Sunday, October 12, 2014

Real Estate Miriam answers all.

Ask Real Estate expert Miriam Engeln anything about properties in ARUBA, such as how to invest in real estate, how to maximize occupancy in vacation properties, rental income tips, constructing a house, home exchange, house flipping, retire-/ moving to ARUBA and so on.

This week’s questions and answers:

Susan Jones; I was told I can buy a property built on lease land, is that true?

Miriam; All non-residents can buy land or a house in Aruba going through the same process as the Aruban residents.

They can buy a home on property land as well as on lease land. Besides property land you can buy a house which is built on lease land. This land is owned by the Land of Aruba and the lease is for 60 years. A yearly fee is paid for these lease rights. After the 60 years, the lease period will automatically be extended with another 60 years. The only thing that might happen when the lease period is extended is an increase in the yearly fee. Most of the houses situated in North (Palm Beach, Malmok) are built on lease land. Many non-residents have bought there and will keep buying in those areas although the homes are built on lease land!

The reason they keep buying houses in those areas is because of their locations. These areas are close to the spa’s, golf course, tennis courts and shopping malls. Another huge advantage is the distance to the ocean.

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