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Buying Real Estate In The Caribbean

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Buying Real Estate In The Caribbean

Is it your dream to own a piece of paradise? A lot of people do, and only a small percentage of people actually end up in their dream home. Buying a home in the Caribbean differs from what you might be used to. Make sure to always work with a local trustworthy real estate agent. I have been working in real estate in the Caribbean for several years. So sit back and learn from the experiences I had in all those years:

My advice: Please make sure you do a background check before working with just any real estate agent. Even if they are working for a big franchise name. A professional agent would do the same with you as a buyer. So make that effort.

You have found the property of your dreams! A beautiful big villa near the ocean with a gorgeous view and the price is just too good to be true. It might just be a great rendering to let you believe there already is a house, roads, and amenities. Or a picture shows a beautiful beach with a gorgeous ocean view. Often this is just the nearest beach and you do not have the promised ocean view. All the sellers are trying to sell you the dream which can easily be your biggest nightmare. I personally have seen desperate real estate agents lying to get the deal done.

Checking accurate market comps (what sold in the neighborhood and for how much?) is not so easy in the Caribbean. Sellers and real estate agents are often selling overpriced homes. Try to make comparisons with other listings online to get an idea of the average pricing in the area. Make sure to always check to local currency. Be aware of the exchange rates as you may be required to pay in the local currency.

My advice: Make sure to check your budget even before you start searching. Make sure to be aware of all the additional costs like taxes and building costs before bothering a real estate agent. Tell the realtor a slightly lower amount so you still have some wiggle room if he or she comes up with a perfect house just above your budget.

Thank you Monty for your comment and for adding the mistake of not getting professional advice at all. There are always a few good and licenced realtors but there are so many out there trying to make a quick buck. I like to inform prospective buyers to keep following their instincts and ask the right questions, they will always end up with the right realtor. Good luck with your real estate company in Anguilla!

If affordable Caribbean real estate is what you need, you could find some ultra-contemporary condos put up for sale in Puerto Rico and Grand Cayman. For instance, in Puerto Rico, you could choose between this 1-bedroom-2-bath condominium in the Bahia Marina complex on the Island of Culebra, and this 1-bed-1-bath Costa Bonita unit costs under U.S. $175,000. You may even find affordable properties to your liking in Jamaica, Noord (in Aruba), and Roatan.

The property costs in islands like the Cayman Islands, the Turks & Caicos Islands, and St. Barts, which are known to offer luxury accommodation options to the rich and famous, could run into tens of millions. However, you can find much more affordable properties in some other locations. For example, Roatan, the Dominican Republic, and Jamaica offer some excellent Caribbean real estate options that are easy on the pocket and provide significant value for money.

If you are looking to invest on a limited budget, you might be best off looking at destinations in the Caribbean where average prices tend to be comparatively lower. So, what is the cheapest island to buy Caribbean real estate?

While prices in highly prestigious islands such as St Barts, the Turks & Caicos Islands and the Cayman Islands can stretch into the tens of millions, other locations are far more affordable. Destinations such as the Dominican Republic, Roatan and Jamaica, for example, can offer excellent value for money and buyers can pick up more affordable Caribbean real estate.

Bermuda has it all, not only is it the perfect place for


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