World prices for farmland have grown over the last year. In the US, for example, prices have risen faster than in Manhattan. In the UK farmland values on average have risen by 29% during the past six months.
'Unlike most property assets farmland continues to significantly increase in value as world food shortages and rising commodity prices make it the choice of a wider range of investors,' said Ian Bailey of Savills research department.
This trend has prompted one company in the Caribbean to encourage land owners to sell their land as prime property for growing food rather than for building. Caribbean Land and Property, who have a range of farm and agricultural lands for sale in the region, believes that as food production is so important investing in land is a good prospect.
'We want to do everything we can to promote sustainable land use in the region' said Stewart Andrews, Managing Director of the company. 'Many land owners do not want to advertise their land as agricultural as they perceive that the value could be less. Rather they market it as potential for resorts, but I think we will see this shifting as more awareness grows that food security and food production is going to be a major priority in years to come.'
James Moss-Solomon, a Jamaican businessman who recently headed planning task force in the area, said there is a concerted effort to grow more food. 'As the region pours more resources into growing more food the future looks bright for agricultural investments in the fertile land of the Caribbean,' he predicted.
The islands have a vision for the future. It could include small to large scale agriculture, agro-processing and even ecotourism developments. Small scale ecolodges that produce most of their food on site are seen as an educative tool for the local and visiting community on the importance of sustainable agriculture and are regarded as an integral part of the thrust to sustainable development.
There is also the opportunity to develop agricultural land especially for niche organic markets overseas.
