Annual analysis from The Caribbean Property Investor
magazine found that the high quality of living, good value for money and stability offered by the region has reinforced its appeal to property buyers and investors.
There are a series of reasons that the market down south is heating up, including:
- GDP is forecasted to grow 5.8% in Panama and 4.8% in the Dominican Republic in 2015.
- A strong pipeline of 167 hotel projects in development across the Caribbean and Mexico, with luxury residences for sale in destinations such as the Bahamas, Puerto Rico, and the Turks & Caicos Islands.
- A series of announcements relating to new luxury residential developments in multiple locations, including Antigua, Costa Rica, Honduras and Panama.
- Government programs incentivising property buyers, including Citizenship by Investment programs in Antigua & Barbuda, Grenada and St Kitts & Nevis, as well as retirement programs in Belize and Panama.
- An increase in direct flights to destinations, including Costa Rica, the Bahamas, the Dominican Republic and St Lucia, improving access for tourists and property buyers.
- Recent and on-going investments in private jet terminals and airport upgrades supporting future growth in high end tourism and luxury real estate sales.
Walter Zephirin, managing director of 7th Heaven Properties, which publishes The Caribbean Property Investor,
said: “Many investment locations, such as the Turks and Caicos, the Bahamas and the Cayman Islands experienced strong growth last year, and we expect 2015 to be the year that the Caribbean real estate market as a whole turns a corner.
“A growth in enquiries from prospective buyers indicates a renewed confidence in the region and sales levels on many islands are returning to pre-crisis levels.
“Locations across the Caribbean and Central America are benefiting from an upturn in the U.S., Canada and the UK, resulting in an increase in visitor arrivals, tourist spend and property sales.
“A growing pipeline of new projects, significant infrastructure investments and a thawing in relations between the USA and Cuba are also expected to provide an additional boost to the region.”
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