Property for sale in Trinidad and Tobago

Is the capital of Trinidad and Tobago and the country's third largest municipality, after San Fernando and Chaguanas.

Is an archipelagic state in the southern Caribbean, lying northeast of the South American state of Venezuela and south of Grenada in the Lesser Antilles.

Property buyers in Trinidad and Tobago are taking advantage of its fast developing tourism sector and solid economic growth. Strong economic success is not only due to tourism, but also the considerable deposits of oil and gas to be found on the islands. With increased foreign investment have come improved infrastructures and a better trained workforce, making property for sale in Trinidad and Tobago desirable for investors seeking strong potential returns for the future.

A law enacted in Trinidad and Tobago has restricted foreign ownership of property on the island of Tobago and has created quite a stir there. The Foreign Investment Tobago Lands Acquisition Order 2007, which was effective as of February 16, 2007, states that “The island of Tobago is declared an area for which a foreign investor shall first obtain a license under the Act before acquiring any land in Tobago.” Previously, anyone could purchase up to five acres of land without restrictions.

One local resident who would like to sell her land for what had been market value has been unable to do so.

Specialists consider that Tobago appears to have lots of luxury property and prime land for sale and it appears to be a buyers market. It is important that overseas buyers considering buying in Tobago are not put off by the new legislation. The new law is not in place to put off foreign investors it is merely a way for the government to keep abreast of what overseas property investors are buying.

Tobago’s local economy benefits from work provided by foreign owned holiday homes and tourism. It appears that Tobago housing market in the long term will benefit from this law. Once the administrators have sorted out the licensing procedure it will make investing in Tobago real estate an even better proposal.