Press release
A Case for Why Oceanfront Condo Prices in Aruba Will Rise
ORANJESTAD, ABW, August 12th, 2024 - A strong real estate market is emerging in Aruba, with oceanfront condos poised for significant price appreciation. According to Alberto Perret Gentil (real estate expert, CEO of PANA Group, and Casa Playa Residences developer), a confluence of factors is driving this upward trend.The rise of remote work has amplified the Caribbean's allure as a second home and retirement destination. With its unique blend of a favorable climate, strong infrastructure, and secure environment, Aruba is well-positioned to benefit from this trend.
The rental market in Aruba also remains strong, particularly as tourism continues to recover post-pandemic. Many buyers lease their properties during peak seasons when rental values are highest, providing an attractive rental yield.
The imbalance between supply and demand is a key factor contributing to the current price increases. A government-imposed moratorium on new condo developments and the scarcity of oceanfront land has created a unique situation in Aruba. This scarcity, combined with a surge in tourism, is pushing prices upward.
While Aruba's current property values are lower than those of other Caribbean luxury destinations, this gap is expected to narrow. According to the 2023 Caribbean Report by Savills, new luxury condos and villas in Aruba range from USD $600 to $800 per square foot. This is significantly lower than similar properties in destinations such as the Cayman Islands and Turks & Caicos, where prices range between USD $1100 and $2750 per square foot. In addition, the recent introduction of high-end hotels like the St. Regis has attracted a more affluent clientele, further stimulating the demand for luxury residences.
"Aruba's prime residential market is on an upward trajectory," explained Perret Gentil. "With demand outpacing supply and limited development opportunities, we anticipate significant price appreciation in the coming years."
https://casaplayaruba.com/real-estate-aruba/
Virtually Present LLC, 7900 Harbor Island Dr. A910. North Bay Village, FL 33141.
Presscontact: Ana Canga - acanga@virtuallypresent.net
About Alberto Perret Gentil
Alberto Perret Gentil is a civil engineer from Universidad Metropolitana, Caracas (1988), and holds an MBA from Cornell University (1992). He has developed significant projects in Aruba, such as the Azure Beach Residences, Harbour House Aruba, and Oceania Residences. His most recent project, as part of the PANA Group, is the Casa Playa Residences, a luxury residential development in Oranjestad located in the former Royal Plaza shopping center. This project offers a new lease on life to this iconic Aruban building while preserving its Dutch Caribbean architecture.
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