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THE CARIBBEAN
See Hospitality Consultants has forecast timely opportunities over the past several years, especially, in the Puerto Rico, Costa Rica, Bahamas Out-Islands, Turks & Caicos, Belize, Anguilla, St. Thomas, St. Croix, Dominican Republic, Tortola, St. Kitts & Nevis and other Caribbean locations, and Mexico. Since mid-2004 the region has experienced an unusually robust period in the real estate sector. Numerous brokers, owners, and developers contact report satisfactory to excellent results regarding transactions. Sales volumes are up and most destinations have witnessed price stabilization. Several popular developments have realized 7% to 12% increases in pricing just in the past six months. Bargains are disappearing rapidly. It is advisable that serious buyers and investors should be prepared to act expeditiously when they feel they have located a property or investment that makes sense.
Caribbean economies are trending upward in many countries. Advance bookings for hotels and rental villas are near traditional levels. As over the past several years the Aruba, the Bahamas, Turks & Caicos, St. John USVI, and Belize have realized healthy tourism numbers. The islands of Anguilla, St. Kitts & Nevis have seen positive developmental growth and there is anticipation for improved growth in the Grenadines.
Major hospitality groups, investor syndicates, and developers have committed to acquisitions and new projects throughout the islands. Still favored are large beachfront resorts offering the full complement of amenities and activities. Latest trends have been a greater emphasis on condo hotels, fractional ownership, and upscale club membership programs which feature a property use component. Coming into vogue rapidly during this same period was the up marketing of smaller hotel properties. These boutique hotels have accented superior service and unique themes. The inventory of available small hotels in the Caribbean has become quite anemic. Remaining quality properties, especially if the area is strategically located, are offered at a premium.
With the demographics of the visitors and investors shifting slightly from North American to European and Asian the region has also witnessed a growth in the demand for relocation and small business development. With the current remarkable growth in real estate we anticipate support services, light industry, and business retailing should be the next category to realize improvement. This may be the time to investigate for your early retirement opportunity or to expand the scope of your current enterprise with a Caribbean location. |
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