This additional income can pay for the property’s upkeep while allowing owners to use it at their leisure. Properties, when not used, may be rented out by many reputable management companies that will help owners with long-term or short-term rentals as well as the upkeep of their property. Nonrenewal of a land lease is extremely rare. There are no restrictions on foreign buyers in Aruba and many properties have “long leases,” which carry a reasonable price tag per year for new construction and last for around 60 years. Most foreigners buy homes in the Noord area. Habash informs that the majority of foreign buyers in Aruba come from North America, and Canada, also a great number of European buyers, including Dutch. Pandemic buyers flocked to the island, and Aruba has seen its home market bounce back. Habash revealed that the market was holding steady at the onset of the pandemic but as Covid19 unfolded it started to rise, and properties were sold very quickly and mostly at the asking price. Whereas in mid-2019, the median price for a house in Aruba was about Awg 580,000 or about $321,000, according to CBS, the Central Bank of Aruba, the demand increased and prices went up, in the two subsequent years. Habash goes on to state that while Aruba doesn’t publish official price statistics, the housing market had achieved some stability just before the pandemic’s onset in March 2019, following several years of stagnation in the wake of the 2008 financial crisis. The article went on to quote a number of premier real estate agents on the island, among them Muna Habash, a broker and the owner of MPG Aruba Real Estate, who is regularly featured by the publication.Īccording to Habash, the pandemic helped stimulate the housing market in Aruba, an island territory of the Netherlands, in large part because it sits outside of the hurricane belt in the southern Caribbean Sea, and has a relatively arid climate. The article was titled House Hunting in Aruba: Three Bedrooms and a Pool for $1.1 Million. – The international real estate section of the famed The New York Times featured a house for sale in Aruba on February 2 nd, 2022.
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