Aruba, in the Carribean sea, could attract many investors

 

Aruba is a constituent country of the Kingdom of the Netherlands in the southern Caribbean Sea, located about 1,600 kilometres west of the main part of the Lesser Antilles and 29 kilometres north of the coast of Venezuela

Aruba is generally considered outside the hurricane belt. It has struggled to recover from the global real estate crisis of 2008, when home prices fell anywhere from 15 % to 40 %, though there have been some gains in recent years.

The market was doing very well until this year. The real estate market has slowed down in 2016.

Compounding problems have been an ongoing recession in neighboring Venezuela; a loss of value in the Canadian dollar; and the recent presidential election in the United States, which has prompted potential home buyers to hesitate. Those three countries supply the bulk of foreign home buyers in Aruba.

The market has been better in recent years, but not much better.

Aruba is very much a buyers’ market now. The average price per square foot in Aruba is roughly half that of luxury destinations such as Anguilla or Turks and Caicos.

The typical second or vacation home would range in price between $250,000 to $600,000. However, in wealthier areas, such as Malmok and Tierra del Sol, properties can range from $950,000 for an oceanview lot up to about $9 million for beachfront properties.

The northern end of the island is the most popular with foreign home buyers, including Malmok, Noord, Palm Beach and Eagle Beach, where some new condominium projects are in the works.

North Americans are the largest group of foreign home buyers in Aruba, followed by Venezuelan investors. Aruba, though a part of the Netherlands, has relatively few Dutch buyers.

 

(from NYTimes.com)

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