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Caribbean Dreamers Urged To Act Quickly To Bag A Bargain
September 17, 2009Article by Ray Withers
Caribbean property is obviously among the most sought after in the world. In recent years it also became some of the most expensive; out of reach of most buyers. But as is the story around the world: what was out of reach in 2008 is open to offers in 2009. Buyers are advised to get in now, because as the markets gain strength developers and vendors will become more confident and therefore less willing to take offers on board. In short: it will become a seller’s market again.
“Prices have held firm on most real estate and in most of the top locations in the Caribbean, because they have always tended to be fuelled by lifestyle buyers who have remained fairly active even during the tough times,” said Property Frontiers director Ray Withers.
“That doesn’t mean you can’t get a bargain though. Lifestyle buyers tend to buy from the resale market, and some Caribbean developers are very willing to listen to offers on their off plan property stocks. Offers range from 30% discounts to customised payment terms, or extra-cheap inspection visits and furniture packs,” he added.
Property Frontiers are currently marketing several high profile off plan and key-ready developments in some of the Caribbean’s most prolific hotspots.Their portfolio starts at £20,000 for a half-acre plot of land in a Belize nature reserve at a 30% discount, and finishes at £1,000,000 for a 3 bedroom apartment in the Renaissance development in Trinidad and Tobago with 75% finance available. They also have some managed apartments, villas and studio cottages in a five star Grenada resort for £278,000.
Of the three mentioned above, the land-plots in Belize offer a particularly special opportunity. This is because of the low price they are offered at, and the potential for profit from self-build properties. In the UK a self-build house is usually worth 25% more than it costs to build, but the low cost of materials vs. the rising property prices in Belize could make this a lot more.
That said the Grenada resort is one of the finest resort developments in the world, the fact that it is in the Caribbean is an excellent bonus. Of course, Renaissance is the height of extravagance and perfect for those who can afford to buy luxury. It is also a fact that prime properties tend to grow in value the quickest of all property classes.