The Caribbean has long been a popular tourist region, attracting tens of millions of tourists annually. It is also the attractive destination for second-home ownership. According to the Savills Caribbean Islands report, prices of prime residential properties in the Caribbean have increased by 27% over the past five years but have yet to reach their peak. Despite this price growth, the Caribbean still offers a better price-to-quality ratio compared to similar global destinations for luxury vacation homes. Based on the price per square meter, Caribbean destinations are up to 50% cheaper than other regions, such as Sardinia, the Hamptons, or Tuscany.
Lucie Hanuš, Marketing Manager at Savills, says: "Among the analysed islands, prime residential properties on Turks and Caicos reach the highest price per square meter, specifically €13,500 per sqm. In the Bahamas, the price is €11,000 per sqm, on Antigua and Barbuda €6,000 per sqm, and on Barbados € 5,400 per sqm."
“For international buyers seeking a balance of work, leisure, and investment potential, the Caribbean has reemerged as a top choice,“ comments Tom Vickery, head of the Caribbean desk at Savills and adds: “Increased flight connections from both Europe and North America has resulted in higher footfall through the islands and, in many cases, have turned a latent interest into a tangible purchasing option.“
Read the full report Savills Caribbean Islands here.