Introduction to Investing in Real Estate in Saint Lucia - Caribbean!

The State of the Industry in Saint Lucia
The Real Estate Industry in Saint Lucia is unregulated and as a result there are numerous persons operating as Real Estate Agents, most as Referral Agents. In recent years, the Realtors’ Association hosted a few training courses to give persons operating in the industry an understanding of the implications and effective execution of the business.
Caution should be exercised in selecting a Real Estate Agent. Investors are advised to seek out professionals who are reputable and deliver efficient and courteous service in a timely manner.
The Real Estate Industry while could be considered in most countries to be in a state of decline, the St. Lucia market is holding except for instances when property owners come under pressure to meet their mortgage payments and are either seeking a quick exit sale, or the property is in the process of foreclosure.
St. Lucia has not kept abreast with changes in the industry as were adopted by the USA except for our Condominium Act. There is now a lot of noise about FRACTIONAL SALES but this is not on the books. Our foreclosure process is very slow but unfortunately nothing has been done so far to encourage SHORT SALES and MORTGAGE ASSIGNMENTS.
Unlike the process in the USA where property owners are greeted with the sign BANK OWNED when they default on their mortgage payments, in the English Speaking Caribbean it can take a long time, sometimes in excess of five (5) years. The general feeling is that this situation will change in time and Banks will get earlier access to enter the foreclosure process to recover their investment in properties.
It is quite possible to predict that if the effects of the recession and natural disasters continue to linger, there will be some bargains around. However, there are not many deals around at this time but they do happen.
There are a few Touristic Properties that are in Receivership and currently on the market that are reasonably priced and can be considered Deals!
There is no better time than now to seek out opportunities in the Real Estate Sector on an island that is Simply Beautiful – Saint Lucia!
This is an extract from the manuscript of my soon to be released book - Introduction to Investing in Real Estate in Saint Lucia!
My other Books now available include "I found the love of my life on the Internet" and "You can be a successful Business Person" available at www.authorhouse.com