The largest of the Bay Islands off Honduras, it is famous for its spectacular reef, second only to the Great Barrier Reef in Australia, and its powder white sand. 'Roatan is certainly bucking the trend and has posted some incredible results for 2007. According to the Multiple Listing Service (MLS), the island's property market has remained strong whilst the USA's has tumbled. Total volume sales were up 33.9% on 2006 to $US 51.3 million.' said Robbert Hin, co-owner and associate broker of RE/MAX.
On the island the average property price is now $US 309,000 and property experts are predicting a capital appreciation rate of 15 to 20% for the short to mid term.
A number of key events are helping to fuel the property bonanza. Firstly tourism is booming, especially along the west coast. Major cruise operators are investing. Royal Caribbean is said to have $US25 million earmarked for a dock in the island's capital Coxen Hole, whilst Carnival is spending $US50 million on a new pier further east capable of accommodating up to 7,000 passengers a day when it opens in 2009.
The Honduras Institute of Tourism predicts that visitors could reach over a million a year. There has also been considerable investment in the international airport and flights between Roatan and the other Bay Islands and Honduras. The recent addition of high speed wireless internet connections and the ease with which foreigners can buy on the island adds to its attractiveness for property investors.
New residential complexes are proving popular while there is abundant land available, often with a beach front. Many apartments include roof top solariums, jacuzzis, splash pools, fully fitted kitchens, cable television and Wifi. Developers are offering rental pools with management companies taking care of maximising rental incomes and occupancy for owners.
'Investing in real estate on a relatively quiet, safe island is enticing. Prices are still affordable and although there are fewer houses for sale there is a good supply of land. We are at the beginning of an upward trend and I expect the next three to five years will see a good appreciation in property values,' said Matt Halliday, a property expert on the island who moved there from Winnipeg, Canada, after falling in love with the island whilst on holiday.
