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Rich go Prime for Property in Caribbean
April 21, 2010Article by Ray Withers
Property in the Caribbean is shaping up to be one of the biggest sellers in 2010, as the wealthy dominate the market, according to experts. According to UK based international property investment consultancy Property Frontiers, there are several reasons that the wealthy are out in force in the overseas property arena, and all of them point to the Caribbean as one of the best choices.
“There have been reports of increasing activity in overseas property since last April. This is when the first signs of economic recovery began to emerge,” said director of the firm David Cox.
“Since then, sales have increased fastest at the higher end of the property ladder, which, along with reports and the lack of mortgage availability in the developed markets the buyers hail from, indicates that it is predominantly the wealthy that are doing the buying,” he explained.
Going on to give the potential reasons for the overseas property buying spree by those well off, Cox said:
“The hint of economic recovery removed fears that it could become so bad that even the well-off would suffer. They saw prices dropping and mortgages dry up and began capitalising on their advantage of being ready to buy to bag bargains, and/or they have sought to put their savings into tangible assets for fears over currency devaluation, and banks going bankrupt.”
“High-end property is best here because it is known to hold its value better in hard times, and grow fastest in up times, and within that property in the Caribbean is doing so well because it is the perfect choice for those buying for any of those reasons.” Cox added.
There have been several reports this year that confirm the Caribbean is on top of the overseas property tree at the moment. The agents of the Jalousie Plantation in St Lucia sold $7m dollars worth of prime property in January this year. This was followed by reports of the first phase of the Weston, St James resort in Barbados selling out in three days on word of mouth alone.
Property Frontiers are currently marketing a phenomenal development in the Caribbean, the Bacolet Bay Development, a 5-star resort set in 41 acres of tropical gardens on a Grenada beach front — it doesn’t get much better than that.
Grenada is the young brother when it comes to Caribbean property markets, but that only means that it has even more room for growth.