Caribbean Real Estate on Investors' Radar
Both real estate and tourism have been experiencing significant growth in the Caribbean and Central America over the last 18 months. Savvy property investors are stepping up their search for bargain investment properties with increasingly more British buyers taking advantage of sterling strength.
The high quality of living, good value for money and political and economic stability are factors that reinforce the appeal of Caribbean real estate, particularly in the face of social, economic and political volatility in other regions of the world.
Walter Zephirin, managing director of London-based 7th Heaven Properties said: "Many investment locations such as the Turks & Caicos, the Bahamas and the Cayman Islands experienced strong growth last year and we expect 2015 to be the year that the Caribbean real estate market as a whole turns a corner. A growth in enquiries from prospective buyers indicates a renewed confidence in the region and sales levels on many islands are returning to pre-crisis levels".
He added, "Locations across the Caribbean and Central America are benefiting from an upturn in the USA, Canada and the UK resulting in an increase in visitor arrivals, tourist spend and property sales. A growing pipeline of new projects, significant infrastructure investments and a thawing in relations between the USA and Cuba are also expected to provide an additional boost to the region."
Tourism growth has encouraged further investment in the Caribbean's real estate and with a pipeline of 167 hotel projects in development across the Caribbean and Mexico is likely to spur expansion in the tourism sector further.
Luxury residential developments are also in the pipeline in multiple locations including Antigua, Costa Rica, Honduras and Panama. With plenty of government programmes incentivising property buyers in Antigua & Barbuda, Granada and St Kitts & Nevis and retirement programmes in Belize and Panama, growth across the region's real estate market looks set to soar.