Caribbean Identified As Property Investment Hot Spot
Nation's favourite holiday destination represents great property value for investors
Investors wondering where next to buy their overseas property should look to the sunny climes of the Caribbean, according to new research.
Interest in West Indian property has always been high, thanks to its global travel-friendly reputation, but is hotting up in line with the tropical temperatures with the news that the region has been voted the top holiday destination this summer by British Airways customers.
Beating sunny contenders such as South Africa and perennially popular Florida, the Caribbean emerged as the clear winner with British holidaymakers – not wholly surprising considering that this June was the wettest since records began.
Claire Bentley,British Airways Holidays Managing Director, comments: “The thought of relaxing on a stunning beach, in the warm and friendly Caribbean is a real draw as the summer weather continues to be a bit of a let-down.”
As one of the main economic drivers, touristic appeal remains a high priority for many Caribbean nations. The region as a whole saw a positive 3.3% increase in visitor arrivals (23.8 million) in 2011 compared to 2010 according to the Caribbean Tourism Organisation.
Indeed accessibility continues to be paramount to the tourism success of many islands and those, such as the spice island of Grenada, with direct flights to international destinations including the UK, USA and Canada stand a better chance of not only maintaining but increasing visitor levels in the future.
Ray Withers, Chief Executive of Property Frontiers, exclusive agents marketing the new first-time released hotel suites at Bacolet Bay Beach Resort on the island of Grenada, said: ”It is very encouraging to see that, even despite the global economic downturn, Caribbean tourism levels continue to rise. Grenada alone welcomed 116,398 overnight guests and some 309,000 cruise ship day visitors in 2011 and with the World Travel & Tourism Council predicting the island to be the fastest growing market in the Caribbean between 2011 and 2021, we believe that Grenada is the best place to invest in the region.
“In terms of property investment opportunities, the vastly undersupplied luxury hotel sector remains one of the most attractive options. Hotel occupancy levels across the Caribbean rose to 61.8% in 2011 and RevPAR reached US$103.57, the highest levels reported since 2008 according to STR Global data. However hotel room supply in the region remains limited with only three new properties opening in 2011, increasing room supply by a mere 0.9% whilst demand in the region rose 3.5%.”