We recently had the opportunity to talk to brokers from two popular Caribbean markets offering the best in island living to see what makes these destinations so special.
Aruba
Jan Falcone, director and owner of Aruba Palms, shares insights on this popular island in the mid-south of the Caribbean Sea. Aruba Palms offers a variety of services including relocation, buyer and seller representation, and worldwide marketing of listings, including residential real estate, commercial real estate and land in Aruba.
What is your average price point, and how would you describe a typical property in your market?
Jan Falcone: Our average price point is around $350,000. Prices have stayed reasonable, even though new-build condos are close to being sold-out, and villas are getting scarcer in desirable neighborhoods. A typical villa needs some sort of refurbishment unless it is in the $500,000-plus range. Affordable new sea-front condos start at $550,000—completely turnkey. Our prices are excellent, and all construction is concrete block, including the walls in between the rooms.
What draws people to your area?
JF: With the friendliest people in the Caribbean, no disastrous events such as hurricanes, weather that is always warm, a stable Dutch government and the lowest crime rate in the Caribbean, Aruba is tops among buyers.
What home features are especially popular with your buyers?
JF: Ultra-modern baths with floor-to-ceiling tile and state-of-the-art fixtures are in high demand. Euro-kitchens are also popular among buyers. Being American, I have noticed that most kitchens in the U.S. are constructed of various shades of wood, while we enjoy kitchens of all colors here in Aruba.
Are you seeing much foreign investment—and, if so, from which countries?
JF: Almost all of our buyers are from North America, but some are from Europe and South America. We have a large Chinese immigrant population—they love the opportunities here.
What advice do you have for foreign buyers interested in buying in your area?
JF: Come whenever you can and enjoy the white sand beaches, warm sun, nice breezes and amazing restaurants as well as the casinos and nightlife. Give us a morning early in your stay so that we can show you most everything in your price range. You will not be disappointed!
What do you love most about living in your area?
JF: The ease of life, not having to deal with cold weather, and the people. There is also a lot to do, including a new IMAX theater complex not far from the hotels. Housekeeping is not at all expensive, leaving plenty of time to enjoy life. Your investment can generate a nice revenue stream of rental income when you are not using your property, and this offsets any expenses associated with owning a property.
For more information, visit arubapalmsrealtors.com.
Trinidad and Tobago
Heidi Rajnauth Elliot, director of Dynamic Real Estate Consultancy, provides an inside look at this captivating dual-island Caribbean nation. Dynamic Real Estate Consultancy offers residential and commercial purchase and sales services as well as rental and property management assistance.
What is your average price point, and how would you describe a typical property in your market?
Heidi Rajnauth Elliot: The property market in Trinidad and Tobago has always been a bit insulated from the drastic swings that are seen in markets like the U.S. Although we do not have an MLS system that gives us comprehensive market data, I would say that the average price point for a house in a nice suburban area would be $460,000 for a 2,000-square-foot, three-bedroom, two-bathroom home on roughly 5,000 square feet of land. However, being an island, space is at a premium, so townhouses and apartments are more frequently purchased and more affordable.
What home features are especially popular with your buyers?
HRE: Gated communities are big for us locally.
Are you seeing much foreign investment—and, if so, from which countries?
HRE: Our borders have only recently opened from being shut down due to COVID, so it is too early to say what level of foreign investment will come in. However, I am expecting a large portion of activity from returning residents from both the UK and the U.S.
What advice do you have for foreign buyers interested in buying in your area?
HRE: Negotiate in your currency. Because forex (the foreign exchange) can be difficult for locals to get their hands on, many sellers are happy to give a better price to those willing to purchase in a foreign currency. Be sure you are working with an established firm, as legislation covering the real estate industry has not yet been enforced due to the fact that it was implemented right before the pandemic began.
What do you love most about living in your area?
HRE: I love that Trinidad and Tobago is not a hyped-up, over-marketed Caribbean product. We have so much to offer, from birdwatching to natural wonders like the Pitch Lake to many trails for hiking. We have a more cosmopolitan bigger city feel and the conveniences that match.
For more information, visit dynamicrealestatett.com and www.leadingre.com.
