Demand Grows for Caribbean Marinas
Port Ferdinand rendering
"Over the last three years we have seen an increase in marinas being built and a large increase in the number of super yachts coming to the Caribbean," said James Burdess, head of the Caribbean desk at real estate agency Savills. "There is a clear link with people buying property in order to acquire a berth for smaller yachts, too. Barbados had little boat traffic until the first marina, Port St Charles, was built 15 years ago, Mr. Burdess said. "That project sold well and today the marina is full," he said. Port St Charles, which neighbors Port Ferdinand, has 110 homes, each with its own berth and moorings for six super yachts up to 250 feet. Port Ferdinand's progress is welcome news for the Barbados' development community. Several high-profile projects have stalled on Barbados in the past five years including Beachlands and the troubled Four Seasons Resort, both on the prized west coast. Property prices on Barbados remain flat and off-plan sales difficult, but there are reasons for optimism, says Terry Hanton of Altman Real Estate. "High-end developments like Port Ferdinand and a handful of new projects in embryonic planning stages show positive signs for the island," Mr. Hanton said. "After two extremely quiet years this summer was surprisingly busy for viewings." A U.N. Economic Commission report in June 2013 acknowledged that one of the most significant factors holding back growth in the yachting sector across Latin America and the Caribbean is the lack of proper marina facilities. However Jeff Houlgrave of Marina Projects believes the best locations in the Caribbean are already well covered for berths. There are currently 113 marinas in the Caribbean providing 13,469 berths. The owners of Puerto del Rey Marina in Puerto Rico, billed as the largest in the Caribbean, recently announced a $450 million renovation. "There are opportunities for further marina developments but generally only in more remote areas," Mr. Houlgrave said. "An issue, of course, is the weather. Anywhere north of 12 degrees is considered to be in the hurricane zone which often precludes large-scale development because of the high cost of insurance." - See more at: http://www.worldpropertyjournal.com/latin-america-vacation-news/caribbean-marinas-barbados-port-ferdinand-yachts-camper-and-nicholsons-international-unna-marina-projects-boating-altman-real-estate-7385.php#sthash.MtpoK0py.dpuf