Caribbean Island Brokers in for a rough ride!
The CARICOM region comprising of 15 Member States continues to be under State of Emergency. Just when there was hope of things returning to some degree of normalcy, as the COVIP 19 pandemic showed signs of easing, the virus of racial hate raised its ugly head. The name George Floyd became a household name and street protests ensued across the USA, and spilled over to other countries of the world. It is very clear that something has to change to ensure better race relations in the USA. The response has been so impactful, that on this occasion with all races are calling for an end to racial killings by the US Police. The Caribbean governments and peoples are heavily dependent on a well functioning USA so that we can benefit from money transfers, tourists arrivals and investments.
Today, from my vantage point in St. Lucia, residing in the South of the island, we are getting ready to receive our first set of tourists on June 4, 2020. While the state of emergency has been extended until September 30, 2020, the Government has been gradually opening up the commercial sector, with movement of citizens being regulated by curfew between the hours of 5.00 am to 9.00 pm. Our Caribbean Lifestyle has been substantially altered without any end in sight. We have learnt to live with restrictions never thought would have been applied in our lifetime, but we are adapting.
Caribbean countries are heavily dependent on Tourism to fuel their economies, and Foreign Direct Investors to drive Investments, especially in the real estate sector. A major source market for our tourism is the USA. It is obvious that given the current state of affairs, it will be some time for their citizens to return to a situation as existed during the pre pandemic period. Going forward it will not be business as usual; there will be new approaches that will have direct effect on the way we live, work and play.
In the midst of what is going on in the USA, Realtors are upbeat about the future, post COVID 19 pandemic. Prices are still holding, however it must be noted that there were many deals that were in the process of closing. Based on the laying off of workers, the current protests and damages done to certain neighbourhoods, there may be some relocation. Some areas will definitely take a hit. Here in the Caribbean, Realtors are heavily dependent upon airline traffic. Visitors, Investors and members of the Diaspora fly in for business, pleasure and retirement. There is about a 60 – 75% in decline in business. At this time, a 10% discount on most transactions is possible in spite of some already low prices on the market. It will continue to be a buyers’ market for several months going forward.
There is a lot of optimism in the US Luxury market where a lot of pent up demand exists and there is a lot of individuals who can afford multimillion dollar properties. Realtors in the Luxury market feel that it will be business as usual, especially in States like California. Second homes are going to be given serious attention going forward. Many persons will never look at life the way they did prior to COVID 19, much more time will be spent with themselves and their families. There are many things that some people for years wanted to do for themselves but thought they were too busy to allocate the time needed.
This brings me to my recommendation, since this too shall pass, and everything will be alright! Don’t miss this opportunity to own a piece of the rock – Saint Lucia – Simply Beautiful, and in recent days I have come up with a new tagline – Saint Lucia Simply Beautiful and Blessed! This is still a unique destination that many persons are currently unaware of but will not be for long.
Here are the facts:
*St. Lucia is 100% COVID 19 FREE
* St. Lucia has the most attractive Citizenship by Investment Programme (CIP) in the Region
* St. Lucia offers the most investment friendly environment in the Region with great Investment Incentives.
* St. Lucia is well served with International and Regional Airport, Modern Telecommunication System, Electricity Services, etc.
* St. Lucia is well served by Private Sector Associations
* St. Lucia has friendly, educated and industrious citizens.
* St. Lucia is a destination for Business, Pleasure and Retirement.
* St. Lucia is the #1 Entertainment Destination in the Caribbean.
We look forward to welcoming you to our shores!
Blogger – Edward Harris – Real Estate Agent/Broker
Mobile: 1-758-485-1456
FB Page: www.facebook.com/stluciaproperties
