The overseas real estate market is booming, with more people than ever looking abroad for opportunities to invest in their next property. An increasing number of investors are looking towards Mexico and the Caribbean, due to their temperate climates, proximity to the U.S and lower cost of living. Due to the highly digital workplace that COVID has introduced, more people than ever are able to work from wherever they would like. As a result, residences in Mexico and the Caribbean are quickly becoming the top choice for U.S. buyers, for both vacation properties and primary residences.
Here are residences in some of the most in demand housing markets outside of the United States. Each listing below includes some of the reasons why these locations appeal to those looking to invest in real estate.
Location: Grand Cayman, Cayman Islands
Residence: Mandarin Oriental Grand Cayman (pictured)
Description: Known for its warm tropical climate, pristine white sand beaches and exquisite dining, Grand Cayman has recently grown in popularity as one of the top markets for U.S. home buyers. Government incentives like the Global Citizen Concierge program has attracted professionals and digital nomads to the island nation, with minimal red tape. As reported by the Bovell Team at RE/MAX Cayman Islands, sales volume in 2021 was up 51.9% from 2020, setting a record of $1.054 billion. The 67-acre Residences at Mandarin Oriental will continue to drive this luxury market to the island and is set to be the first five-star property built away from the crowded Seven Mile Beach.
Location: Cabo San Lucas, Mexico
Residence: The Residences at St. Regis Los Cabos at Quivira
Description: Located on Mexico’s west coast in the state of Baja California Sur, Cabo San Lucas is one of the most popular destinations to invest in real estate, due to its favorable climate and picturesque scenery of golden sand beaches and towering rock formations. According to Cabo Real Estate Services 2021 closed as the biggest year ever, with over $1.645 billion in sales. The Residences at St. Regis Los Cabos mirror this high sale trend, with over $75 million in sales in less than a year. Located on a 33-acre site at the southern-most tip of the peninsula, the property is set to be completed by early 2023 and will feature 74 St. Regis Residences, along with 1,200 feet of ocean front property.
Location: Providenciales, Turks & Caicos
Residence: Rock House
Description: The Turks & Caicos real estate market had a record-breaking year in 2021, with a 158.5% increase in annual sales in comparison to 2020 according to Sotheby’s International Realty, proving that these Caribbean islands continue to be a hot real estate market for international investors. Homebuyers are realizing the added benefits of purchasing property in this vacation destination: no annual property tax, no income tax, no restrictions on foreign real estate ownership and the islands’ use of the U.S. dollar. For those looking to invest, Grace Bay Resorts’ newest residential resort in Providenciales, Rock House, just sold out of its Phase I residences, with many buyers purchasing homes sight unseen prior to the resort’s opening this spring, though fortunately just launched sales of its Reserve Villas, the second phase of homes and the largest in the collection that will offer stunning ocean views, elevated outdoor space and private swimming pools.