Buying Property In The Caribbean

The Caribbean is famed for its beautiful weather.

Stretching more than a couple of thousand miles from top (off the southern tip of North America, Florida) to tail (off the coast of South America) the Caribbean is the classic winter destination for Brits of all budgets. But how does it rate as a place to buy?

The Property Market

Once upon a time only the rich and royals could afford the charms of Barbados or Mustique, but these days TV's Royles (Jim, Barbara and offspring) would find any one of several islands - the Dominican Republic, for example - would cater for their every whim at prices that won't break the bank.

So, what's to like? Almost without exception every one of the dozens of islands have white sand beaches, palm trees, emerald green seas, and a relaxed culture. Some are mountainous, such as St Lucia and Dominica, many have a fusion of African and Indian cultures - Tobago & Trinidad.

Where once it was difficult and expensive to reach many of the islands, these days many of them receive direct flights from the UK. British Airways has announced a new twice-weekly service from London Gatwick to Punta Cana in the Dominican Republic, starting 25 October 2009; and they are increasing the number of flights to St. Lucia to five per week, up from three, and Barbados will reach double figures for weekly flights. Paolo De Reniz, Area Commercial Manager, said: 'The Caribbean tends to be a popular destination with our leisure customers seeking a relaxing winter break. From October, we will fly 45 times a week to the Caribbean and be servicing 13 destinations in the region - more than any other UK airline.'

The influx of flights is likely to boost prices on certain islands that are already performing well. GlobalPropertyGuide.com reports that the Barbados' property market remains buoyant, despite the global crisis. Property prices are still rising by about 10% to 15% a year, with bigger increases at the upper-end. Tim Morgan, managing director of Cluttons Barbados, said: 'Barbados has in the past always performed well, as more established and international markets decline - and then Barbados again benefits, as these more international markets bounce back.' Elsewhere the picture is not so rosy. St Lucia has seen a slight fall in house prices was mainly caused by the drop in the value of the British pound against the US dollar, according to local real estate agents, causing demand from British homebuyers to weaken. Other under-achievers include Trinidad and Tobago. GlobalPropetyGuide.com notes after enormous price increases from 1991 to 2006, the property market in the twin-islands of Trinidad and Tobago has slumped during the past two years.