Pros/Cons Owning Property In Aruba
08/11/2008 | analysis
Pros/Cons with Aruba realty
There are many reasons to own real estate in general. Owning real estate in a foreign country brings a whole other set of rules and reasons. Why should you own real estate in Aruba? Or why shouldn’t you own real estate in Aruba? There are many reasons, both for the short term and long term. Let’s make a top 5 pros and cons of the most important reasons, according to me.
Pros:
- Aruba has the second lowest price per square footage in the Caribbean, making real estate affordable.
- Property value rises, on a steady, controlled pace, making short term and unrealistic gains, almost impossible.
- Limited speculation in the real estate market, chances of meltdowns is limited. Steady, healthy growth more likely.
- Local mortgage rules are relatively strict, preventing all kinds of problems right off the bat.
- Foreigners can own property on both property land, as well as long lease land.
Cons:
- Dependency of import materials is a risk for future price/quality of realty in Aruba.
- Upon own construction, rules and regulation offers little protection against unreliable contractors.
- Old fashioned legislation prevents swift reaction when trying to sell the property.
- Notaries are slow (and expensive) when setting up transfer deeds. Admittedly, this is in large part due to a lack of adequate tools for notary’s staff to thoroughly verify any outstanding legality that might lie upon the property in question.
- There’s a seemingly uncontrolled growth of real estate agencies in Aruba, therefore choosing the most reliable one is a daunting task.
There might be more pros and cons, but like I said before, I’m just listing five reasons in favor and against to keep it short and sweet.
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