Investment in homes in the Caribbean is seeing a shift towards second residence buying and is also springing up in new markets, according to reports.
USA Today points to the island of St Maarten where more than 50 per cent of the property in some areas are second homes for foreign buyers.
New property projects are also drawing an increasing number of buyers to St Maarten, according to the paper, who are attracted by the island’s history of French and Dutch influences.
Cupe Coy in St Maarten is also listed as a hotspot where people are looking for second homes, and has seen development increase apace in the last five years.
Quoted by USA Today, Arun Jagtiani, a realtor with Island Real Estate Team, said: “Only about 20 per cent of residents are born here. All over the island I meet people who come here on vacation and just have to move.”
Beach property on the island is particularly popular, and there is a beach for every square mile of land in St Maarten.
New homes developments include Porto Cupecoy, a Harbour Village of one to four-bedroomed residences nestled among a Mediterranean-inspired shopping promenade.
Prices in the development start at $650,000 to more than two million dollars, with completion scheduled for summer this year.
Existing Caribbean property markets like Barbados and Saint Vincent and the Grenadines are also expected to be popular this year as people look to escape the credit crunch and find alternatives to stocks and shares.
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I must agree that buying a second home on the Barbados property market would be a good investment alternative.
This has been due mainly to the stability of the island and the buoyancy of the property market.
Secondly the island has been recognized as a leader in the Caribbean tourism market.
These factors has lead to a rise in the value of the Barbados real estate over the last thirty years, with the rise expected to continue in the immediate future.
A combination of all these factors including the warm weather and spectacular turquoise waters has made the island the ideal winter home for those living in the cold climates.
Barbados is definitely holding up in the difficult times at present. We rent villas for private villa owners and our live booking facilities provide them with the ability to secure bookings at the point of shopping. We are also assisting developers sell their properties with highly attractive deals to promote property on the island. All in all Barbados is an excellent place to invest with a very reliable tourist market the revenue earning opportunities are huge.