Property for sale in Trinidad and Tobago
It is important to know life and the reality of a country before deciding to buy a property. If you are deciding to buy a property in Trinidad and Tobago it is essential to read our report.
Trinidad and Tobago is an island country in Central Caribbean, its capital is Port of Spain.
The nation's capital is a bustling shopping mall and it has numerous examples of colonial-style architecture and some tourist activities to do if you stay here for a few days .
The residential market in Trinidad and Tobago remains weak, with the economy in difficulty due to dependence on oil and gas reserves, particularly in Trinidad. The average price of property for sale in Trinidad and Tobago fell 5.9% during the year and house prices fell by 14.3%.
The country has recovered more slowly from the global financial crisis than some neighbouring countries, with property for sale prices falling by 20%. This is due to the fact that foreign buyers, who mainly come from Great Britain, Germany, the United States and Canada, were blocked by a requirement introduced in 2007 that foreign investors must obtain a license to purchase land and properties for sale in Tobago.
Foreign buyers of property for sale in Trinidad can purchase up to an acre of residential property without a license. In Tobago, on the other hand, no license was granted to foreign buyers because a license requirement was introduced in October 2007.
Buyers are required to pay 5% to 10% stamp duty, in addition to legal fees.
Trinidad and Tobago is one of the richest nations in the Caribbean. Unlike many of its Caribbean neighbours, who rely on tourism, Trinidad depends a lot on oil and gas production.
In 2017, the country's overall inflation rate stood at 1.9%, down from 3.1% of the previous year and the lowest level in 52 years, according to the Central Bank of Trinidad and Tobago. In February 2018, primary inflation was 0.9%. The construction sector is getting a boost from the "Vision 2020" government development plan, which consists mainly of new building projects of properties for sale in Trinidad and Tobago. While many local residents in Trinidad and Tobago are wealthy, 17% of the population lives below the poverty line. Crime involving drugs, guns and gangs remains a challenge, especially in Trinidad, with murders and abductions at the top of the list.
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