St Maarten / St Martin real estate after Irma.
Looking back in 2017
Irma was recorded as one of the most powerful category 5 hurricanes ever. This natural disaster directly hit the island of Saint Martin / Sint Maarten and shook the real estate market leaving a lot of damage in properties and mixed feelings of homeowners. It was estimated that more than 90% of the buildings were damaged.
Some properties were bought up quickly after the storm hit in September. There were a lot of home owners who wanted to sell their real estates quickly – and on the other side plenty of buyers were looking for investment opportunities. Today, exactly 2 years after Irma strike, this beautiful Caribbean destination and beloved home of many, is getting back to its splendor with the new potency.
The island recovery
Two years after St Maarten / St Martin was hit by hurricane Irma, the island is experiencing impressive come back. The crisis management by the government of both French and Dutch side of SXM, the solidarity and energy of the St Martin / St Maarten inhabitants, the support of foreign property owners and new investors could make this remarkable restoration happen.
Since the storm, the government of Sint Maarten has engaged in a recovery and reconstruction program based on the United Nation’s premise of building back better, which addresses restoration of infrastructure and revitalization of livelihood and economies to make communities less vulnerable to future disasters and increase their resilience. To support the recovery and reconstruction, a team of researchers from the European Union-funded PEARL (Preparing for Extreme And Rare events in coastal regions) project went on a fact-finding mission to Sint Maarten. The PEARL team also applied novel methodologies and tools to support the reconstruction and recovery, and make Sint Maarten more resilient. [1]
Some homeowners and builders started repair of their condos and villas fast from their cash reserves. Other properties started being repaired after months, when compensation was paid by the insurance companies. A lot of construction is being done on the island until today bringing former splendor of the island hospitality and housing sector.
There are places on St Maarten / St Martin, like Simpson Bay or Maho, where hurricane impact is almost not visible. Other places, like Cupecoy, Dawn Beach, Orient Beach are recovering dynamically and will be ready for tourist season in near future.
The hotel infrastructure continues to rebuild back with new investments, like Planet Hollywood hotel and casino or completely renovated Sonesta Maho. Some parts of the island are coming back even stronger than before with new projects: Rainforest Adventures with the steepest zipline in the world, Roxxy beach bar in Simpson Bay, brand new bars in Orient Beach. New investments are also emerging in the private housing market, one of them is new modern project with two 21-floors tower buildings on Mullet Bay Golf Course.
The numbers and expectations are looking up
Today, the residential market in Saint Martin / Sint Maarten is bouncing back and reopening the doors. The infrastructure of the island is back to normal and most of activities are up and running. On the hotel side, more and more properties are being reopened.
As far as hotel inventory goes, 61 percent of all hotels and timeshare units on the Dutch side have been reopened, while 75 percent of all French side hotels have reopened. About 65 percent of St. Maarten’s villa product has been renovated. Overall, 69 properties are open and 35 still remain closed island-wide. The destination expects to have 73 percent of its total room inventory available by the first quarter of next year. [2] May 23, 2019
Most airlines have resumed service to the island. The airport has registered a 144 percent increase in arrivals for the first quarter of this year, compared to the same period in 2018. [2] May 23, 2019
Exactly 2 years after Irma strike, this beautiful Caribbean piece of paradise is getting back to its magnificence with new energy and investment force. Each upcoming tourist season is looking bigger, better and brighter. The real estate market is bouncing back with commercial and private properties being repaired and renovated as well as new assets being brought to the island of Saint Martin / Sint Maarten.
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[1] http://www.preventionweb.net/news/view/61224
[2] http://www.travelpulse.com/news/destinations/smart-showcases-remarkable-comeback-for-st-maartenst-martin.html