Photo Credit: Chenay Bay/Defender Resorts
In a word: value.
Caribbean properties are saturated with value.
For those seeking respite from the mainland’s hustle, or for residents wanting to stake a permanent claim in their home-island, Caribbean real estate has suddenly become more affordable.
There’s an opportunity waiting in all market niches – from luxury to modest home-spun comfort. As the global recession ebbs and flows, the tide has pushed prices down in the Caribbean. How long we can ride that wave remains to be seen, but we are convinced that an upturn will happen. Based on current trends, we think in the next 12-18 months prices will jump higher.
We also are seeing a return of institutional investors to the Caribbean real estate market.
Let’s face it, all islands come with their charm, beaches and culture. So, picking the island that’s right for you is important. For some buyers, the US flag flying over the US Virgin Islands offers more security and the ability to buy property without a license is easier. We have countless properties available in the US Caribbean, search the USVI MLS here.
For others, the longer transaction time needed to acquire property in Virgin Gorda, for example, is worth it. At the end of the six months, eating at the Rock CafÃ© in The Valley, the license application will be a distant memory and living the carefree barefoot chic BVI lifestyle will be the reality. We have two great properties in Virgin Gorda and Anegada listed now, but many others are available and we can help you navigate the non-U.S. process.
A St. Croix property recently made international news when Heirloom Fund Management, Ltd. announced it had entered into an agreement to acquire the property known as Chenay Bay Beach Resort on St. Croix, U.S. Virgin Islands.
“As tourism throughout the Caribbean region starts to rebound, the US Virgin Islands have been experiencing strong growth in the number of tourists arriving from the US,â the company said in a June 13, 2013 press release, adding, âWith it’s close proximity to the US and no passport required for US visitors, we believe that this is the perfect time to be entering the St. Croix hospitality and tourism market.”
According to Heirlooms website, the Heirloom Caribbean Real Estate Fund was created because of the excellent opportunities within our market.
âInvestment vehicles such as the Heirloom Caribbean Real Estate Fund create a âwin-winâ environment for all parties. Investors benefit from a significant uplift, vendors crystallize paper profits from illiquid assets, and local governments increase tax revenues and create employment from development. Studies have shown that a 4/5 Star hotel will significantly improve the surrounding area, and sometimes a whole nation’s economy, and spark new pride and property appreciation on the island.â (Read more at Heirloom Fund Management, Ltd.s website.)
Our home island, St. Croix, still provides the biggest bang for the buck when compared to other Caribbean islands. It is the least known of the US Virgin Islands, yet, is replete with a rich architectural history, great beaches, a resurgent organic food culture and a hot reggae music scene. As we write, diamonds in the rough are available and realistic sellers are happily cutting deals.
Contact Us to explore your Caribbean Real Estate options!