Industry News

Barbados continues to appreciate despite the economic downturn

Property prices in Barbados are appreciating at between 10 – 15% per year at the middle of the market and often higher at the luxury end, even during these harder economic times.

Cluttons Barbados says the property market remains in a stage of growth and has been driven by a strong economy and well established tourism industry. Barbados has fantastic amenities, golf courses, spas and restaurants with direct flights from major cities and of course the great climate and beaches! In recent months Cluttons Barbados has seen a considerable upturn in the high end market and can only think that people are becoming less patient with the lifestyle in the UK. This has all led to a winning formula for British buyers.

In the recorded history of property on the island, property values have never declined. Unlike larger countries where property values have come under pressure from issues such as the financial downturn, Barbados property values have continued to show significant strength. It should be noted that the middle market developer or homeowner is now a little more flexible and will entertain some negotiation, however the property market in Barbados is currently holding its own.

An island of prosperity as storms ravage world housing

The credit crunch has put paid to property booms around the globe, right? No, not quite. While the US, UK and European property markets are in price freefall, the Caribbean, and in particular the holiday island of St Lucia, seems to be holding its own – for the time being at least.

"Property prices have remained robust throughout the financial crisis," says Allen Chastanet, St Lucia's minister for tourism. "The key is we didn't have a boom to begin with, so building levels were at sustainable levels. Therefore, we're not having a bust.

"The only price softening that has taken place has been reflective of the pound weakening against the dollar," he adds, with reference to the fact that St Lucian property is priced in dollars. "Sellers have been willing to bend prices a bit for British buyers to reflect this currency shift."

Puerto Plata Emerges as the New Coast of Eco-Style and Activity - The Caribbean's secret is out...

‘The world Bank’s international financial corporation (IFC) chief praised Dominican Republic’s 13 point advance in the ‘DOING BUSINESS 2009’ report, as one of the worlds TOP 10 REFORMED NATIONS’

DOMINICAN REPUBLIC, -- Puerto Plata, the largest city on the Dominican Republic's (DR) North Coast, is seen as a shining star for the country's tourism industry. With championship designer golf courses, shopping, casinos, night life, rejuvenated local beaches and other new developments planned, Puerto Plata is creating a reputation as one of the Caribbean's most popular emerging tourist destinations in the DR attracting international travellers, sports champions and celebrities alike.

Known as the country's most versatile playground, Puerto Plata is an excellent destination for those seeking fun, adventure and enriching activities. Here vacationers can rub elbows with the rich and famous who come for the North Coast's luxurious accommodations.

Travellers with limited vacation time often find themselves hard-pressed to choose from the vast list of activities Puerto Plata has to offer. Top attractions in Puerto Plata include: Ocean World, Playa Grande and Play Dorado’s Golf Course.

In addition to a vast variety of activities, Puerto Plata offers a beach lover's paradise with the beaches of Playa Dorada, Costa Dorada, Playa Cofresi, Playa Sosua and Cabarete. "The North Coast boasts some of the world's most breathtaking white sand beaches surrounded with brilliant shades of turquoise," said DR Minister of Tourism Francisco Javier Garcia. "As of late 2008, the DR has put an initial investment of nearly $25 million into the rejuvenation of seven DR beaches, including a five kilometres stretch of beach east of Long Beach city. In addition, the adjacent stretch from Costa Dorada to Playa Dorada and Cabarete on the North Coast has been doubled in size for traveller’s beach relaxation."

The word is out. Puerto Plata is the "it" destination for adventure and eco-travel along with stunning luxury accomadation. With its laid back and relaxing atmosphere, culture and desirable warm weather, Puerto Plata is an astonishing place that will delight even the most experienced traveller.

Dominican Republic reaches record visitor numbers

Work by the government in the Dominican Republic to boost investment is working as the latest tourism figures show a record 8% increase in arrivals in 2008 so far.

The government and private sector of the Caribbean island have been working together to encourage investment and maintain a macroeconomic balance and a major part of that strategy has been to boost tourism.

Now they expect visitor numbers to reach 5 million by 2012. Marketing is aimed at encouraging visitors to an island with palm fringed white sand beaches and a near perfect climate while the government is investing in new roads, amenities and facilities.

The Tourism Minister Felix Jimenez said the record 8% increase was very encouraging. He announced that the island's 2008 – 2012 Tourism Plan is designed to increase the current 170,000 visitors to 5 million that will generate 200 million dollars in annual revenue.

Supporting this plan is significant investment into increasing hotel bed capacity and also increasing the amount of residential resort style real estate in the Dominican Republic. The World Travel and Tourism Council predicts that this period of intensive advancement in tourism will result in at least a 3.7% annual increase in real GDP growth for the nation's travel and tourism economy over the next decade.

This could be a good time to invest into the undeniable potential that the Dominican Republic represents. Not only is the nation affordable and committed to maintaining its accessible status as one of the most reasonably priced Caribbean destinations, but millions of dollars of investment are going into everything from golf courses to marinas, from boutique style shopping malls to spas and sports facilities.

'It is already the Caribbean's Number One Destination according to the World Tourism Organization, the Dominican Republic could soon be the number one destination for luxurious yet affordable resort style real estate offering exceptional rental yields in the region too,' he added.

The increase in demand for properties for rent from the growing tourism base is allowing developers to offer rental guarantees to would-be purchasers, and to even offer these rental guarantees on top of allowing owners access to their properties for their own use.