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Are you planning to sell overseas property in the Caribbean in 2020? Is this the right time to be selling overseas property in the Caribbean? Find out in this quick guide.
Caribbean Overseas Property Market Trends 2020
Is there a more beautiful place in the world than an island in the Caribbean? The Caribbean is one of the most popular overseas property destinations in the world, and draws buyers from across North America and Europe. These days you even have wealthy buyers from China, Hong Kong, Brazil and the Middle East looking for properties here.
It is easy to see why - the Caribbean is the hottest tourist destination in North America. It is geographically close to the United States and Canada and well connected by flight to Britain, Scandinavia and Germany. So, you always have hordes of foreign tourists visiting the Caribbean at any time of the year, especially during the holiday season.
Many foreign tourists decide to stay on and buy a second home in the Caribbean. Not only because they want a slice of the paradise for themselves, but also because any overseas property in the Caribbean is an excellent source of rental income.
With apps such as Airbnb, it is very easy to earn a decent rental income from your overseas property in the Caribbean when you’re away. The rental market has been completely transformed by such apps, and this has led to a jump in property prices as well – which is good news for those who want to sell their overseas property in the Caribbean fast and for a good price.
However, the thing about the Caribbean property market is that it is not a monolith. While holiday homes in St. Lucia, Jamaica and Barbados fetch a premium, the same cannot be expected from similar properties in less developed islands such as Antigua.
Things You Should Know About Selling Your Overseas Property in the Caribbean in 2020
A typical overseas property in the Caribbean should fetch between $100,000 to $350,000. The closer the property is to the beach, the higher the price. There are some luxury properties that can fetch anything from $1 million to $5 million, if you’re lucky. The trick is to find the right buyer, such as a cash rich buyer from China, Russia or Brazil, perhaps. But how?
First, it is important to understand that you cannot really expect a local estate agent based in the Caribbean to put you in touch with such high net worth international investors.
For this, you will need to hire the services of an overseas property expert. An overseas property specialist is a high-profile estate agent with contacts with local agents across China, Russia, Brazil and the Middle East. They have connections with cash rich buyers and participate in international property shows, such as in Dubai and Moscow.
They have the sort of expertise in real estate marketing that you cannot expect a local estate agent to have. They know exactly which online and offline marketing channels to use for promoting your property so that it gets noticed by cash rich buyers from emerging economies.