Caribbean real estate hot spot

Activity has returned to Government’s previously stalled housing project at Constant, St George. In recent weeks, workers have returned to the site, sections of which were previously overgrown by bush. (Picture by Ricardo Leacock.)

CARIBBEAN real estate is hot property again.

That’s according to new information released by 7th Heaven Properties, which called itself “one of the world’s leading independent Caribbean property specialists, representing...real estate for sale from across the entire Caribbean and Central America”. The company is based in London.

“Demand for Caribbean real estate has doubled during the first six months of 2015 compared to the same period last year,” the company said last week.

“Analysis of enquiries received via the 7th Heaven Properties website and the company’s magazine The Caribbean Property Investor indicates that interest in residential and commercial real estate in the Caribbean has increased dramatically across all price brackets,” it added.

The company said most of the enquiries were from the United States, Canada and the United Kingdom “with enquiries from American and Canadian buyers more than doubling and enquiries from British buyers up over 30 per cent”.

7th Heaven Properties managing director Walter Zephirin attributed the renewed interest in Caribbean real estate to economic growth in the main buyer markets in North America and Europe.

“Enquiries for Caribbean real estate have increased dramatically during the first half of the year as economic growth in the USA, Canada and the UK has stimulated buyer confidence. Growth in demand for Caribbean property has been underpinned by the impressive performance of the region’s tourism sector,” he said.

“The outlook for the second half of 2015 is extremely promising with a strong sales pipeline.

“A succession of announcements on increasing airlift to the region and major resort developments linked to Robert de Niro in Antigua and Barbuda and Leonardo DiCaprio in Belize, as well as the first licensed casino in Jamaica have boosted the Caribbean’s profile and enhanced its accessibility and appeal to buyers,” he added. (SC)