Ouch! Caribbean homeowners feel the pinch

According to a recently released survey by the Phillipines-based Global Property Guide research firm, four Caribbean nations are among the world’s 30 most expensive places to live, both in terms of rent and home ownership costs.

The list of costliest apartment per square foot is led of by typical price gougers: London, New York, Moscow, Paris, Hong Kong and Tokyo.

The Turks and Caicos islands came in at 15th, while the Cayman Islands, the Bahamas, and oil-rich nation Trinidad and Tobago came in at 20th, 22nd, and 27th respectively.

According to the survey:

Property prices in the Caribbean are generally at par with Western Europe. Prices of flats in Turks and Caicos Islands are around US$5,670 – 8,230 per sq. m.; in Bahamas at US$3,860 to US$5,680 per sq. m., in Cayman Islands at US$3,660 – US$8,265 per sq. m. and in Trinidad and Tobago at US$3,140 – US$3,170 per sq. m.

In terms of the costliest locations for renting, only two of the nations re-appeared on the list, with the Bahamas coming in at 15th, and Trinidad and Tobago at 25th.

Cost of living is a serious concern for local citizens in Trinidad and Tobago, the home base of Caribbean Airlines. Inflation is one of the areas the government is attempting to address in 2008, through increasing agricultural production and the construction of low-income and middle-income housing.

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