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DESTINATION FOCUS Caribbean
www.opp.org.uk
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JULY 2009
population from 15,000 currently to developers with eco-tourism projects The Caribbean isn’t a single entity as far as prices and trends
30,000 so demand is set to grow.” at the forefront of their minds”. Emerald go. Canadians are more cash-rich than most Europeans at the
Coastal properties continue to Monkey, from Island Resort Living, is moment thanks to government policies, so they may lead the
Y
command a premium, although the claiming the first carbon neutral eco- way back into the market, followed by UK and European buyers.
topography of the Caribbean means sea luxe resort on the Caribbean side of the Paul Collins, Buy Association
views can often also be found inland. Bocas del Toro in Panama (page 28).
INDUSTR
In the right location, a weekly income Spice Island Grenada has seen here in the next few years. One local a private swimming pool near to the
of up to $US5,000 per week is easily a gold-rush of new residential and realtor says he’s seen more new beach. Property hotspots include
achievable, even now, with the popular resort developments, supported by construction during the past few years capital city Port of Spain – the third-
islands of Barbados, Turks & Caicos, St investment in new roads, with the most than in the previous 18, while another largest city on the archipelago and
Lucia, Grenada, Tobago and Anguilla in notable including Mount Cinnamon – estimates that more than 20 new condo an important trading hub, located on
high demand year-round. Peter de Savary’s boutique project of projects are being built along a 30-mile the gulf of Praia in the northwest of
“The big news right now is Middle 21 luxury suites and villas. In St Lucia, stretch of coast near Puerto Plata. Trinidad. Other destinations to watch
Caicos, until fairly recently overlooked,” headline-grabbing projects include are San Fernando, a coastal town in
says Dick Zebo, founder of Eagle Land Raffles resort residences, one of only 25 Affordable paradise Trinidad’s southwest; Arima, the fourth
developments. “With an area of 48 destinations worldwide to be a part of In the Bahamas, lots on No Name Cay largest town in Trinidad and Tobago;
PEOPLE
square miles, the island has just 300 the Jack Nicklaus Golf Club program. have created a ripple of excitement Chaguanas in central Trinidad; and the
residents. With 1-acre prime beachfront In DR, Ritz-Carlton, Starwood, and Four because of their cautious, but appealing, upcoming emerging harbour town
plots at around $700,000, Middle Seasons have all signed on to build or pricing – at easily half the cost of a of Scarborough. In 2008 rental yields
Caicos offers a genuine opportunity for manage luxury hotels and residences similar plot in Barbados. Stressing that recorded a moderate 7.5% with the
the Bahamas isn’t limited to a high average price for coastal properties
end buyer market, Anthony Wells at US$2,600 per square meter, according to
Island Living Real Estate in Nassau, says: Global Property Guide research.
“We still have affordable residential “The Caribbean isn’t a single entity as
TION
real estate in the western part of New far as prices and trends go,” comments
Providence, where single-family lots Paul Collins of consumer portal Buy
starting at $80,000 offer plenty of Association. “Bermuda remains the most
opportunities for ordinary second- expensive place to buy, and Aruba the
DESTINA
homers to invest.” cheapest in terms of prices per sq foot,
Though prices are still rising, the but that can be expected to change
average coastal property in Tobago as the profile of international buyers
remains significantly less expensive adapts to economic circumstances.
than many Caribbean islands. A Canadians are more cash-rich than most
budget of £132,800 is enough to Europeans at the moment thanks to
snap up a three-bed bungalow with government policies, so they may lead
Caribbean stats
• In 2007, 22.7m tourists visited the Caribbean region - up 2.2% on 2006 and up
BUSINESS
19.4% on 2002 figures – and in 2008 cruise ship passenger arrivals topped
19m (up 1.7% on 2007)
• By proportion, tourist arrivals comprise: US territories (19.8%), French West
Indies (6.4%), Dutch West Indies (6.9%), Other Commonwealth (24.8%), Other
Caribbean (36.1%) and OECS (6.1%)
• Arrivals from Jan-July 2008 by destination of origin include: USA (7.6m),
Canada (1.6m), Europe (3.3m), Other (2.2m), and Cruise passengers (11.8m)
Sugar Beach
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The US$100m Tides Sugar Beach hotel and residential development in
• By proportion, an estimated breakdown of foreign buyers in the Caribbean
OPER
comprise: US & Canada (43%), Europe (33%), and the remainder other markets
St Lucia, due for completion in 2011, will be managed by Kor Hotel Group and guests
(including South & Central America, Asia and Middle East).
VEL
will be offered personal assistants. Buyers also gain from a 5% guaranteed rent.
DE
The Caribbean: regional overview
Barbados Carlisle Bay towards East point on the today’s market as celebrity residents St Lucia
Property prices in Barbados have risen Atlantic east coast – with a plethora of including Bruce Willis, Keith Richards, St Lucia’s land prices have soared by
by 20% in recent years, from mid- new projects designed with wow-factor. and Christie Brinkley have moved in over 60% - mainly due to government
market to the headline grabbing luxury – drawn, like other wealthy buyers, by curbs on large scale development in the
end. Powered by a strong economy, a Turks & Caicos no annual property, income, corporate, last few years. However, property prices
TING
thriving tourism industry, direct flights A dramatic increase in annual visitor inheritance or capital gains taxes. have risen by around 40% per annum in
and a strong pound against the dollar, numbers has driven price growth in the Providenciales (or “Provo” as it is known several areas that it has earmarked for
ARKE
a home in Barbados will cost upwards Turks & Caicos, with prices upwards of by the locals) is the most developed expansion to fuel a continuing growth in
M
of US$350,000 - with the sky the limit $US400,000 to around $6m or more. isle and the home of Grace Bay Beach, tourism. Ranked in the top 30 countries
on the west coast. Even the traditionally A two-acre beachfront lot on Long consecutively voted “Best Beach in the in the world to invest ahead of Barbados
more affordable south coast is Bay with a price tag of US$160,000 in World” by the World Travel Awards in and Antigua by the World Bank, it is
experiencing soaring demand from 2001 would sell for over US$1.75m on 2005, 2006 and 2007. hotly tipped for high rates of future
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