JULY 2009
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www.opp.org.uk Destination focus
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Caribbean
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Sarah Woods
INDUSTRINDUSTR
Island shopping YY
With over 7,000 islands to choose from, international agents can f_i nd second homes for a range of buyers at all
levels of af_f ordability in the Caribbean
T

his autumn’s Caribbean Real for numerous reasons,” says Walter Each island has its own character, so expectations need to be
Estate Investment Expo in Zephrin, a director of developer 7th managed accordingly with the client. No two destinations are
PEOPLEPEOPLE
Barbados is widely expected to Heaven. “These include a thriving alike, so it’s important for an agent to understand the make-up of
be in sharp contrast to years past as local tourism market, popular second home the region.
property professionals take the destination for North Americans and Georgina Richards, Knight Frank LLP
opportunity to regroup and refocus in a increasingly Europeans, low cost of
strategic meeting of minds. So far, 2009 living, very attractive tax regimes, Developments told the Bahaman points, it is not always as straightforward
has been a challenging year for agents, excellent retirement packages, a government in December that it was as it might seem. Each island has its own
investors and developers across the proliferation of luxury property putting the €250m Royal Oasis Resort character, so expectations need to be
region. While last year’s show focused on developments and internationally on hold because of the f_i nancial crisis. managed accordingly with the client.
the next great swanky development, renowned brands targeting high No two destinations are alike, so it’s
DESTINADESTINADESTINA
this year’s expo will be about net worth individuals, infrastructure Know your product important for an agent to understand
strengthening business connections - investment (such as the $24m With commissions ranging from 4% to the make-up of the region.”
both within the region and throughout international airport in St Vincent, 8%, the best rewards await agents with At the top end is Bermuda, a pricey
global markets. mega yacht marinas emerging, etc) and the best connections and knowledge star-studded haven of A-list faces and TIONTIONTION
Nonetheless, as an of_f shore banking prime residential property prices rising of what to sell, why and to whom. exclusive, plush resorts and mansions;
haven, the Caribbean continues dramatically in 2007. Antigua saw rises With over 7,000 islands and more than while Dutch-inf_l uenced Aruba ranks as
to attract savvy investors keen to of 40%, Barbados 12% and the Cayman 50,000km of coastline to choose from, one of the least expensive options.
fully-utilise its many tax advantages, Islands 9%.” you need to be able to dif_f erentiate The island of Bonaire in the Dutch
incentives for non-nationals and steady Some parts of the Caribbean have between what’s hot and what’s not to Antilles, which of_f_i cially became part
property values. A land rush from big- felt the impact of the downturn, be a credible source of buyer info. of the Netherlands in January, should
name celebrities and investor-buyers with several projects on hold as “In many ways, the Caribbean sells see more European buyers. “The tax
alike across the Caribbean in recent developers struggle with funding and itself with its fantastic winter weather, climate will attract people looking to
BUSINESSBUSINESSBUSINESS
months has added further optimism as a decline in buying activity. A US$40m the picture postcard white sandy relocate (with income tax at a f_l at rate of
other property markets stall or decline. 100-berth marina project on Puerto beaches, the welcoming atmosphere 10% and 0% prof_i t tax) and only 8% of
“The Caribbean emerged as a real Viejo, developed by Grupo Caribeño and the relaxed lifestyle,” says Georgina the island has been built on,” says Frank
estate hotspot in 2007, and 2008 saw Internacional, was shelved in August Richards, associate at Knight Frank LLP. Nelissen, owner of agency Living Joya.
a real estate boom in the Caribbean last year, while Dublin-based Harcourt “However, despite the obvious selling “The Government wants to double the
DEDEDE
VELVELVEL
OPEROPEROPER
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ARKEARKEARKE
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