Are you interested in purchasing or selling a home in the Caribbean but have no idea where to start?
This article will help you learn about the Caribbean real estate industry and the possibilities it offers to foreign investors.
In order to make your goal of owning property in the Caribbean reality, we have compiled this comprehensive reference to the real estate purchase procedure. Don’t stop reading if you’re interested in real estate investments in the area but have questions about where to purchase, what to buy, how to buy, or how far your budget could go.
PROPERTY IN THE CARIBBEAN
The Caribbean encompasses over a million square miles in size, making it a tremendously huge and diverse territory. The area covers over 1,500 square miles, from the northernmost Bahamian islands to the southernmost Tobagonian isles. The nations of Central America that touch the Caribbean Sea are also considered part of the greater Caribbean basin region.
Some of the world’s biggest offshore financial hubs and one of the few surviving Socialist planned economies make this a remarkably diverse region.
There is a wide range of physical features, economic systems, political structures, cultural norms, and legal frameworks across the region, from small to large islands, from flat coral islands to mountainous terrain covered in rainforest, from rapidly developing modern economies to more static traditional ones, and from independent sovereign states to dependent overseas territories.
On many islands, you may hear a variety of languages spoken by the locals. The real estate market reflects the region’s diversity, therefore conditions vary widely from city to city. Find a nation or island that has the features you’re looking for, like the right climate, culture, property options within your price range, and accessibility from your own country. Check out our resources to learn more about the Caribbean’s many islands and nations and choose which could be the best fit for your vacation.
Real Estate Costs in the Caribbean
The cost of real estate can range widely from one location to another. St. Barts, Anguilla, the Turks and Caicos Islands, and Barbados’ Platinum Coast are just a few examples of the islands known for their high-end real estate, which commands a hefty premium. However, there are places where the average cost of a home is far less. Houses for sale for or less $200,000 USD can be found in several areas. A few of them even have houses for sale for less US$100,000, making them a steal of a deal.
Doing some pricing research can show you where your money will go the furthest. You should also research the health of the local real estate market. There are some places where the real estate market is very robust at the moment, making price cuts a realistic possibility. In other locations, such as those popular with budget travellers, there is more of a buyer’s market and a cheap offer would be seriously considered.
AVAILABLE CARIBBEAN PROPERTY OPTIONS
Once you’ve settled on a location, it’s time to consider what sort of investment property will best meet your needs. Homes in the area range from the ultra-luxurious to the more affordable, with everything from private islands to city flats on the market.
The Bahamas, the Dominican Republic, and Antigua all have beachfront properties on the market, as do city apartments in Santo Domingo and Kingston, as do rainforest retreats in Dominica, Belize, and Costa Rica, grand plantation manors and quaint historic homes in Barbados and Jamaica, and ultra-modern new construction condos in Grand Cayman and Puerto Rico.
In your opinion, which option is the best? Your choice alone determines the outcome. Which would you choose: a private house in exquisite isolation, or a home in a gated community or resort with on-site facilities and management to take care of the property for you?
Whichever you like, the decision is yours.
When looking to invest with limited funds, where is the best place to find affordable Caribbean real estate?
Cost should also be taken into account. Investing in the Caribbean might be a good idea if you’re on a tight budget because pricing there are often lower than in other parts of the world. So, where in the Caribbean might one get the best deals on land?
Some islands, like St. Barts, the Turks and Caicos, and the Caymans, may cost tens of millions of dollars, while others are far more reasonable. Caribbean real estate may be found at more reasonable prices in countries like the Dominican Republic, Roatan, and Jamaica.
TAKING ADVANTAGE OF THE SITUATION
Finding the home of your dreams only to learn that it is already under contract or sold is one of life’s worst disappointments.
The real estate market on certain islands may be stagnant, while on others it may be quite active. As a result of reduced supply, the average amount of time a property spends on the market has decreased significantly in places like the Turks and Caicos Islands and the Cayman Islands.
That’s why, when you find something you like, you should probably act quickly. A common question we get is whether or not foreigners are allowed to own land in the Caribbean.
Most Caribbean countries allow foreigners to buy property and provide few difficulties to those doing so (or in some cases any restrictions).
However, be cognizant of the fact that the purchasing procedure differs considerably from place to region. Legal procedures and the accompanying taxes and fees might vary widely from one jurisdiction to another. For instance, in the British Virgin Islands, foreigners need a Non-Belonger Land Holding License to own property.
HOW DO YOU GO ABOUT BUYING PROPERTY IN THE CARIBBEAN?
In certain islands, a different procedure is used throughout the purchase process than in others. The purchasing procedure in Martinique, Saint Martin, and Saint Barts, all in the French Caribbean, is similar to the one used in France.
When it comes to purchasing property, however, English law has had a significant impact on English-speaking Caribbean nations like St. Lucia, Antigua, and Barbados. Never enter into a legal agreement without first consulting a local lawyer or attorney. Check out our travel guides for more info on the purchase procedure in each country.
BUDGETING FOR YOUR PURCHASE – CARIBBEAN PROPERTY BUYERS AVAILABLE MORTGAGE FINANCING
In several islands of the Caribbean, non-locals can apply for a mortgage to buy property. Naturally, getting a mortgage involves satisfying the lender’s requirements. We encourage all of our foreign customers to visit our esalesinternational website for further information. Contact us to buy or sell property in the Caribbean fast online.