Caribbean property market spices up with the launch of the new Cinnamon Suites at Bacolet Bay
Having only narrowly escaped Drachmageddon with the election of Greece’s pro-bailout party, on-going instability in Italy and a further downgrade for Spain, more and more investors are looking outside the troubled Eurozone for their next property purchase.
One location heralded by many, including the Sunday Times recently, as a safe haven for investors is the Caribbean. Not simply the perfect combination of white sandy beaches, a tropical climate and relaxed pace of life, the Caribbean, and in particular the “spice island” of Grenada in the West Indies, offers a very attractive emerging property market, one with lucrative returns.
For much of the Caribbean, tourism remains the driving economic force with an estimated 23.8 million visitors in 2011, an increase of 3.3% over 2010 according to the Caribbean Tourism Organisation. The small yet idyllic island of Grenada, a protectorate of the UK, alone welcomed 116,398 overnight guests in 2011 (the majority from the USA, Canada and Europe) and an additional 309,574 cruise ship day visitors.
Ray Withers, Chief Executive of Buy Property abroad experts, Property Frontiers, exclusive agents marketing the new first-time released Cinnamon Suites at Bacolet Bay Beach Resort, comments,
“Unlike some neighbouring Caribbean islands and indeed many other countries around the world, Grenada’s economy is growing with a 1.5% GDP increase expected in 2012 (IMF) and this turn is attracting rising levels of foreign direct investment, especially from China and SE Asia. Furthermore, the World Travel & Tourism Council has predicted Grenada to be the fastest growing market in the Caribbean between 2011 and 2021 making it a very attractive place to invest.”
In line with growing tourism demand, the Caribbean hotel sector as a whole is thriving with improvements seen in all three key performance metrics in 2011 according to data from STR Global. Occupancy levels rose to 61.8% in 2011 with the average daily rate up 2.6% to US$167.54 and RevPAR up by 5.2% to US$103.57 – the highest year-end occupancy, ADR and RevPAR reported since 2008. However hotel room supply in the Caribbean remains limited with only three new properties opening in 2011, increasing room supply by a mere 0.9% whilst demand in the region rose 3.5%.
And it is this discrepancy between supply and demand that the Cinnamon Suites at Bacolet Bay Beach Resort addresses. As Ray Withers explains,
“The 5* Bacolet Bay Beach Resort, located on a secluded 300m long white sandy beach on the southern shores of the tropical island paradise of Grenada, 15 minutes from the international airport, is already 50% sold out yet due to the rising demand for luxury accommodation on the island, the new spacious Cinnamon Suites which enjoy sea views from one of the highest points on the resort, are now available exclusively through Property Frontiers.”
The perfect lifestyle investment, Cinnamon Suites at Bacolet Bay Beach Resort are available from $248,500, 30% below independent valuations with a 3 year rental guarantee from 7.2% pa and 4 weeks personal usage. In addition the developer’s guaranteed Buy Back option 3 years after completion provides a profitable exit strategy. Completion and the opening of phase 1 is due in the second half of 2013 and the project will include waterfront restaurant, bars, swimming pool, spa, gymnasium, pontoon and walkways, tennis courts and a panoramic reception.
With only a limited number of units available with the assured Buy Back 3 years after completion, contact the Investment Property for sale experts at Property Frontiers today on + 44 (0) 207 993 8888, visit www.propertyfrontiers.com for more information.