Granada has been a focal point of business for a long time, such as wood, gold and silver. As Granada becomes the national tourism centre, the economy continues to grow. Although it is still the sixth largest city in Nicaragua, Granada is well recognized for retaining some of the country’s finest colonial architecture. There was an immovable boom over several years, with many citizens from Europe and the Americas purchasing and renovating retirement or holiday homes in the area and opening offices in several foreign real estate firms, but this boom slowed down in 2007.