Practical thinking, positive prospects

AS THE global economy is on the narrow path to recovery, the bust in the property development and real estate sector has actually forced the sector into a more practical frame of mind in Trinidad and Tobago. And it would seem that practical thinking equals generally positive prospects. According to the Association of Real Estate Agents (AREA):
• The current outlook for real estate and property development in T&T is positive
• There has been an increase in residential and commercial sales in the first half of 2011 when compared to the same period for 2010
• Property development is also on the increase when compared to 2009 and 2010, which saw mainly the completion of projects. However, this development is still sluggish due to the global economy, the slow stimulation of the local economy by government and the high crime statistics, which affect the perception of local business
• Bank interest is reducing, which should stimulate the market
• There has been an increase in buyers looking to invest their cash in property instead of leaving it in the bank at a nominal interest rate, and
• Rentals continue to pose a challenge due to the reduced number of foreign tenants in the market, although this relates specifically to the upper income ranges. In some cases, rental prices have reduced to capture more local tenants, while some landlords are still holding out for a favourable US dollar rental

.