The world has had a tough few years. If anything, we are realizing that life should be enjoyed to the fullest. It’s no wonder that there has been a surge in demand for luxury properties in the Caribbean. It’s where beautiful beaches, clean air, warm temperatures, and impressive high-speed internet access allow you to thrive while working remotely (or just staying in touch with the rest of the world). When you are looking for your Caribbean property, here are some pricing factors (apart from the universal, such as lot size) to consider.
“Location, location, location.” If you are investing in a second/vacation home in the Caribbean, you want to make sure it’s relatively easy to reach — you want access to major routes. This is even more important if you plan to generate rental income with your property because chances are your tenants will be working and may need to commute. You will also find that the farther you are from the amenities of a city, the cheaper the property. You should also take into consideration how accessible the airport is, as well as flight connectivity. Is it a modern international airport with flights all over the world or a smaller airport with more local flights?
As a result of the different colonial efforts in Caribbean history, islands vary in terms of languages, legal systems, and economies. That’s why it’s not only your location within an island that matters but also which island you are on. You want an island with a stable economic and political climate, especially where government policies are friendly to (foreign) investors and tourism is thriving. Remember that there may be some attractive incentives and rates available to you in the Caribbean banking system. Before you buy, do your research — not just for the sake of your investment’s growth but for your own peace of mind if you plan to use the property yourself.
Speaking of peace of mind, it is invaluable, and part of this relates to the safety and security of your real estate. What kind of security is in place for your property — gated access, state-of-the-art security systems, and/or robust community management presence? Going back to the location aspect, you want to make sure you are on an island with a low crime rate and solid legal infrastructure. Safety and security of your property and its inhabitants means better safety and security of your investment.
The impacts of climate change have been affecting the annual hurricane season in the Caribbean. Major hurricanes, like Beryl, have hit outside of the usual season and have wreaked devastation on Caribbean islands — most notably, Barbados, St. Vincent and the Grenadines, St. Lucia, Grenada, and Jamaica. There are large parts of the Caribbean where it is already difficult to fully insure real estate, meaning you may face the risk of taking on expenses due to extensive damage.
Sustainable and eco-friendly properties are in demand — not only for buyers looking to minimize their environmental impact but also in terms of energy efficiency. Does your property feature solar panels, rainwater harvesting systems, or other green technologies? It’s a win-win situation when you can conserve energy, save money, and help the island environment flourish, and it’s attractive to newer generations of vacationers looking to rent. Was the home built with green construction materials? Does it take advantage of natural landscaping to blend in with the local environment? Creative, environmentally responsible architecture can boost the value of your investment.
What is luxury real estate without the eponymous luxury? The Caribbean is known for its spectacular vistas, gorgeous waters, and recreation, so you want to tap into that. Does your property have access to private beaches and marinas so (you and) your guests can swim, snorkel, and partake in water sports? Are you close to spas, wellness/relaxation centers, and other creature comforts? Can you pop over to a golf course when the sun rises or party at the nightclubs when the sun sets? Whether it’s a vacation space for you or your renters, you want to make the most of what the Caribbean has to offer.
Sophisticated real estate investors understand how to discern the potential of an investment by looking at the developer and the vision behind the property. Is the developer known for reliability and high-quality craftsmanship? Was the master plan well thought out and strategically solid? Did the developer build a property or create a lifestyle emphasizing sustainable living, exclusivity, and the ideal blend of community and privacy?
Curacao’s real estate market has been taking off — and with good reason. Curacao is a tropical wonderland for people who want to engage in some hard-earned playtime and a smart real estate investment to boot. With its Dutch-based legal and political systems, recent government improvements to infrastructure and support for foreign investment, and thriving tourism, Curacao has the economic stability investors seek. Apart from pristine beaches and spectacular waters, Curacao has cultural and historical sites and entertainment venues. The island’s modern international airport makes travel more efficient as well. Curacao is also below the hurricane belt, so there is little to no risk of hurricane damage, and the rainy seasons are much milder compared to other Caribbean islands.
That’s why we at Palmstone focus on luxury real estate in Curacao, helping buyers, sellers, landlords, and renters get the most out of their real estate transactions and investment properties. We are always happy to talk about your options — contact us today and fall even further in love with Curacao.
