questions: “How long have you been in business? How many homes have you sold? What’s your experience?”
Buyers usually rent an lawyer, whose charges are sometimes between $1,000 and $2,000, Mr. León stated. The buy tax, paid by the customer, is between 3 and 12 p.c of the property’s registration worth, relying on whether or not the property is new or secondhand.
Websites
Languages and Currency
Spanish; Guatemalan quetzal (1 quetzal = $0.13)
Taxes and Fees
In 2021, the annual property tax on this dwelling was roughly $200, and it'll enhance for a brand new proprietor, Mr. Wilson stated. The month-to-month rental charge of round $150 (1,200 Guatemalan quetzales) consists of safety, landscaping, lighting and upkeep of frequent areas.
Contact
Glenn Wilson, Century 21 Antigua Fine Homes, 1-888-445-2170; antiguafinehomes.com
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