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Caribbean Catch-All For Buyer Sentiment
March 3, 2010Article by Ray Withers
Caribbean property sales continue to increase as it continues to tick all the right boxes for today’s differing range of buyers, according to experts. International property investment consultancy Property Frontiers said that Caribbean property is currently selling so well because it fits in perfectly with the main reasons that people are currently buying property. Director of the firm David Cox said:
“Sales of property in the Caribbean have been increasing since there was the first hint of international economic recovery last April. At first sales increased because the wealthy in society realised that the doomsday scenario was not going to be realised, and treat themselves to a sun-soaked holiday home to celebrate the fact that they were now unlikely to be affected by the dreaded c-word.
“That continues to be a factor for many buyers as confidence in the recovery continues to grow. But now, as financial time-bombs tick away in Britain, the EU and Asia, another reason is cropping up to make property a wise-buy, and Caribbean property is also perfect for that reason: people are buying the tangible asset of property as a hedge against inflation and currency devaluation.
“Caribbean property is perfect for these buyers, because the region has kept itself to itself and lived insulated off its tourism and property markets, so there are no hidden secrets buried in the Caribbean economies. This stability makes people feel it is one of the safest places to buy, particularly in the higher end markets like St Lucia, St Kitts, Barbados, Trinidad & Tobago and Grenada.”
This phenomena was seen recently, with the more expensive of the developments being marketed by Property Frontiers, the Renaissance development in Trinidad and Tobago where prices started at over £1 million, selling out in the past few weeks.
Property Frontiers are currently marketing the Bacolet Bay development in Grenada , a 5-star luxury resort complex set within 41 acres of tropical gardens in a gorgeous Grenada beach-front setting. Incredibly prices start from just £333,333 for a studio cottage, with 2 bedroom apartments also available as well as 1 and 2 bedroom villas, priced from £399k, £442k and £645k respectively.
As has become common in the Caribbean; Bacolet Bay properties come with a couple of sweeteners to the deal, like Free furniture packs, and the guaranteed rental yield of 10% for the first 3 years being paid up front on completion. After the first 3 years owners receive 50% of the net rental income from their property, which is thought to be more than 10%, as well as 30 days free usage per year. 70% finance is available and just a 5% deposit is required to reserve.