The demand for Caribbean real estate has increased by 50% over the first half of 2015 compared to the same period last year, according to an analysis of inquiries made by the region’s leading luxury real estate company, 7th Heaven Properties.
The Caribbean Property Investor magazine and 7th Heaven Properties’ website inquiries reveal that interest in residential and commercial real estate in the Caribbean has grown significantly across all price ranges.
Highlights of the Caribbean Market:
The USA, Canada, and the UK account for the majority of inquiries, with inquiries from American and Canadian buyers more than doubling and inquiries from British buyers increasing by more than 30%.
Residential real estate inquiries have increased significantly in St. Kitts and Nevis, the Turks and Caicos Islands, Antigua, and the Dominican Republic.
All price ranges have seen an increase in inquiries for properties, with inquiries for properties costing between $1 million and $2 million dollars more than doubling and 44% more inquiries for properties costing less than $1 million dollars.
A noticeable rise in inquiries for commercial real estate, including hotels for sale and land for development, has also been observed in St. Lucia and Jamaica.
Walter Zephirin, Managing Director of 7th Heaven Properties in London, claims “The first half of this year has seen a sharp rise in inquiries for Caribbean real estate as a result of increased consumer confidence brought on by economic growth in the US, Canada, and the UK. The impressive performance of the region’s tourism industry, particularly in places like the Dominican Republic and the Turks and Caicos Islands, as well as the continued success of extremely alluring Citizenship by Investment Programs in St. Kitts & Nevis and Antigua, have supported growth in demand for Caribbean real estate.”
Zephirin continued, “With a strong sales pipeline, the outlook for the second half of 2015 is very positive. The Caribbean has gained in popularity, accessibility, and appeal to buyers as a result of a series of announcements about expanding airlift to the region, significant resort developments associated with actors Robert de Niro and Leonardo DiCaprio in Antigua & Barbuda and Belize, as well as the first casino that has been granted a licence in Jamaica.”