MPG Real Estate Aruba makes the New York Times’ Real Estate section for the fourth time
Oranjestad. – The international real estate section of the famed New York Times publications featured a house for sale in Aruba, on February 2nd, 2022. The article was titled House Hunting in Aruba: Three Bedrooms and a Pool for $1.1 Million.
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.
According to Habash, the pandemic helped stimulate the housing market in Aruba, the 69-square-mile 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.
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. 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 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.
Pandemic buyers flocked to the island, and Aruba has seen its home market bounce back.
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. Most foreigners buy homes in the Noord area.
There are no restrictions on foreign buyers in Aruba and many properties have “long leases,” which cost xxxx to xxx a year for new construction and last for around 60 years. Nonrenewal of a land lease is extremely rare.
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. This additional income can pay for the property’s upkeep while allowing owners to use it at their leisure.
Most buyers use a civil law notary appointed by the government to negotiate the purchase of a home, notaries on the island guide both parties to the closing with the same impartial position.
Habash concludes that a three-bedroom, two-bath house close to hotels and a beach area can now sell for $500,000 to $750,000. Among Caribbean nations, the island has comparatively few properties on the beach, so they demand a premium. The last one, in the Arashi Beach area, sold for $6.5 million and will require a total renovation.
With almost two decade of experience with real estate sales and financing on the island, MPG delivers expertise and the best professional advice to secure a successful transaction. MPG’s motivated and friendly staff guides buyers every step of the way during the purchase process.