As luxury holiday destinations go, the Caribbean has always been a popular place. The Bahamas in particular is one of the most sought after locations, and thanks to new developments is making a resurgence as an ideal opportunity for property investment.
Rum Cay is an exciting island resort belonging to the Bahamas which got its name from a cargo of rum that was shipwrecked and washed ashore, according to legend. And the resort is now taking advantage of the Bahamas’ renaissance in the tourism sector.
Perry Christie, the Prime Minister of the Bahamas has said that tourism now accounts for 60% of the country’s GDP, and that is a sure fire way to tell that the Bahamas cannot be ignored. With tourists flocking to this area, property investors are reaping the rewards from hotel and accommodation properties.
One and two bedroom purpose built holiday cottages are springing up in Rum Cay, at the Ocean Hotel and Spa Resort, and these are available for as little as 50% of the market value. This represents a great opportunity for investors to buy property at a small price which can then be rented out to a reliable stream of tourists to produce big returns.
Deposits of 30% are accepted, with 70% deferred payments available over five, ten and fifteen year periods. This means that for a relatively low initial outlay, investors will be able to begin reaping the rewards of Rum Cay’s tourist pulling power almost immediately.
Sale prices of the properties also include furnishings, meaning that there is very little extra outlay required by investors, and therefore profits won’t be eaten into. In addition, the Bahamas is a tax free zone, meaning that investors are able to pocket all of the returns from their investment, the rate at which can potentially be as high as 20%.
The new resort is planned for completion by 2015, and alongside the accommodation will be various water sports activities, restaurants and bars. All of this will encourage continued growth of Rum Cay and will contribute to the sustained development of the area as a tourist hotspot.
Rum Cay has been dubbed as “the jewel of the Bahamas”, and this exciting development is likely to yield golden returns for the savvy investors who choose to put their money into this superb accommodation development.