As some readers may well be aware the property market in the Caribbean has been depressed for a number of years, the heydays of the early 2000s when the real estate market was booming, and properties selling like hotcakes have not returned.
Buyer reticence has continued through from the global economic downturn providing less sales and more hesitancy to commit to a purchase. From the past years one might expect that in a buyers market that property prices would have decreased over the years as supply has exceeded demand.
Antigua however is a different market from many other real estate markets, most buyers do not need a home in the Caribbean they want one. Most vendors do not have to sell their property to purchase anther home.
Owning a property in the Caribbean is a lifestyle decision and because of the desire to own or hold onto property in the Caribbean coupled with good rental returns the property market has not suffered in the way one might imagine giving those owners an appreciating asset even in a depressed market.
After ten years however the market is beginning to turn, the explosion of holiday rental firms such as AirBnB alongside cheap direct flights is making owning a property in Antigua a good long term investment strategy. As the world is becoming more accessible the Antigua property market is building in momentum, in the past years our rental market trends tend to lead our sales market trends and it seems that there is change afoot in the property market.
With these positive changes looming now might just be the best time to get into the market before the cat is out of the bag and the prices increase significantly over the next few years.