Royal Westmoreland provides ten reasons as to why property investors should think about the Caribbean when considering where to buy their next holiday home.
The Caribbean is set to be a holiday hotspot for 2015. With growing numbers of holidaymakers from across the globe heading to its warm golden sands and clear blue waters, many property investors are considering real estate on the islands for their next purchase.
Let’s look at exactly what it is that makes the Caribbean so special, and why tourists are drawn to the islands year after year.
The untouched beauty of the Caribbean, from its flourishing green rainforests and cool crisp waterfalls in Grenada to the rocky backdrop of the Blue Mountains in Jamaica, provide people with a chance to escape from city life and be surrounded by nature’s best.
Not only that, but each island offers something special of its own. From snorkelling off the coast of Tobago to zip-lining in Antigua, horse riding in St. Barts or fine dining in Barbados, you can be sure of a unique experience wherever you go in the Caribbean.
The Caribbean lifestyle is one that draws people back time and time again. Many honeymooners, families and friends become intoxicated by the relaxing, worry free atmosphere that surrounds the islands, and return year after year to become immersed in the calming way of life.
Chinese, African, Indian and European cultures combined make the Caribbean what we see today. With so much diversity in the food, music, clothing and religion, this is what helps to attract tourists back to the islands.
3. Island Hopping
With over 700 islands within a short yacht trip away from one another, island hopping is a traditional holiday activity made by many adventurous visitors, allowing them to enjoy a holiday full of variety. Popular island hopping destinations include Puerto Rico, Guadeloupe, Trinidad, St Lucia and Barbados.
British, US and Canadian tourists – particularly those travelling with families – are highly attracted to the Caribbean due to its familiarity to the place they call home. Low crime rates, well maintained roads and good transport, hospitals and communication all offer further reasons for families to visit the Caribbean for their holiday.
On top of everything else that the Caribbean has to offer, the weather is the cherry on top of the cake. When the weather is good, it’s very good. Drier days with cooler nights tend to come around from December to April, making the Caribbean the perfect destination to head to during winter and spring.
Having looked at why tourists are attracted to visiting the Caribbean, let’s look at the financial benefits of investing in a holiday home in the Caribbean.
6. A stable property market
Unlike other areas around the globe, the Caribbean has maintained a stable property market, particularly on islands including Barbados. Not only that, but the laidback feel that emanates from the Caribbean lifestyle is predicted to bring more property investors to the islands in 2015, due to the social and political unrest around other parts of the world.
7. Tax free benefits
Those looking to invest in property in the Caribbean can benefit from tax free purchases. The majority of Caribbean islands are now tax free – including St Kitts, Dominica and Barbados – and this includes international income. This has resulted in an increase in property investment, which is predicted to grow even further this year.
8. Financial growth
Owning a property in the Caribbean is a leap towards personal financial growth. With it currently being a stable market and with no signs of this changing, investors can feel assured that their investment will bring more benefits than concerns. Those looking to invest in a property that they might sell in the future should also note that there has been a 70% increase in some Caribbean property sales since 2013.
9. Citizen by Investment programme
The majority of Caribbean islands have introduced the Citizen by Investment programme, in which those who invest in the Caribbean property market are granted citizenship. This means that investors have the right to work, vote and travel without a visa.
10. Renting prospects
As the Caribbean becomes more popular as each year passes, so too has the interest in buy to let holiday property investments. Due to this increasing demand, more airlines are scheduling direct flights to the Caribbean, meaning that even more holidaymakers are heading out to the islands.
This – on top of the fact that the Caribbean is the number one honeymoon destination – offers financial advantages for property investors looking to buy to rent out to holidaymakers.
For those who have been considering investing in property in the Caribbean, it is important take location into account. If you are investing for commercial buy to let purposes, will it be beneficial to consider the more popular spots? Whereas if you are investing for your own personal use, it is crucial to consider each island and what each of them offer, and use this to determine which will be the best choice for you.
Rachel is a content writer for Royal Westmoreland, the world class beach, spa and golf estate in Barbados. For more information, visit: www.royalwestmoreland.com