Luxury real estate is leading the charge in the Caribbean property markets' recent surge and many experts see 2016 as a year for bigger growth in the region.
According to World Property Journal, tourism in the Caribbean is experiencing a tremendous growth as of late and a big part of it comes from the government's effort to improve infrastructure like airports, marinas and highways. And with tourists spending more time and money on these parts, the growth of luxury real estate is also expected to improve especially for this year.
7th-Heaven Properties Managing Director Walter Zephirin has explained, "Several Caribbean destinations, such as the Turks & Caicos Islands and the Cayman Islands, enjoyed a very positive increase in luxury real estate sales in 2015. We anticipate that this growth will be maintained in 2016, as international property buyers continue to be drawn to the region's consistent offer of year-round sun, sea, sand, stability and style of living."
Zephirin also pointed out that the global economy is not doing very well at the moment and the U.S. economy barely managed to stave off a crisis in its markets and the U.K. and other parts of Europe are on the mend. This has given many buyers the confidence they are looking for as they plan to invest in the Caribbean.
Meanwhile, according to The Daily Mail, as proof of the rise in demand of luxurious island dwellings in the Caribbean, a house once owned by rock and roll icon David Bowie who was recently deceased, was immediately snapped up by a mysterious buyer as soon as it was announced that the property is available for whoever can afford to pay $20 million. However, the house is not just owned by one famous personality but two. British publisher and poet Felix Dennis bought the house from Bowie for $5 million and in 2014 passed away, which means a new owner is coming.
