Hidden Caribbean Property Hotspots : Dominica
Dominica is one of the most unspoiled and underdeveloped islands in the Caribbean, with waterfalls and lush rain-forests aplenty. So, is this banana exporting nation beginning to bare fruit as a property hotspot?
Dominica is an island nation and borderless country in the Caribbean Sea, the northernmost and largest of the Windward Islands.
The island is characterized by a very rugged and rocky terrain, which makes it impossible for plantation production. However, Dominica has been a producer of coffee, cocoa, and citrus fruits throughout its history, but its biggest share of agricultural production since the 1950’s belongs to bananas.
Formerly a British colony, Dominica became independent in 1978 and remains a member of the British Commonwealth. In Latin, its name means ‘Sunday,’ which was the day on which it was discovered by Christopher Columbus.
What’s the Appeal?
Nicknamed the “Nature Isle of the Caribbean” for its seemingly unspoiled natural beauty, the island is covered by rainforest, has many waterfalls, springs, and rivers and is home to the world’s second-largest boiling lake.
Recently, Dominica reached the international stage for being the picture-perfect islands portrayed in The Pirates of the Caribbean 2 and 3.
Publicity from these blockbuster movies has brought the island’s rustic beauty to people’s attention worldwide and though there are still no direct flights into the country, Dominica’s tourism industry has blossomed since the box-office hit left a footprint on the island.
As the popularity of the island intensifies, house prices have risen slightly. This is partly due to an increase in foreign interest and partly to the improvement in the local economy.
In 2006, Prime Minister Roosevelt Skerrit announced a ‘Housing Revolution,’ with the creation of the National Shelter Policy. This policy was initiated to tackle the issue of demand, supply and quality of housing.
Skerrit promised to build 500 houses in five years, assisted by funding from the Caribbean Development Bank. The governments of Venezuela and China have also granted around 25 million dollars between them, as Skerrit intends to improve the quality of some slightly rundown places and enhance the more popular ones.
The established upmarket residential areas in Dominica are, Canefield, Morne Daniel and Castle Comfort.
Canefield is a small village located on the west coast of the island, housing Dominica’s main airport and the country’s cultural center. Projects are becoming popular in Canefield due to its location close to the capital city Roseau and also due to the fact that it has one of the islands two airports.
Portsmouth is the former capital and - with 3,000 inhabitants - the second largest town of Dominica. It lies on the Indian River in the north of the island and is popular for large hilltop houses offering fantastic views, and for acres of undeveloped land.
What’s on Offer?
A number of large townhouses that have four to five bedrooms are popular amongst wealthy locals or those retirees returning to the island.
Also, smaller two and three bedroom houses are being bought on hilltops, valleys and rural areas, in places such as Woodfordhill, Canefield and Cochrane.
Prices for houses range from around US$ 80,000, up to about US$ 600,000, with the most expensive being near the capital Roseau, or close to either airport.
US$ 95,000 will get you a cosy two bed house in Cochrane, while a modern three bed home in Trafalgar, Roseau Valley, will set you back nearly US$ 600,000.
Dan Johnson, Managing Director, comments “Apart from locals and former residents retiring to their roots, most activity has come from American, British and French buyers. But with the recent increase in funds for housing development and the affordable house prices compared to other areas in the Caribbean, Dominica’s property market should steadily grow, which may encourage activity from other investors around the world.”
News submitted by Jon Moore, The Move Channel
