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Caribbean Property Prepares To Fly
November 6, 2009Article by Ray Withers
Caribbean property is set to see price growth resume early in the second quarter of next year, an expert has claimed.
According to Les Calvert of Property Abroad.com, the increasing demand from overseas lifestyle buyers, who have kept the markets afloat even during the downturn, has already, put a solid floor below prices, and will coincide with economic growth in the region to push prices upwards into the final 3 quarters of next year.
“Demand has been increasing for Caribbean property since April this year; demand from British buyers has accelerated very quickly, with Russian, Eastern European and Middle Eastern not far behind. What we are seeing is prices solidifying at their current levels, which will almost certainly allow them to grow once the current rebound becomes a fully fledged recovery — and throughout the holiday season next year,” he said.
Les also gave his explanation for why demand has increased so significantly, not just in the Caribbean but in many other markets.
“The industry went into panic about the downturn. Rightly so, overseas property sales took a severe hammering, but now the world has started to emerge from recession they are picking back up quickly. This proves that fear over just how bad it could be was perhaps the biggest factor stopping people from buying. Now that it is clear that it has gotten as bad as it is going to people are back out there and buying again,” he said.
“Of course the fact that their money is doing nothing sitting in banks, because of the low interest rates is undoubtedly a factor in some people’s decision to buy overseas property in the Caribbean and elsewhere,” he added.
Calvert’s statements echo those of international property investment consultancy Property Frontiers. Director Ray Wither’s said recently:
Throughout the downturn lifestyle buyers have kept markets like the Caribbean afloat, and one would expect the increasing demand now to be coming from increasing lifestyle purchases. That is partly true, but the majority of those buying property in the Caribbean at the moment are doing so partly for lifestyle reasons and partly as an investment to rent out. The common sentiment is, if it is not going to earn me any interest I might as well treat myself to something that my family and I can enjoy, while I also enjoy higher returns.”