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Trinidad Real Estate Mortgages - Trinidad, Tobago / Caribbean - Posted: 18th May, 2012 - 1:18am
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Post Date: 17th Apr, 2008 - 8:27am / Post ID: #
Trinidad Real Estate, Mortgages
Trinidad Real Estate, Mortgages
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If you are making an income of $12,000TT it is impossible for you to afford a house in the East-West corridor. Why? Simply, besides the high inflation issue there are people from the West moving to the East. They cannot afford the 3 or 4 million dollar houses there but they can afford the 1.2 or 2 million in the East.
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| A monthly income of $10,000 to $12,000 is not enough to afford a home along the East-West Corridor. It was impossible on that income, real estate agent Kerwin Ramsumair said in a recent interview. "When couples come to me seeking homes along the East-West Corridor with that salary I refer them to the HDC (State-run Housing Development Corporation) because they can't afford property outside of the HDC with that income." Ramsumair said the increase in real estate prices along the Corridor was influenced by several factors, including the limited availability of land in that area, but there were several other less obvious ones. "The migration of people from the West with higher incomes than those who live in the East and Central, to these areas allow them to be able to pay more for the property there. Although they may not have been able to afford the $2 million property in the West they are able to afford $1.2 million. And so they have pushed up the market price for homes in those areas." He gave the example of Arouca, which in the past would have been considered a rural area but now had an asking price of $50 a square foot for property. While upper middle class areas like Maracas Valley, property is being sold at about $60 to $70 a square foot. "In places like Valsayn, the land is now $200 per square foot and residential areas in the west like Westmoorings and Columbus Circle you can pay up to $500 a square foot," Ramsumair said. The market, he said, was also being driven by the liquidity in the economy, a reduction in the borrowing rate as well as the steady increase in building cost over the last three years.... |
Trinidad Real Estate, Mortgages
I don't know what slump they talking about. Most houses worth living in are over a million dollars. Now who has a million dollars just lying around to go buy a house. You have to win the lotto to get a house in Trinidad.
Trinidad Real Estate Mortgages
Housing is supposed to be within the range of an average worker getting an verage house through one of the mortgage banks maybe the TTMF is a good start. With the current prices of real estate in this country you will have to be either a doctor, lawyer or very successful businessman to buy a house because a mortgage can be anything like $10,000 to $15,000 a month easy. For most people even if BOTH the husband and wife working they still can't afford that.
TOPIC: Trinidad Real Estate, Mortgages