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As you are aware, the Caribbean was hit badly by Hurricane Irma. Billions of dollars worth properties have been destroyed. There is no question that the property market in the Caribbean – which was thriving before the super-storm struck – has been badly affected.
Still, don’t let that affect you. Follow this guide to selling overseas property in the Caribbean in 2018.
The first step to selling your property in the Caribbean is to hire the overseas property specialist or UK estate agent for the purpose. They are more likely to be able to reach out to overseas property investors from Germany, Ireland, China, Russia and Scandinavia, from where you will find your best potential buyers.
Keeping this in mind here is a look at the various Caribbean Islands and what you can expect from them.
Barbados is the #1 overseas property destination in the Caribbean. It remains so even today, despite the 2008 housing crisis, which affected the island badly. There are many beachfront properties in Barbados that are worth $1 million and more, and are much in demand from wealthy buyers from the US, UK and Canada. While the interest from the UK has flagged off a bit because of Brexit, this has been replaced by demand from Germany, Sweden, Norway and Ireland.
Bahamas is a top overseas property destination, much like Barbados and gets the usual crowd of wealthy buyers from the US, UK and Canada. An average beachfront property in the Bahamas costs over $3 million. Property prices here are still way below the highs last seen in 2008. Bahamas has been badly affected by the Hurricane Irma, but is expected to recover soon.
St. Barts is another popular overseas property destination in the Caribbean which was badly affected by the Hurricane Irma. St Barts has Euro as its currency, which makes it very attractive for buyers from Ireland, Germany and Sweden. Savvy international property hunters are excited by the fact that they can acquire a property of their choice in St. Barts for about 80% of the price it was available for in 2007-08.
British Virgin Islands
The British Virgin Islands enjoys great demand from British, American and Italian buyers – most of them wealthy business owners, footballers or showbiz celebrities. These islands have undergone a major transformation over the last few years. An average luxury property here costs $1 million to $3 million.
Jamaica is the biggest of all Caribbean island nations. It is a popular tourism destination and has a flourishing overseas property market. An average luxury property here costs $3 million and there is always a lot of demand for properties in Jamaica from wealthy Western celebrities, CEOs and hedge fund managers.
St. Lucia is one of the Caribbean islands that were hit by Hurricane Irma, but already, it has managed to stage a smart recovery. St. Lucia has a very much in-demand property market. An average beachfront property here costs between $2 million to $4 million. Wealthy investors from China have been seen showing a great deal of interest in St. Lucia.
Contact us for more information on selling your overseas property in the Caribbean in 2018.