Imagine your own private island. But who other than a billionaire could afford to consider it? In most of the world, the idea of owning a tropical island is beyond the reach of most retirees and expats. However, there’s one place in the Americas where you can own a private tropical island for less than $60,000.
The small island group known as Las Isletas is located in the enormous Lake Nicaragua near the historic colonial city of Granada, Nicaragua, about 45 minutes from the international airport in Managua. Las Isletas is an archipelago consisting of 365 islands. It was formed when the nearby volcano Mombacho erupted in prehistoric times and blew much of its cone into the lake.
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Lake Nicaragua is one of the world’s largest freshwater lakes. It’s about 102 miles long and 45 miles wide at its widest point. Standing at its shore is like standing on the ocean’s edge; all you can see is the blue horizon in the distance.
These islands are close to Granada, but their own community. The school, restaurants and bars are all on different islands. Locals commute in rowboats or by hitching rides from the tour boats. Some of these islands are completely undeveloped, while others have been improved to include beautiful homes with pools, tennis courts and all the amenities of a luxury setting.
As an expat living as part of the Las Isletas island community, you wouldn’t be alone. You would join the company of families of wealthy Nicaraguans who’ve embraced island life for generations, as well as dozens of North American expats. Some people live on their islands full time, while others have homes in Granada and use their islands as weekend getaways. You’re not completely isolated, as you can be living on an island in the ocean. Some of these islands have views of historic Granada, and none is so distant from the shore that you couldn’t hop in your boat and head to the city for dinner.
Las Isletas offers advantages over islands located in the ocean. Because they are located in an inland, freshwater lake, you have no worries to do with tides, hurricanes or other natural hazards that go along with open-water island living. Many of the islands enjoy access to electricity. Water — perhaps the biggest challenge for offshore island-dwellers — is also not a concern. Many people living here filter the lake water or install freshwater wells.
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Granada is one of the oldest Spanish colonial cities in the hemisphere. It’s both historically important and developed for comfortable and convenient 21st century living. Living on Las Isletas, you’d have easy access to it all. At the same time, these islands are far enough away from the mainland that you’d still enjoy the feeling of privacy that comes with private-island living. This is a beautiful natural setting with lush vegetation and abundant birdlife, including egrets, cormorants, ospreys, kingfishers, flycatchers, parrots and parakeets.
Of course there are disadvantages to living on Las Isletas, too. One is that some of these islands are close together. In these cases, private island living may not be quite as private as you might be hoping.
In addition, island living anywhere is not as convenient as living on the mainland. You can’t just pop around the corner for a loaf of bread. For a trip to a shop or the bank, for example, you’ll have to get into your boat or call the water taxi to take you to the public docks in town. There you’d get in your car (if you decide to keep one) or hail a taxi.
Foreign buyers have been paying attention to Las Isletas for over a decade. Over that time, six hotels have been built on the islands, including the five-star Jicaro Island Lodge. This uptick in commercial activity, along with Nicaragua’s overall increase in tourism over the past two decades, has brought more folks to Las Isletas to enjoy sailing, diving, kayaking and other water activities.
[Read: The World’s Best Boater Havens for Retirement.]
The starting price for an island of your own in Lake Nicaragua is $60,000. For that asking price, you could buy a small island of about 500 square meters with electricity and water and a level area where you could build a cabin or day-use area. For $80,000, you could own a small island of 750 square meters with a cottage just 10 minutes from the Granada port by boat. As with all of these island properties, those are the asking prices. You should be able to negotiate down.
For $120,000, you could buy an island of slightly under an acre with water, electricity (including its own transformer) and a small cottage. Another property currently for sale is an island of 0.67 acres, nicely landscaped, with a three-bedroom, three-bath home and a two-bedroom caretaker’s cottage for $415,000. At the upper end of the market is a large island with a 4,700-square-foot five-bedroom home outfitted for full-time living. The asking price is $650,000.
Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.
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Retire on Your Own Tropical Island Overseas originally appeared on usnews.com
