– Bahamas and Cayman Islands home to two most popular listings
– Caribbean demand driven by American and Asian buyers
– Majority of investment in opportunities worth below £50,000
After several months where activity on TheMoveChannel.com has been dominated by urban real estate, buyers set sail for the Caribbean in July. The UK, Turkey and Dubai have fuelled investment on the international property in the first half of 2014, with student property proving particularly popular.
As summer arrived, though, investors sought out warmer climes, with land plots in Bahamas and Cayman Islands receiving the most enquiries. The land plot in the Bahamas, located in Stella Maris, won the most attention thanks to its price tag of just £32,096. The Cayman Islands’ plot followed close behind, despite a much higher cost of £86,913.
The land with planning permission, part of the Eco Village Resort Development on Cayman Brac, was the second most expensive opportunity in the month’s top 10 listings, as well as the second most popular. All the other entries in the Investment Watch chart were priced under £50,000, as buyers continued to tighten their belts while hunting for high returns.
Indeed, investment on TheMoveChannel.com last month was particularly diverse, with low price a priority over location and type. The UK was the most popular country, accounting for four of the top 10 listings, but buyers picked a varied British selection, comprising of property schemes, a hotel (10th place) and a medical facility investment (8th). Student property accounted for one listing in 9th place, a significant shift from last year, when university accommodation was the focus of attention.
Aside from a buy-to-let townhouse in Ohio (7th), the only traditional property in the top 10 was a community of new build apartments in Marbella, Spain. The recently completed units, located on the coast, were the most expensive in the Investment Watch chart, priced at £148,000, and generated the 5th biggest response. Outside of the popular Costa del Sol, lifestyle buyers were happy to build their own paradise by the beach, seeking out land opportunities in the sunny destination of Brazil as well as the Bahamas and Cayman Islands.
Climates, though, were ideal for investment as well as enjoyment: American and British buyers have enjoyed strong economic growth at home, with favourable currency exchange rates bolstering their buying power in the Caribbean. Indeed, the Bahamas were the sixth most popular country on TheMoveChannel.com in January 2014, while demand for the Cayman Islands has notably increased in the pasrt year, appearing in the portal’s Top of the Props top 10 on five separate occasions and in the Investment Watch chart once before.
With the land opportunity in Cayman Islands the most expensive non-bricks and mortar investment in the Investment Watch chart, Select Resorts Limited says that demand was driven by more than the price.
“As global markets improve and confidence returns we are seeing an increase in lifestyle enquiries and purchases, clients are returning to retreat destinations, prompted by the value in these markets as opposed to city markets which are approaching full value,” explains Michael Reilly, Sales & Marketing Director of Select Resorts.
“The Cayman Islands, and the Caribbean as a whole, are well placed to benefit from these improved conditions – as both American buyers and new Asian investors look to these markets for value.”