Record breaking year for Roatán Real Estate

In the eyes of Merrill Lynch the USA is already officially a couple of months into a recession. With financial markets in turmoil and the biggest housing slump in a quarter of a century putting immense pressure on the economy, whoever wins the race for the White House in November of this year may wish they never put their name down on the entry form. Look slightly south to the Caribbean, in particular the Honduran Bay Island of Roátan, and not a hint of doom and gloom as its property market has just enjoyed a record year.

Robbert Hin, co-owner and associate broker of RE/MAX Bay Islands, living in Roatán comments, “Roatán is certainly bucking the trend and has posted some incredible results for 2007. According to the Multiple Listing Service (MLS), Roatán’s property market has remained strong whilst the USA’s has tumbled, and total volume sales on the Island were up 33.9% on 2006 to 51.3 million USD. The average property price is now 309,000 USD, around 156,000 pounds, and at RE/MAX we envisage capital appreciation at a rate of 15–20% for the short-mid term.”

Long-known as a diver’s paradise, Roátan life is casually-paced and the Island is skirted with powder white sand and the world’s second largest barrier reef after Australia’s Great. Yet, the sleepy Island is waking up rapidly largely thanks to the major cruise liners. Already a popular Caribbean port of call, several operators are keen to further maximize Roatán’s position and investing in new piers. Royal Caribbean is said to have 25 million USD earmarked for a dock in capital Coxen Hole, whilst Carnival has 45 million USD set aside for a new two-berth pier further east to accommodate up to 7,000 passengers each day by the end of 2009.

As it stands 300,000 holidaymakers step off their liners onto Roatán sands each year. Carnival ambitiously aims for 500,000 of its passengers to enjoy the Island within five years and this all contributes to the Honduras Institute of Tourism’s prediction that across the cruise liners this figure should reach as high as one million. Do not underestimate the potential of Roatán, this Island is without doubt coming of age…

RE/MAX is promoting the residential resort of Wexham Plantation set within the upscale residential community of Sandy Bay just to the west of Coxen Hole, the capital of Roatán and home to local shops, a US-style shopping mall and the International Airport. Ten minutes along the coast are the popular tourist beaches of the West End with vibrant nightlife and relaxed Caribbean bars and restaurants. Wexham Plantation could not be better located.

The resort itself occupies a beachfront position and the architect has ensured that all owners not only enjoy an uninterrupted outlook on the beach from their terraces but also from the master bedroom and its unique outside shower. Wexham Plantation offers two, three and four bedroom homes with oversized partly covered terraces for absorbing outdoor living whilst penthouses have full rooftop solariums with optional splash pool or Jacuzzi. Kitchens are fully fitted, including appliances, and cable television, telephone and satellite internet connection are also in place. Ample parking and storage are available as is a modern fitness centre and infinity communal swimming pool with thatched palapa bar set in tropical gardens overlooking the white beaches protected by the stunning reef.

Owners at Wexham Plantation can elect to place their home into a rental pool where the management company will take care of maximizing occupancy. Profits will be distributed on an annual basis with monthly service charges in the region of 275 USD.

Prices start from 299,000 USD (approx 196,937 euros or 150,486 GBP) for a two bedroom apartment. Payment terms: 10,000 USD reservation fee., 10% at private purchase contract (including reservation fee), 15% at ground breaking, 25% when second floor walls have been constructed, 20% when roof has been completed, 20% when windows tiles and appliances have been installed and final 10% after walk-through at closing scheduled for the end of 2009.

Roatán International Airport handles direct flights from a number of destinations in the USA, Canada and Europe.

For more information, visit remaxroatanrealestate.com.