Country Guide: The Caribbean
Why buy property in the Caribbean?
The Caribbean is a tropical paradise known for its laidback lifestyle, luxurious resorts and exotic scenery. The weather is almost always hot, and with clear blue seas, beaches and palm trees galore, it is the ultimate destination for relaxation.
An established tourist resort, English is widely spoken, flights are frequent and amenities are good. Buying in the Caribbean is a dream come true for many and if you have the money, you will be in the fortunate position of being able to invest in an idyllic lifestyle along with a home.
What's the Caribbean property market like?
Property in the Caribbean tends to be expensive due to its popularity, high quality and element of luxury. A recent survey by the Worldwide Property Group revealed that, along with the US and Brazil, the Caribbean remains a favourite location for overseas property purchase. Caribbean economies are predicted to grow by 5.7 per cent this year, according to the International Monetary Fund. Global recession did hit the Caribbean tourism industry but this is now recovering well.
Popular areas in the Caribbean in which to invest
Traditionally, St Lucia, Barbados and the Cayman Islands have been very popular destinations in which to buy. However, this popularity means that property prices have rocketed, and most buyers are priced out of these markets.
More affordable Caribbean property comes on the island of Antigua, particularly the West coast. Antigua has fairly frequent flights and good golfing and yachting facilities. The Dominican Republic is also cheap but the island does have a reputation for crime, which is why most Brits opt for a gated community.
The property-buying process in the Caribbean
One good aspect of buying property in the Caribbean is that there is far less bureaucracy than would have to be dealt with in the UK.
Buying an off-plan property is slightly different to buying one for resale. Purchasing off-plan requires you to make payments in stages, beginning with a ten per cent deposit. Your solicitor will need to search for the Register of Title, so make sure to use an independent lawyer.
With a resale property, once a price has been agreed upon, find a solicitor. A ten per cent deposit will be required upon signing the purchase agreement, which will then be held by the vendor's lawyer until the purchase balance is completely paid off, at which point it is transferred to the seller.
