The Real Deal Miami

Downturn hits Caribbean property sales

December 04, 2008 09:57AM

Tropical real estate is only one aspect of a becalmed regional economy
that’s had the wind taken out of its sails across the Caribbean.
Government and business officials attending a regional conference in
Miami said Tuesday that the economic slump is still manageable. But Anton
Edmunds, executive director and chief executive of Caribbean-Central
American Action, a private-sector group that organized the annual
conference, said the Bahamas and neighboring Turks and Caicos are among
nations whose financial outlook is steadily deteriorating as condo and
property sales to foreigners soften and new development projects grind
to a halt due to lack of access to credit by financially strapped
foreign developers.