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Where to get the best Caribbean value - 31 March 2008

Many of us dream of spending days on one of the countless white sand beaches of the Caribbean islands, living among the palm trees and within earshot of the lapping warm sea. For most people this dream of living in the Caribbean remains just that as the perception that property prices are so high only sports and film stars can afford them persists.

However, publication of the latest price details in the Caribbean have shown that some of the islands are far more expensive than others, and that it is possible to get yourself a Caribbean property for less than you think. The price survey, carried out by Global Property Guide, looks at the average prices per square metre for property across the Caribbean islands.

The survey puts Bermuda at the top of the tree, with property prices at US$7,861 per square metre. This makes the average price of a three-bedroom property and plot around US$1.5 million, and makes it significantly more expensive to buy a property than the rest of the Caribbean. This can be attributed to the island’s tiny size, and the fact that there is a high demand for property. There is little land available for development on Bermuda as hotels and golf courses take up most of the island.

Next on the list for Caribbean prices is Grand Bahama, followed by Barbados and the British Virgin Islands, with both islands seeing property prices at more than US$7,000 per square metre.

At the other end of the spectrum, the least-expensive places in the Caribbean to buy property are also revealed, with Jamaica, Aruba and the Dominican Republic proving to be the most affordable of the islands in the region. Prices here are much lower, with the Dominican Republic costing just over US$1,300 per square metre.

Combined with the current rate of exchange on the US Dollar, there are now opportunities for UK buyers who previously believed that having their dream property in the Caribbean was beyond their means.

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