The west Caribbean island of Roatán, in Honduras' Bay of Islands, has just reported a record year for property sales.

"Roatán is certainly bucking the trend and has posted some incredible results for 2007," Robbert Hin, co-owner and associate broker of RE/MAX Bay Islands, has commented.

Fears that the credit crunch and property market downturn in the USA may have affected prices in the property market of this Caribbean island have been somewhat allayed by recent reports.

"According to the Multiple Listing Service (MLS), the island's property market has remained strong whilst the USA's has tumbled," Hin has said. "Total volume sales were up 33.9 per cent on 2006 to $US 51.3 million.

The average Roatán property price is now US$309,000 and property experts are predicting a capital appreciation rate of 15 to 20 per cent for the short- to mid-term.

The Roatán tourist market is also said to be booming, with the Honduras Institute of Tourism saying that visitors numbers could easily surpass a million annually in the future. There has also been considerable investment in the international airport, with flights between Roatán and other islands, Honduras, the USA and Europe. As we reported in the World of Property Annual 2008, the cruise operator Carnival is also building a terminal on the island that is expected to be completed by summer 2009 and will receive 225 ships and 500,000 passengers annually. Another cruise company, Royal Caribbean, is also said to have $US25 million earmarked for a dock in the island's capital Coxen Hole.

Property investors will be interested to know that the Caribbean island is becoming a well known diver's paradise, due to the attraction of the world's second largest barrier reef, and it also has plenty of powder white sand beaches to relax on. Potential Caribbean island property investors will also be pleased to hear there is a simple property purchase process for foreigners on this Caribbean island.

New residential complexes are proving popular while there is still land available for development, often with a beach front position.

One such development is the Wexham Plantation in Sandy Bay, just to the west of Roatán capital Coxen Hole and the International Airport. The resort itself occupies a beachfront position and is within easy reach of the popular tourist beaches and nightlife of the West End. All properties have beach views from their terraces, the master bedroom and an outside shower. Owners at Wexham Plantation can rent their property through a management company, profits will then be distributed on an annual basis with monthly service charges in the region of US$275.

Prices start from £150,486 for a two-bedroom apartment.
 
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Article first published 4 April 2008