Caribbean: affordable but not cheap!
The Caribbean is becoming more and more affordable for property investors, claims GlobalPropertyGuide…
The depreciation of the US dollar against major currencies such as the British pound and the euro, has made Caribbean properties more attractive and more affordable… but still not cheap!
Property prices in more popular and developed islands can easily reach over one million US dollars for a house and lot near the beach. In its latest survey of Caribbean property prices (March 2008), the Global Property Guide finds that in Bermuda, the average price of a three bedroom house and lot is around US$1.5 million.
In Grand Bahama, Bahamas, a similar property costs around US$1.4 million, according to Global Property Guide figures. Property prices in highly-developed areas such as Bermuda and Bahamas exceed US$7,000 per sq. m.
Sky high coastal prices
Coastal properties in Barbados are also expensive, at around US$6,700 per sq. m. In the British Virgin Islands (BVI), the US Virgin Islands (USVI), real estate prices are around US$5,000 per sq. m. Sint Maarten also has expensive properties at around US$5,300 per sq. m.
Property prices in St. Kitts and Nevis, Puerto Rico, Martinique, St. Lucia and Antigua and Barbuda range from US$3,170 per sq. m. to US$4,500 per sq. m.
The cheapest Caribbean properties are found in Jamaica, Aruba and Dominican Republic, with prices ranging from US$1,300 per sq. m to US$1,500 per sq. m for houses near the beach.
For apartment buyers, Bermuda and Turks and Caicos Islands (TCI) are among the most expensive with prices at around US$5,000 to US$8,000 per sq. m. A two bedroom apartment costs around US$841,000 in Bermuda and US$670,000 in TCI.
Cheaper than the Med?
Despite these high prices, Caribbean properties are now considerably cheaper than coastal properties in Mediterranean Europe. For instance, apartment prices in Barcelona are around US$10,000 per sq. m., more than twice the price of apartments in Bahamas or Cayman Islands.
Apartments in Jamaica and Aruba are among the least expensive in the Caribbean at around US$1,500 per sq. m. Apartments and condominiums are relatively new features in the Caribbean property market. Most of the properties are new and come complete with amenities.
