Free Resource - A guide to the Caribbean Property Market

Discussion in 'Caribbean Real Estate' started by totallyproperty, Apr 1, 2016.

  1. totallyproperty

    totallyproperty Administrator Staff Member

    Caribbean real estate

    While the majority of us have come across the term the “Caribbean” how many of us know that it includes around 7000 islands and an array of different countries including:-

    Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Bermuda, British Virgin Islands, Cayman Islands, Cuba, Dominica, Dominican Republic, Grenada, Guadeloupe, Haiti, Jamaica, Martinique, Montserrat, Netherlands Antilles, Puerto Rico, Saint Kitts and Nevis, Saint Lucia, Saint Vincent

    This will no doubt come as a surprise to many people because the likes of Barbados, Jamaica, Cuba and the Cayman Islands seem to grab more than their fair share of media coverage. This is an area of the world which was originally colonised by countries such as Spain, the United Kingdom, the US and the Netherlands leaving behind a rich tapestry of culture and language.

    Tourism

    You only need to look at the weather and the picturesque beaches to understand why tourism is a major element of life in the Caribbean. If you also add in the UK expat connection, and the likes of Spain, the US and the Netherlands, it is not difficult to see why it is a very popular area of the world. As ever, tourism is a vital element of any real estate market and the ongoing increase in tourist numbers has had a positive impact upon property in the region.

    Over the last 20 years or so tourists have been looking for new and exciting destinations away from traditional markets which can also offer a degree of privacy. The Caribbean is an area of the world which perfectly fits the bill and is attracting an enormous amount of attention from property developers.

    Caribbean economy

    The Caribbean economy is made up of many different factors with each country having its own particular strengths and weaknesses. The extremely close cultural relationships with the likes of the UK, the US, the Netherlands and Spain have opened up trading opportunities which might otherwise have been difficult to put in place. When you bear in mind that a lot of these islands are relatively small they need to import significant every day goods which are not available locally. Over the years we have also seen an array of local trading arrangements between different islands focusing upon individual island strengths.

    The heavy dependence on tourism and financial services can often expose the Caribbean economies to significant volatility. There have also been some major changes in the financial services industry which have made some of the Caribbean islands a little less attractive for offshore financial services. However, tourism and the financial services industry will continue to play a major role in the local economy and strong connections to countries such as the UK offer continued support.

    Natural disasters

    As we have seen over the years, many of the Caribbean islands have been decimated by natural disasters at one time or another which have in many cases had a significant impact upon local economies. While the islands are now better prepared than ever for future natural disasters all this preparation really does is limit the damage as much as possible. However, history shows us that the Caribbean islands bounce back very quickly from such natural disasters and with significant aid coming from countries such as the UK this does help to support the economy in the longer term.
     
Loading...

Share This Page