The Attractive Caribbean Property Markets
Property in the Caribbean is still looking attractive to buyers and sellers alike even in these financial times. Development land is being purchased for new resorts in particular in Dominican Republic, Barbados prices are continuing to rise and Belize has been identified as the ideal retirement spot.
The Dominican Republic is really taking off in tourism and property. The country has been recognized as being the number 1 Caribbean destination for tourists, taking the place of Puerto Rico who held this title for 40 years. A total of 3.4 million tourists visited the nation in 2008 resulting in Minister of Tourism, Felix Jimenez, announcing a plan to invest US$1 billion into tourism infrastructure developments that are to be completed by 2012.
The government has furthered this commitment by giving the go ahead to 16 new condo-hotels and real estate conversion projects which add almost 6000 new rooms to the current stock. There is also the added benefit of no stamp duty, tax on rental income or capital gains tax on property for owners in the Dominican Republic.
Even during this economic climate, according to local estate agents, the prices are still appreciating between 10 – 15% per annum on mid-range real estate in Barbados. The price of luxury property is ascending faster and the property market has steady growth.
The lifestyle offered by Barbados, with its many amenities including golf courses, spas and restaurants along with ease of access from the UK has led to much interest from British buyers. One theory is that the Brits have recognized that they could live a more comfortable lifestyle there compared to their home country and are making the most of any redundancy payoffs to escape.
Property in Barbados is still just affordable and prices ranging from US$250,000 to US$40 million.
The beauty and nature of Belize, with its lush rainforest and being home to the World’s second largest barrier reef is attracting more attention from buyers, in particular retirees.
Belize has identified and is supporting the fact that it is an ideal retirement spot for those over 45 and offer incentives such as official residency, tax-free entry of goods including vehicles for those who can meet certain criteria. Due to the lower cost of living, hard earned pounds and dollars will stretch further in Central America’s only English speaking country.
Other Active Islands
Prices continue to steadily climb in St. Lucia, which has over recent years become increasingly popular as a destination for those seeking the sun, with many people discovering St. Lucia whilst visiting one of it’s many luxury resorts.
Dominica continues to interest those seeking a quieter and more affordable alternative to the developed islands in the Caribbean, and with a land mass of 291 square miles inhabited by only 72,000 inhabitants, Dominica is one of the least crowded islands in the Caribbean.
Land and property in the Caribbean has always been a good investment decision for those wanting to secure their funds and enjoy the fruits of their labour. Laws in some countries allow for real estate owners to become citizens and have the same rights as nationals.
Caribbean Land and Property have over 750 properties available in 28 Caribbean and Central American countries and a team of professional to help you find the perfect property. Contact us today to discuss your requirements.Share this article on