In the past year, the U.S. real estate market has completely flipped from a buyer’s market to a seller’s, with median prices up 20 percent year on year. Thankfully, there are still locations where being a buyer has its perks. As travel is beginning to remain mostly uninterrupted as the world weaves through various COVID variants, more eyes than ever are turning to the Caribbean as a spot to invest in real estate. With perks like property tax exemptions and Global Citizen Concierge programming, the Caribbean is increasingly becoming an attractive market for investors.
Location: Grand Cayman, Cayman Islands
Residence: The Residences at Mandarin Oriental Grand Cayman
Description: Known for its warm tropical climate, pristine white sand beaches and exquisite dining, Grand Cayman has recently grown in popularity as one of the top markets for U.S. home buyers. Government incentives like the Global Citizen Concierge program has attracted professionals and digital nomads to the island nation, with minimal red tape. The Cayman Islands offer a permanent residency program. The program is attractive for investors seeking a tax efficient residence as the Cayman Islands have no corporation, income, capital gains, inheritance or sales taxes. As reported by the Bovell Team at RE/MAX Cayman Islands, sales volume in 2021 was up 51.9% from 2020, setting a record of $1.054 billion. The 67-acre Residences at Mandarin Oriental Grand Cayman will continue to drive this luxury market to the island and is set to be the first five-star property built away from the crowded Seven Mile Beach.
Location: Punta Cana, Dominican Republic
Residence: The Residences at The St. Regis Cap Cana
Description: Over the years, thanks to an expanding tourism industry, stable economy and friendly tax laws, the Dominican Republic has quickly become one of the most popular destinations for international buyers to invest in real estate. Even with the pandemic, momentum in sales didn’t slow down, with many buyers investing in properties sight unseen. Considering government incentives for foreign buyers such as a 100% exemption on property tax, it’s no surprise that the country’s real estate market for international buyers continues to thrive. In addition to these incentives, foreign investors are drawn to the country thanks to the legal environment which allows these buyers to become the sole owners of their property, thus enjoying the same property rights as Dominicans. Slated to be complete by the end of 2023, The Residences at The St. Regis Cap Cana will boast 70 residences and include access to Cap Cana’s best amenities such as Jack Nicklaus Designed Punta Espada Golf Club and an equestrian center.
Location: Providenciales, Turks & Caicos
Residence: Rock House
Description: The Turks & Caicos real estate market had a record-breaking year in 2021, with a 158.5% increase in annual sales in comparison to 2020 according to Sotheby’s International Realty, proving that these Caribbean islands continue to be a hot real estate market for international investors. Homebuyers are realizing the added benefits of purchasing property in this vacation destination: no annual property tax, no income tax, no restrictions on foreign real estate ownership and the islands’ use of the U.S. dollar. For those looking to invest, Grace Bay Resorts’ newest residential resort in Providenciales, Rock House, just sold out of its Phase I residences, with many buyers purchasing homes sight unseen prior to the resort’s opening this spring, though fortunately just launched sales of its Reserve Villas, the second phase of homes and the largest in the collection that will offer stunning ocean views, elevated outdoor space and private swimming pools.
