Is this the right time for selling overseas property quickly in the Caribbean? What do the trends indicate? Let’s investigate!
The Caribbean is not a single entity, but a conglomeration of many different island nations. Not all Caribbean island nations are the same. Each has its own set of problems and different attractions.
So, it is not fair to see the Caribbean as one when discussing the state of the real estate market here. That’s why we discuss the situation in various Caribbean island nations and tell you what to expect if you are keen on selling overseas property fast in the Caribbean.
Here’s a fact – most islands in the Caribbean have largely recovered from the economic recession that followed the subprime mortgage crisis in the United States in 2008.
Today, real estate agents claim to have had a 35 percent increase in the number of inquiries from rich overseas investors from countries such as China, United States, Canada, Germany and Britain. In fact, the interest from wealthy Chinese investors in the Caribbean has been the single biggest change seen recently.
St Kitts & Nevis, Dominican Republic, Barbados and Antigua have been receiving the most number of queries. There is a major surge in demand for luxury properties across the Caribbean, especially for those that are in the range of $1 million to $2 million.
Jamaica, St Lucia and Barbados and Jamaica continue to impress. There has been a major surge in interest for residential properties in these countries. Here’s a look at how these three Caribbean island nations are doing in particular.
#1: Barbados
Barbados is perhaps the most popular Caribbean nation with tourists and a top overseas property destination. There are a number of incredibly wealthy millionaires and billionaires from the United States, United Kingdom and Canada that own luxury mansions here.
Even so, home prices in Barbados have been on the decline in recent years, going down by 10 to 15 percent in 2016. The drop in the luxury end of the real estate market here has been the sharpest.
Still, this is expected to be a temporary phenomenon. A recovery is on its way and there is no let up in the demand for properties here. Luxury properties in Barbados that cost $5 million and above find a plenty of takers.
#2: Jamaica
Jamaica is the largest of all Caribbean island nations, and while property prices here are still about 25 percent below their peak last seen in 2007, things are changing fast. There is a big demand for Jamaican properties from wealthy Americans, Britons and Canadians. Luxury properties of US$3 million and above are very popular here.
#3: St Lucia
St. Lucia has seen a lot of real estate development in recent years. Some of the biggest attractions here have been through major renovations. Luxury properties that cost between US$1 million and US$4 million are very popular with wealthy individuals from the US and China.
Contact us today to buy or sell property in the Caribbean fast and free from stress.