Stunning little Tobago and her big brother Trinidad have a lot going on to draw the sensible investor, says Isobel Palmer
Before considering a country as a potential home, it’s advisable to get an idea of its character. And for the Caribbean archipelago of Trinidad & Tobago it’s all about Carnival with a capital C. These tiny islands south of Grenada are known for holding the most spectacular shows in the region. If any further proof were needed of a people’s love of partying, they also boast of inventing calypso and soca music, the steel drum as an instrument and the ice-breaking dance of dances – the limbo.
But this cultural connection is largely where the similarity ends, for the two islands are very different propositions for the property buyer. Trinidad is the larger of the two, dwarfing pretty little Tobago. It’s a thriving industrial centre – densely populated and one of the wealthiest in the Caribbean – exporting oil and more recently LPG to the US.
“Trinidad is very mountainous and boasts many different species of birds, nature sanctuaries and reserves, so I can see it attracting eco-tourists. And although the beaches are mainly rocky, there is some good swimming.”
The economy’s booming, but what’s happening property-wise? Most of the growth is in the north-west, around the capital, Port of Spain. Here, a massive new waterfront development with a Hyatt hotel has been completed. New, gated communities are popping up to cater for the influx of foreign workers, such as the Chinese – expect to pay from $500,000-$2million.
Christian says: “There’s the chance of a good return on gated properties on the ocean – around 6-8%.” He adds: “Tobago is tiny and they haven’t really allowed it to develop, so it remains unspoiled – you can still find some nice plots of land around the southern tip.”
Tobago has been a popular holiday destination for decades and has a more established market. It has a cosmopolitan population of Indians, Chinese, Syrians, Lebanese and Europeans, and its excellent restaurant scene reflects this. Nature lovers will be bowled over by the bird life and scenery, and divers can discover some challenging experiences.
Natalie Mahabir, owner of Caribbean Estates, Lands & Villas, offers a comprehensive service and has a direct line to the best new properties – her husband is an architect. She has some good news for investors.
“It’s a buyers’ market here – prices are down, as much as 25% on a £400,000 villa. A big plus for us is having wealthy Trinidad as a neighbour. Investors from there kept the local market alive when the international market died. Now the UK buyers are slowly coming back and they are buying in the middle market – £200,000-£400,000. For that you can get a good, rentable villa with a pool and nice amenities.”
Helping the bounceback is the completion of a new system of licenses for foreign buyers, which the island assembly brought in four years ago. “Foreign investors have to buy in licensed areas. The new system is finally in place and in theory can be done in 20 working days,” adds Natalie. “We did one of the first applications and it seems to be working.”
The good news is that many of the most popular areas are licensed – including the beautiful golf resort at Mt Irvine. Natalie says: “People are investing here again because they have seen their money grow in the past. For example, a house bought in the Bon Accord area for T&T$1m 10 years ago is now worth T&T$2.5m.”
Other recommended places to look are Samaan Grove, in the south-west – Tobago’s newest gated community, where land has gone up in value from T&T$35-40 per sq ft to T&T$95, and in the north-east, Englishman’s Bay – a beautiful beach in a more ecological type area. Slightly more expensive are Grafton and Mt Irvine.
Natalie is recommended by Feona Gray, of that most informative and trustworthy website Definitive Caribbean, and an agent in her own right via Caribbean Property International, a specialist agent who partners with island agents to help UK buyers.
She says: “We struggle to get information on Tobago for our clients, but it’s getting better. ” Feona believes that most other agents just aren’t interested unless you are on the island. “You have to get out there – then they couldn’t be more helpful. Their view appears to be that if you’re not on the island, you’re not serious.”
If you can clear this hurdle, Tobago has much to recommend it. Feona adds: “It’s one of the prettiest islands in the Caribbean; they are a really gentle, friendly people and the food is exceptional.” Check out Definitive Caribbean’s website for an excellent guide. Prices are cheaper than Barbados and more in line with St Lucia, she says, and there are bargains to be found.
This is an island known for its good stock of villas. MotMot house in Arnos Vale is set in 22,000 square feet, high up on the mountainside, with breathtaking views of the Caribbean Sea from a wrap-around verandah and pool and is on the market for $850,000.
Hibiscus House is situated on Gleneagles Drive, within walking distance of Mount Irvine Beach and the nearvy golf course. Set in a beautiful tropical garden, the villa is built for modern open plan living and entertaining and is on the market for $650,000.
Tobago has a few top-notch hotels, and the restaurant scene is thriving, offering the self-catering holidaymaker enviable choice. Feona is particularly drawn to the simpler eateries, which are full of character.
Anyone considering a purchase on Tobago must make themselves aware of recent crime problems. Full information is available online at www.fco.gov.uk.
In an article on safety, Steve Wooler from the very helpful independent tourism website myTobago says: “The vital thing to remember is that most incidents of crime against tourists could have been avoided if the visitor had applied some commonsense precautions.”
christian.demeillac@knightfrank.com
Natalie Mahabir, Caribbean Estates, Lands & Villa, Tel: 001 868 639 5263
www.realestatetobago.com
www.definitivecaribbean.com
www.caribbeanproperty.co.uk
www.mytobago.info
