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Caribbean Property Gets All Time Sensitive
January 21, 2010Article by Ray Withers
Demand for Caribbean property has been increasing since the middle of last year; ever since we could all judge what the full extent of the financial crisis was going to be. Ever since then, anyone who had not been directly affected by the crunch, predominantly the better off among us have been treating themselves to the sun-soaked hideaway they had perhaps been putting off.
Because of the drop in demand that the crunch caused, Caribbean property developers have begun to strip away unnecessary luxuries like spas and moorings, allowing them to sell the same properties at a lower price without actually cutting prices and therefore margins. They never had to do the latter because demand did not dry up altogether; there was still a steady stream of lifestyle buyers in the marketplace.
However, now that demand has increased significantly from the low in the first quarter of last year, the developers will soon start to load back the luxuries and up the prices. Therefore there is a limited timeframe in order to secure Caribbean property at the lowest prices anyone has seen for years, according to David Cox, a director of UK based international property investment consultancy Property Frontiers, he said:
“We expect the prices of Caribbean property to be increasing from anytime after mid February. Overseas property sales are traditionally higher during the worst part of the British weather and after the Christmas season, and because of the low prices we expect the Caribbean to be among the favourites this year.
“There is only so much more demand that developers can take before it becomes foolish for them not to increase prices. Anyone eying a Caribbean property but waiting, would be well advised to get the old purchase ball rolling.”
Property Frontiers are currently marketing several high quality properties for sale in the Caribbean. Arguably the best of them, certainly the best for the low-budget buyer and David Cox’s personal favourite is the Bacolet Bay development. Set in 41 acres of tropical garden beachfront to an excellent Grenada beach, the price tag of £333,333 for a chic studio cottage is nothing short of brilliant.
Buyers pay just a 15% deposit to reserve, and 70% finance is available on completion. The current offer is that the developer will pay mortgage and maintenance fees for the first three years. 2 bedroom apartments are also available as well as 1 and 2 bedroom villas, priced from £399k, £442k and £645k respectively.