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Tuesday, February 17, 2009

real estate information for Aruba 2009




HISTORY
Over the past decade, prices on Aruba have risen by 30 to 40 percent, depending on location.
PRESENT
For the time being, there is a disconnect between what sellers expect for their properties and what buyers are willing to pay. As a result, housing prices have not yet fallen in Aruba, however the market has cooled considerably. There are many properties for sale right now — more than ever. The majority of foreign buyers in Aruba come from North America, Venezuela and Europe. Among European buyers, the Dutch are the most common. Most foreigners buy homes in the Noord (North) area near Palm Beach and Eagle Beach. In the North, you'll find Residential homes, commercial properties, condominiums and gated community homes. It is in the North, that the return on investment is the highest, and the demand is great, for buying and renting.
BUYING BASICS
There are no restrictions on foreign buyers. Many properties have “long leases,” which cost $700 to $800 a year for new construction and last for around 60 years. (80 percent of North is long lease land).
Most properties allow 50 percent financing, and mortgage interest rates usually run around 8 percent. Buyers should estimate paying a transfer tax of 6 percent at closing, on properties over $140,000, as well as a 1 to 1.5 percent fee for notary and registration costs.
A downpayment of 10% is needed when purchasing Aruba real estate, the rest payment upon closing (2 to 3 months after signing purchase agreement). Please check out:
http://www.arubahouses.com/ for great properties, in all areas and price ranges.

FEATURED
Homes from $62.000,- 3 bedroom under construction, Tanki Leendert, as is, where is.


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