Tobago Real Estate

Tobago Real Estate Price Revolution

The demand for and the value of Tobago Real Estate have seen a rapid revolution in recent years.

From being relatively cheap real estate in the 1980s, land for sale in Tobago and house prices started to climb in the 1990s.

By the late 1990s, prices started to soar at an alarming rate.

It was like the beauty and magnificence of Tobago had just been discovered.

Additionally, the law was changed to allow foreigners to purchase property in Tobago.

That led to a flood of foreigners, especially Germans, buying property in Tobago.

As the increased demand from powerful foreign currencies drove property prices skyward, Tobago’s property for sale became a hotly sort after commodity.

In the meantime, local residents found it extremely difficult to buy property on their own island as prices were driven out of their reach. Prices continued to soar up to the end of 2008.

Most of Tobago Real Estate development took place on the south western side of the island.

Impact of the Global Recession of 2009 on Tobago Real Estate

The global recession of 2009 has negatively impacted the Tobago Real Estate market.

At this writing, Trinidad and Tobago’s economic growth has slowed. Although, Trinidad and Tobago have not technically been in a recession ( a recession is defined as 2 quarters of negative Gross Domestic Product {GDP} growth), the economy has felt more than a glancing blow from the rest of the world’s recession.

As a result, real estate prices seem to have peaked and property sales have slowed.

Many people have lost jobs and the expectation is that there will be defaults and foreclosures as many who have mortgages on houses or construction loans on new constructions will unfortunately be unable to meet their obligations.

Furthermore, the expectation is that as a result, real estate prices should even start to fall.

Opportunities abound for Tobago Real Estate

Even though prices stagnate and fail to fall as expected, Tobago real estate still represents good value. The island is special for its natural beauty and its beaches are world class.

Additionally, its political and economic stability and the hospitality of its people make compelling reasons why demand will not ebb significantly, and if it does, it shouldn’t be for long.

Also, visitors will always want to visit and even own property in Tobago.

Conclusion: Why Tobago Real Estate is still compelling

Tobago is still the place to be.

In spite of the swift pace of development, especially on the western end of the island, owning real estate in Tobago is desirable for personal homes and it’s even a good investment.

Scarborough properties, resort villas, and other Tobago properties for sale on the western end of the island have so far held their values.

However, even if property values fall in the short run, they wont be down for long as the demand will soon pick back up and prices will once again continue to soar.

Opportunities abound throughout Tobago but especially in the eastern part of the island.

This part of the island has not experienced the torrid demand and resulting spike in prices as the western end of the island.

Additionally, Tobago will not experience the vexing problems that many parts of the world face, e.g., Florida, where real estate prices fell and have trouble stabilizing and recovering.

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