Does it make sense to sell your Caribbean property in Trinidad and Tobago ? The islands of Trinidad and Tobago are very popular with tourists from around the world, and are considered to be the hottest overseas property destinations in the Caribbean.
However, home prices in Trinidad and Tobago declined by over 20% in the immediate aftermath of the 2008 global housing crisis. In fact, the whole of the Caribbean had suffered greatly during the period from 2008 to 2016, so Trinidad and Tobago cannot be said to be an exception.
What’s interesting is that the country has been slower to recover from the recession than the other nations in the Caribbean such as Jamaica and Barbados. Experts say that the government policies are to blame for this. Foreign investors are required to obtain a license for investing in real estate in Trinidad and Tobago. This is not the case in other Caribbean nations such as Barbados.
Even so, the market has largely recovered and is stable. Property prices have increased by 6 percent in 2019, and 2021 so far as been a good year for the real estate market in Trinidad and Tobago as well.
While the market has largely recovered, it still remains a buyers’ market. What’s still holding the prices of properties for sale in Trinidad and Tobago from expanding as they should is the fall in oil prices. This island nation is the only Caribbean country with significant oil and gas reserves. The industry in Trinidad and Tobago is largely dependent on petroleum and petrochemicals.
There’s been a real effort by the government to give a boost to tourism in the island nation, with the hope that it might drive more investment into the housing market. Trinidad is the more business oriented of the two islands, while Tobago is heavily dependent on its tourism economy.
So how much do properties in Trinidad and Tobago cost?
A modern home in a desirable neighbourhood in Trinidad would start at $550,000 while an average middle class accommodation in would cost $310,000. In Tobago, a single-family home could cost around $550,000, while an average condominium costs $390,000.
So who buys properties in Trinidad and Tobago?
Most of the foreign buyers who have invested in properties in Trinidad and Tobago come from Europe. There are also a significant number of homebuyers from the United States and Canada. There are also a few Norwegians and Swedes who have purchased homes here.
There’s an excellent connectivity between Trinidad and the UK, with a number of flights coming in every day. That has certainly helped to attract more buyers from the UK.
Britons and Americans are the most prominent tourists in Trinidad and Tobago; they practically keep the tourism industry here going. It’s no surprise then that they are also the biggest buyers of properties in Trinidad and Tobago. But Recently Russians and Scandinavians have made this a home from home.
The only issue with buying property in Trinidad and Tobago is that prospective home seekers from abroad should obtain a license before going ahead with the purchase. This can take up anything from 40 days to 6 months.