Caribbean Properties

Caribbean Properties Can Be Good Investments

( February 22, 2006) -- Buying property in the Caribbean and Central America is more simple and affordable than Americans may realize. "A relatively small investment can yield good returns," says Ricardo Cardenas, a RE/MAX vice president and regional director.

"Property values are low in many areas, but they are appreciating rapidly, so a relatively small investment can yield good returns."

Prices are particularly affordable in Panama, Costa Rica and the Bay Islands In Honduras, he says. Waterfront properties at prices ranging from $200 to $500 per square foot are available in Turks and Caicos, Belize, Grenada, St. Croix, St. Kitts and Nevis, St. Vincent and the Grenadines, and the Dominican Republic. Pricier properties range from $500 to $1,000 per square foot in Cayman Islands, St. John (USVI), Puerto Rico, and Jamaica.

Buyers who intend to use the property for fewer than 30 days at a time don’t need a visa (and, of course, never need a visa in Puerto Rico, a U.S. territory) and most islands place no restrictions on full ownership, Cardenas says.

— REALTOR® Magazine Online