Property in the Caribbean
Concerns that a downturn in the property market in the USA would cause big problems in the Caribbean have proved to be unfounded, as both tourist numbers and the demand for property from overseas investors continue to grow steadily, meaning that the Caribbean property market continues to flourish
Prices for Caribbean Properties from £92,220
Key facts
- Population: 22,272,000
- Capital: Nassau (Bahamas)
- Approx. exchange rate: £1 = 165CVE ( Cape Verde Escudo); €1 = 110CVE
- Visas: Yes, for work and permanent residence
- Time difference: -4 to -5 GMT
- Flight time from UK: 8-10 hours
- Major airports: All countries have international airports
- Dialling code: 001 + specific prefix for each c
Property in the Caribbean
The Market: Business is booming
Year-round sunshine, palm-fringed sandy beaches, warm turquoise water… It’s not difficult to see why so many people jet out to the Caribbean for a dose of rest and relaxation each year, fuelling a stable tourism-based property market. And it appears that these tropical islands have confounded the doom mongers who expected a downturn in the US real-estate market to have a knock-on effect in the Caribbean.
“The property market in the Caribbean has performed extremely well in the last year,” says Adrian Faiers, Managing Director of FX Property. “We were concerned because the US real-estate bubble started to show signs of cracking, with an oversupply of property, which in turn sent prices plummeting.”
While these islands may only be a short hop from the USA, it seems that American problems have done nothing to dent investor confidence in the Caribbean. “We have the world-class Atlantis Resort, the Four Seasons, and now Caesar’s Palace and Starwood in the not too distant future,” says Faiers. “All this development shows confidence in the market for property appreciation.” On the other side of the Atlantic Ocean, the pound’s strength has contributed to an increased demand for Caribbean property from British investors. “The number of British buyers in the Caribbean is on the increase,” says Faiers. “Mainly due to the Euro and Pound trading well. We are seeing a lot more Europeans too, especially Spanish, Germans and Swiss.” But it’s the Brits in particular who feel most at home with the Caribbean property. “The Caribbean is part of the Commonwealth, so British buyers feel comfortable with the laws. And the islands are English speaking,” says Faiers. “It also has a very large English contingent. Plus there is easy access, with direct flights out of London.”
And as for future hotspots, Faiers believes that the Bahaman islands will do well: “Nassau is very popular with British buyers, likewise Great Exuma and Abaco. And the future hotspots are Eleuthera, Great Exuma, Long Island and certain parts of Abaco.”
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And make sure you check out our property investment report and our property news section. You may also find our page on buying off-plan propery in the Caribbean interesting.
