Guatemala is known in Spanish language as Republica de Guatemala. The land area of Guatemala is about 109,000 sq. km. and the population is around 13,277,000. The capital is Guatemala City and the national language is Spanish. Another 22 indigenous languages are also spoken in this country. Guatemala is classified as a developing country but it is among the ten poorest nations in Latin America. More than 50% of the population is estimated to be below poverty line and several social problems face the country. The civil war of the 1990s came to an end with the peace accords in 1996. This removed a major hurdle in the growth of the country and in improving direct foreign investment. Tourism had also improved in this decade, bringing greater revenues.
Guatemala possesses 14 separate ecoregions consisting of 5 distinct ecosystems. In spite of the biodiversity, the earthquakes and volcanic eruptions are quite common in this country. Recently, Pacaya volcano erupted on May 27 and the capital city was blanketed with black sand, leaving 8 centimeters of sand and ash. The cleaning work had been continuing, while the international airport was opened after a brief closure. Still, these natural disasters had not discouraged international investors from flocking to Guatemala for obtaining Guatemala real estate for sale and Guatemala rentals for bargain prices. The Guatemala real estate prices had been quite low due to the strong exodus of the local population to several other countries during the civil war and frequent fights between local gangs, with the United States being the major destination for those leaving the country.
The Pacific Coast is within 100 miles from the capital city of Guatemala. This provides a rare opportunity for international investors to actively put their money in Guatemala for sale and Guatemala rentals. The properties vary from vacation homes, large areas of vacant lands, commercial spaces, and beach front properties to urban homes and condos. The global depression of 2008 and the continuous migration of people to other countries had brought down the property prices in Guatemala significantly. These lower prices are actually a boon to international real estate investors to buy Guatemala real estate listings at bargain prices and profit from them in the next five to ten years. Guatemala real estate industry does not offer short-term gains but prospects for long-terms profits definitely exist. In particular, Antigua, an enchanting Spanish town, and the areas surrounding it provide substantial Guatemala real estate investment opportunities to international property buyers. Several properties are available at significantly low rates, compared to the prices that prevailed in 2007.
Still, foreign investors would do well to understand the Guatemala laws. Property sales tax is 12% and the annual property tax is also higher. Hence, most properties are registered at one-tenth of the actual selling prices. Corruption is rampant in Guatemala and foreign investors should become accustomed to that. They are allowed to purchase, maintain, and sell Guatemala without any restrictions, except lands near rivers, oceans, and international borders. One main advantage for foreign investors is the law passed by the government in 2001, allowing foreign currencies for Guatemala real estate transactions and hence buying properties directly with US dollars is not a problem.
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