President of the Association of Real Estate Agents (AREA) Mark Edghill says the economic hardships caused by the COVID-19 pandemic has fuelled a buyer’s market that is currently taking place in this country’s commercial property sector.
“While our economy attempts to recover from the effects of the pandemic, we are seeing the perpetuation of a buyer’s market particularly in the high price points and more so in the commercial property market,” Edghill said,.
“Buyers are taking advantage of opportunities to buy properties from businesses who have had to close or liquidate assets as well as other motivators such as migration and where prices are lowered even further when offered settlement in US dollars,” he said.
Edghill made the comments as AREA held its annual seminar this year titled “Best Practices for Real Estate 2022 Market Trends and recovery Post-COVID-19.”
He said there is significant investment potential available in T&T.
“There are opportunities for development in tourism-related infrastructure, hotels, cruise ship facilities, mariners, boatyards, ship yards, local attractions, eco-tourism, education tourism, medical tourism, sport tourism, manufacturing, ICT operations and call centres and that is just to name a few,” Edghill said.
“The list of opportunities is diverse as it is long and every aspect of these opportunities involves a real estate transaction. Whether you are the investor looking for a project or you have a vendor with an ideal property for a proposed development there is a place for a real estate agent or broker to facilitate the negotiations,” Edghill said.
Edghill said we must not limit ourselves to what we believe is our market or niche.
“Technology has opened the door to a global marketplace and there is opportunity there to be taped and explored. There is increasing chatter about green building and carbon neutral buildings and sustainable communities,” he said.
Edghill said AREA will be exploring sensitisation workshops with the T&T Green Building Council to provide accurate information, guidance and training as they explore the reality of going green in T&T.
“We will be assessing how and what needs to be amended in some of our antiquated legislation to facilitate a more cost effective and feasible approach to green and sustainable building,” he said.