Are you planning to sell your property in the Caribbean online? Should you buy a home in the Caribbean fast, as early as you can? Here’s a look at the latest buying and selling property trends in the Caribbean which you might find to be very interesting.
A vast majority of the inquiries for properties in the Caribbean come from cash rich overseas investors from the United States, Canada and Britain. There has been in increase in interest from these countries by up to 30 percent over the last 12 months.
The highest number of inquiries has been made for residential properties in the islands of Antigua, St Kitts & Nevis, Dominican Republic and Turks & Caicos Islands.
There’s been a jump in demand for luxury properties, of those priced between $1 million and $2 million. Similarly, the demand for properties priced below $1 million has shot up by 44 percent.
St Lucia, Barbados and Jamaica as usual continue to be the most popular Caribbean nations and have witnessed a massive increase in interest for both residential and commercial properties. There’s also a lot of demand for land in these countries.
Here’s a look at some of the overseas property hotspots in the Caribbean and how they have fared so far this year.
Barbados has always been the top overseas property destination in the Caribbean and this has not changed, despite the global housing crisis of 2008. Over 70 percent of the cash rich overseas buyers who invest in residential properties in Barbados are from the UK, with the US and Canada not far behind.
However, the interest from Britain has taken a hit because of the pandemic, which is why property prices in Barbados have seen an average reduction of 15 percent, especially in the luxury end of the market.
They are expected to pick up quickly this year, and continue on the growth track for which the real estate market in Barbados is famous for. Luxury properties priced from US$2 million to US$6 million are very popular in Barbados.
Bahamas get a lot of attention from cash rich overseas investors from the US, UK and Canada. Here property prices are still around 30 percent below their peak last seen in 2008. Luxury properties priced between US$3 million and US$5 million are very popular here.
St. Barts has experienced a steady increase in interest, partly because of the weakness of its currency, which is the Euro. So properties here are very attractively priced for US and Canadian buyers, who are now getting a discount of 20 percent of more compared to a year ago, because of the new currency exchange rates. Here too, luxury properties priced between US$3 million and US$5 million are popular.
The British Virgin Islands have seen a lot of real estate development over the last few years. Some of the marquee properties such as the YCCS yacht club and the Little Dix Bay Hotel have undergone extensive renovations. There’s a lot of demand for luxury properties priced between US$1 million and US$4 million from US, UK and Italian buyers here.
Contact us today to buy or sell property in The Caribbean fast to cash investors.