A UK-based independent property portal has declared that Caribbean property is currently being offered on a no-frills basis as developers remove non-essential luxuries like spas and moorings in order that they can sell the same properties at lower prices. Moreover it is stated that this has brought about rapidly increasing transactions involving foreigners since April.
In making this analysis Property-Abroad.com has noted that with respect to Jamaica, that “new phenomenon, coupled with the low prices in that island, is why Jamaica is currently offering such incredible bargains…”
This analysis suggest that developers and sellers are trying to be more flexible in selling their units so that foreign investors and buyers could remain interested in the region and view it as a stable place to invest. The Caribbean has been one of the few real estate markets across the world that has not seen the high level of uncertainty that has been present in even more established markets like the US and the UK.
It is argued that the bargains in Jamaica property are quite unbelievable at the moment. As three and four bedroom villas near the beach are for less than US $320,000.00.
These comments seem to be right in line with those made by property developers and realtors in Barbados, who have outlined that 2010, should be a positive year for the sector.
However one of the most noted developers in Barbados has argued that it will not simply be a good time for buyers but that sellers should see some benefits as well and it is likely to be a more balanced market for the industry.
Additionally some realtors are of the belief that for the last year, property prices have come to fair market price in Barbados rather than the inflated prices they were over the last four to five years. In Barbados developments such as Ocean Two have attracted very good prices for luxury units available there. With a starting price of just over US $375,000, on the South Coast of the island, the condo-hotel offers a sound investment option for anyone looking to do property investment in Barbados.
But regardless of if you agree with the balanced outlook or stand on the side of the buyer, 2010 is definitely shaping up to be a very interesting year for the Caribbean real estate and property development industry.
