Caribbean real estate investors are most focused on Cayman Islands, Turks and Caicos and Bahamas. That’s according to Luxury Portfolio International, a network of luxury residential real estate brokerages.
“These islands handled covid relativity well and have the best infrastructure in the Caribbean,” says James O’Brien, Head of Luxury Property at International Realty Group in the Cayman Islands, part of LPI.
In terms of the Caribbean vacation real estate market, where are most of the buyers coming from?
Most buyers come from Canada & USA.
Are you finding more of an interest among affluent people in this current turbulent stock market to look at buying vacation properties in the Caribbean?
Yes, however Cayman has always had an affluent purchaser market historically over the last 25 years. Even withstanding the pandemic, there was a surge in demand for luxury properties in the Cayman Islands.
Photo by Marc Babin/Unsplash
Would you categorize investing in Caribbean real estate as stable, or is it riskier business?
It is very stable, especially the British Overseas territories like Cayman & Turks & Caicos Islands where you have no restriction of property ownership. There are no property taxes, capital gains taxes or income tax.
Do any of the buyers look at this as a revenue-generating opportunity (i.e., short term rentals) or do properties still sit empty?
25-30% of our luxury purchasers are interested in revenue generating properties.
Celebrity real estate: Fergie lists California estate for $4.275m
Fergie has listed The Ferguson Crest Estate, which she built with her father in 2013. The singer wanted to help her dad realize his dream of planting a vineyard and creating his own wine label. The spa-like estate has stunning panoramic vistas encompassing The Santa Ynez Mountain Range and much of The Santa Ynez Valley. It served as a retreat for family and friends.
The custom estate features a 4-bedroom, 4.5-bathroom turnkey home, +/-5,456 square feet of single level living and is sited on +/-6.27 acres. The temperature-controlled wine cellar has been home to a variety of wines created under the Ferguson Crest label. That includes Syrah crafted from the vineyard situated on the property.
Large bi-fold doors offer a seamless indoor-outdoor living experience with generous wrap around patios surrounding the home. Ample space for entertaining or relaxing is available in an oversized spa near the fire pit and outdoor kitchen. Inside the home there are two primary suites. One features a bar/kitchenette, an expansive great room, two full laundry facilities, numerous walk-in closets offering bountiful storage, and central air conditioning. The gourmet kitchen features a 6-burner Wolf range with griddle and pot filler, a large island and walk-in pantry. Parking is abundant in one of the four garages as well as the various motor courts.
The home is priced at $4.25m. It has been listed by Steve Epstein of the Epstein Partners at Keller Williams Realty.
Top image, Caymans Islands, by Ronny Rondon/Unsplash