Caribbean Real Estate Market In 2017
If you have been sitting on the sidelines for a while to see what is going to happen in the Caribbean market, this one’s for you. A quick update on some of your favorite destinations as we head into the summer months of 2017.
This is not a exhaustive list, nor an overly detailed one, but it does give you an idea of what is happening around the Caribbean as countries bounce back after the 2008 recession.
The Good News
After many countries in the Caribbean saw significant drops in residential property values after 2008, last year saw an average slip of only 1% in value. This implies that the overall market is likely at the floor. Some markets, such as the Turks and Caicos, started improving over the past couple of years, while others continue to struggle. The Barbados is a market which is just starting to get traction again after years of being fairly stagnant.
The Bahamas, one of the more mature markets in the Caribbean, has seen the pace of price decreases drop to nearly nil. It is likely a very good time to buy in The Bahamas.
Another strong market is St Barts. Part of the recovery related to the fact the island operates of the Euro, which has meant big discounts for US buyers. Although the market has firmed up, prices are still right for those coming from countries working off the US dollar.
Markets Slower to Rebound
Barbados as mentioned above, has seen a very sluggish market over the years since 2008. Part of this again relates to currency fluctuations. 70% of the buyers in Barbados are from the UK, which has seen their currency drop significantly against the US dollar. Sellers have started dropping prices however, and the market is starting to pick up some steam.
The Bahamas, British Virgin Islands and Barbados are all expected to see a flat real estate market in 2017. Although this may not sound like good news, it is for those looking to buy and those who have seen price depreciation in their Caribbean properties over the past number of years.
