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Caribbean Prices Looking Like A Rise
February 2, 2010Article by Ray Withers
Caribbean property has gotten off to a blistering start in 2010 as it picks up where it left off at the end of last year. According to the whisperings on the ground developers and agents are expected to start increasing margins in the next few weeks so any hesitant buyers are advised to bite the apple before the water get’s warm.
Caribbean property lead the rebounding charge starting from the second quarter of last year, when the first signs of international recovery dispersed fears over the extent of the crisis, and developers in the Caribbean began offering the same properties at lower prices by removing luxuries like moorings, as well as offering packages of incentives like free furniture packs and paid maintenance fees to further sweeten the deal.
Because of that powerful combination, sales of Caribbean property have been strengthening since April last year. Now, following the Christmas lull sales are picking up again, according to David Cox, director of UK based international property investment consultancy Property Frontiers, who is “conscious” of the fact that these deals could start to change in favour of the developers any day now.
“Sales of Caribbean property increased rapidly last year, and now they are already picking up again for this year as we roll on into February. We are already seeing developers increasing margins in Spain, where, in my view it is far too early, so it surely can’t be far away from that point in the Caribbean,” he said.
“The Caribbean is host to the wealthiest of the world’s buyers, and one of the only hindrances the market faced was fear over how bad things could get. Now that fear is gone, the bargains are merely a bonus for most buyers. We are expecting developers to start tagging back on some of the luxuries and bringing costs back in on things like furniture packs, maybe keeping things like the paid maintenance fees so that people can still say they are getting a bargain,” explained Cox.
Property Frontiers are currently marketing some excellent properties for sale in the Caribbean. The five-star Bacolet Bay development, offering studio cottages in Grenada from £333k is particularly special — even more so when viewed as part of its 41 acre tropical-beachfront-garden surroundings. 2 bedroom apartments are also available as well as one and two bedroom villas, all with 70% finance and just a 15% deposit required to reserve.