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New Trinidad Ferries Sure Up Caribbean Property Investment Package
September 29, 2009Article by Ray Withers
The government of Trinidad and Tobago affirmed its commitment to environmental responsibility this week, when it order 4 high-speed catamarans from Australian ship manufacturers Austal, to act as marine-taxis between the north and south of the country.
The new ferries, which are designed to carry 405 passengers at a speed of 37 knots, will cut travel time between the north and south by up to 2 thirds. They will also take a scythe to carbon emissions and pollution from the growing number of cars congesting the Trinidadian streets.
The ferries, which link Trinidad’s capital port-of-Spain in the north, to San Fernando in the south will also be great news for the property market according to investment consultancy Property Frontiers, which has focussed on Trinidad as part of its Caribbean property portfolio.
“Trinidad is one of the most popular island’s in terms of Caribbean property investment. San Fernando and port-of-Spain are two of Trinidad’s most popular areas with foreign property buyers. The good thing is: now that travel between the two is going to be so painless it will make the decision of which town to buy in a little easier,” said Ben Jeffries a sourcing manager with the firm.
The new ferries also open the towns up to property buyers from the surrounding areas, because commuting between the two will be a lot easier.”One thing people are sometimes concerned about when buying Caribbean property as an investment is their exit strategy. By opening up these two major towns to increased commuting, it should sure up the internal demand for properties and second properties from with the population,” Jeffries added.
Property Frontiers is currently marketing a world class off plan development in Trinidad and Tobago. The Renaissance development in the aforementioned Port-of-Spain offers 3 bedroom luxury apartments with 75% finance for £1million. Such properties are expected to fetch rental yields of around 7.6% (impartial source: Global Property Guide).
The buying process for Trinidad is very easy for foreigners, who can buy up to 1 acre of Trinidad real estate for residential purposes without too much difficulty. Trinidad also has a favourable tax regime, including no capital gains or inheritance tax. The tax regime is the same in Tobago, but the market was all but closed off to foreigners by a new law in 2007; the Foreign Investment Tobago Land Acquisition Order.