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Caribbean Still Number 1
May 30, 2010Article by Ray Withers
Caribbean property is continuing to be among the best performers in the world of overseas property at the moment according to experts.
International property investment consultancy Property Frontiers believe that this is because of the proven stability of the market, which have now proven to be insulated from and resistant to the effects of a financial crisis of global proportions. David Cox, director of the firm said:
“Before the financial crisis in the US went global via the UK, those recommending investment in Caribbean property were doing so on the basis that it would be sheltered from the worst effects of the crisis. This was said about many markets, but proven to be true in only a handful, many of those being in the Caribbean.
“The fact that Caribbean property prices have not fallen could be seen as a downside against the reports of increasing activity from bargain hunters in global property markets. However, many people got a nasty shock from how quickly markets turned when the international outlook changed, and this has put safety and stability at the top of most people’s checklists.
“And, while we are seeing a return of low budget buyers that are willing to accept a higher level of risk in order to get a good property within their limited budget, the most active group is still the higher income buyers, who are aptly putting safety before price. It is this reality that is keeping Caribbean property on top at the moment.”
Property Frontiers are currently marketing properties for sale in Grenada, which is an emerging market within the established Caribbean. This, according to the firm gives Grenada property the best of both worlds, because it has all the characteristics of safety, stability and luxury, but a low price tag, which is affordable to mid-budget buyers.
The firm’s current top property in the Caribbean is the Bacolet Bay development; luxury apartments and villas set in 41 acres of tropical gardens fronted to one of Grenada’s glorious white sandy beaches. Prices are from £333,333 for a studio cottage, from £399,999 for a 2 bedroom apartment, from £442,424 for a 1 bedroom villa and from £645,454 for a 2 bedroom villa.
As if the prices weren’t sweet enough; owners receive a 10% guaranteed rental yield for the first 3 years, which is paid up front upon completion. Though most buyers are currently paying in cash according to the firm, Bacolet Bay also comes with 70% finance on offer, with only a 15% down-payment needed to reserve.