34
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DESTINATION FOCUS Caribbean www.opp.org.uk
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JULY 2009
Y
INDUSTR
How do you work with introducers? What is drawing buyers to the Caribbean? What should international agents look How would you describe the real estate
We like to work on the basis that The British Virgin Islands has introduced for from developers? industry in the Caribbean?
the prospect is qualif_i ed, the client a new 90 day automatic approval for a Agents should be mindful that the The Caribbean property market is
knows there may be some usage re- landholder license; real estate transfer quality of construction and building pirate territory when it comes to real
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d in standards in general dif_f er dramati- estate, with little or no regulation
hecretarque Pireunta Sd budcala full serget. After tvice rhat, wesore tat will be managed bke the Cayman Islandsy the Falk, including a rensteiner Michaelereduc- cally from country to country. Anyone or co-operation between brokers,
PEOPLE
Tourit tism Gro the noup (Fext stMagTG) te. Oo prur doavide a 5 star wtabase ellness hottion on wela, a 4 star family hotterfront property frelom 7.5%, luxury serious about selling should become and sometimes outright dishonesty
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art at €152
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ans- fully familiarized with a destination by when you add all the rogue ‘real
to the introducer at every stage and fer tax has been reduced to 2.5% and visiting as a hard-line evaluator. Land estate agents’. If you are thinking of
we provide regular status updates. foreign exchange controls have been is a highly attractive prospect at the getting into this market, your best
The Caribbean is a very specialised lifted. Antigua and Barbuda, Jamaica, St moment, price-wise. For great deals chance for success is to live in the
market and my team spend a large Kitts and St Vincent are providing short- look to the Bahamas but be sure to Caribbean and work with an estab-
proportion of the year on the islands term tax relief to hotels and tourism work with someone with their f_i nger lished broker for a few years, before
at the resort so our knowledge is operators, along with reduced charges on the pulse. trying to go it alone.
fresh and up to date. for electricity and water. Susan Carter, Caribbean Property & Stewart Andrews, Dominica Property &
TION
Marco Bonini, Prestigious Properties Walter Zephrin, 7th Heaven Lifestyles magazine Caribbean Land and Property
areas have more tourism infrastructure Inspired by these community and Spa. Prices start at $240,000. Shrimp Arenas, a 25-story residential oceanfront
DESTINA
than others. Trump Farallon at Cap projects, developers have expanded the Hole Bay, a waterfront community project in DR, is of_f ering several
Cana is one of several luxury resort scale of their developments but for a situated on the North Side of Long ‘Founders Packages’ allowing buyers
communities currently being developed lower entry level. Merricks Beach Resort Island, has 1/4 acre plots from $14,000 a 30-month ‘no-risk commitment’.
as part of the $1.5bn Cap Cana master in Barbados is being built over 70 acres, zoned for homes and villas, single or An initial $10,000 deposit, followed
plan (68 lots starting at $3m each) – of_f ering 101 villas, 600 apartments, double storey. by an additional 10% after a 30-day
where over $350m in real estate was leisure areas, entertainment facilities, Focusing on conf_i dence as well reservation, is held in escrow with
sold in just 24-hours. commercial spaces and a 5 star Hotel as af_f ordability, the developer of Las Stewart Title for 30 months - so if buyers
decide not to purchase they can access
their money at any time. “They will still
have access to the private beach club
BUSINESS
as well as a membership to the Metro
Country Club to experience the resort,”
said developer Ayendy Marte, of Group
G & S; who added that buyers would
also see the product before closing.
Of_f ering a wealth of opportunities
for international agents sourcing
paradises at all levels of af_f ordability, the
OPER
Caribbean islands have something for
VEL
Waterfront DR
|
Group G & S is of_f ering commissions of 3% for sales on its DR resort community Las Terrenas, Balcones Del Atlántico everyone.
DE
The Caribbean: regional overview continued...
Tobago Anguilla market has begun to slow but prices apartment and villa complexes come
A signif_i cant rise in foreign investment Part of the British West Indies, and are still holding strong. Though with price tags of $US500,000 to over
in 2008 supports government claims located east of Puerto Rico, Anguilla individual land deals have realised $US4.4m with packages that waive
that the economy is, at last, reaping the centres on The Valley, the country’s 50% returns for investors, average tax on specif_i c developments of_f ering
rewards. An established energy sector, epicentre in historical, commercial rates have been around 20% in recent properties with rental rates of around
TING
solid economic growth, improved and social terms. Anguilla boasts 33 years with rental yields high in The $US3,000 a week in high season. Tennis
infrastructure and a simplif_i ed mortgage beaches and is making a concerted Valley (with 30% achievable with the academies, golf courses and luxury spas
ARKE
process have boosted real estate activity bid to maximise international tourism right property in the right location). have been added to Grenada’s upscale
M
to unprecedented levels bolstered by via a newly rebuilt and extended amenities; contributing to impressive
soaring visitor f_i gures that have of_f ered runway at Wallblake Airport and a Grenada capital appreciation and increasing
strong potential for healthy returns on number of ambitious projects island- New f_l ights have been announced to appeal to both investors and lifestyle
capital investment. wide. After a frenzy of activity, the the 133-square-mile isle. Brand new buyers.
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