The Caribbean is the perfect retirement destination. The countries in this region have so much to offer retirees, including beautiful weather, gorgeous beaches, delicious food, and a wonderful laid back lifestyle.
The only drawback of retiring in the Caribbean is that some areas can be very expensive. If you plan to move to Aruba, the Turks, Caicos, or the Bahamas, you will need a decent retirement income or significant savings.
However, you will be happy to discover that there are several cities which are surprisingly affordable. In this guide, I’ll share the 7 cheapest places to buy property in the Caribbean. You may discover that your dream retirement destination is affordable after all.
Related: Spanish Speaking Caribbean Countries
Cheapest Places To Buy Property In The Caribbean
1. Tulum, Mexico
Average Rent in USD: $1,500
Average Home Price in USD: $125,000
In the past couple of decades, Tulum has grown from a sleepy hideaway into one of the Caribbean’s most popular destinations for American expats. Located in southern Mexico, on the Yucatan Peninsula, this beautiful town is famed for its crystal clear water and white beaches.
Although it is a pristine location which has not been spoiled by overdevelopment, it still has all of the modern amenities that retires expect. This includes cell phone coverage, reliable utilities, Internet coverage, well stocked grocery shops, great restaurants and much more.
Development is just starting to take off in Tulum, with new housing estates and shopping precincts being launched. The great news is that property prices have not caught up with the desirability of the location just yet. Although it is dearer compared to other parts of Mexico, it is a bargain for an oceanside town located on the Caribbean.
Related: What Caribbean Islands Speak English
2. Rodney Bay (St. Lucia)
Average Rent in USD: $1,200
Average Home Price in USD: $200,000
St Lucia has a well deserved reputation as being one of the jewels of the Caribbean. It is an Eastern Caribbean island nation with a unique landscape featuring tapered mountains that sweep down towards beautiful beaches.
The coast is dotted with a mixture of luxury resorts and fishing villages. This blend of modern and old means it retains an authentic vibe while offering world class amenities to holiday makers and residents.
St Lucia’s golf courses, rainforest walking tracks, restaurants, water activities, and fishing opportunities are truly world class. Retirees also enjoy this part if the Caribbean because of the favorable taxation laws, low crime rate, and warm weather.
Rodney Bay has become a popular destination with retirees within St Lucia because of its stunning harbor, great restaurants, brewery, beaches, and affordable cost of living. Even though St Lucia has a reputation for being expensive, Rodney Bay is still very affordable.
Related: Cost of Living in Costa Rica
3. Dominical (Costa Rica)
Average Rent in USD: $1,200
Average Home Price in USD: $250,000
Dominical is one of Costa Rica’s hidden gems. It has become very popular with expat retirees in recent years, as more people have become aware of its incredible natural beauty.
Situated on the west coast in the Costa Ballena region, Dominical is a sleepy beach town. On one side of town, you can enjoy miles of stunning beaches. On the other side, there are lush rainforests filled with wildlife. It is a stunning location.
There is a brewery and multiple bars in town, so you will have plenty of options for unwinding with a drink in your hand. The restaurants are excellent for a town of this size and most retirees eat out several times a week because it is so affordable.
House prices vary greatly in the area, with single-family homes starting at $200,000 and going to up to millions of dollars for luxury villas. Fortunately, retirees can still find a home for a bargain price and enjoy this wonderful part of the Caribbean.
Related: Pros and Cons of Living in Hawaii
4. Playa Bonita (Dominican Republic)
Average Rent in USD: $1900
Average Home Price in USD: $270,000
Playa Bonita is a picturesque location in the Las Terrenas region of the Dominican Republic. It is all known for its crescent shaped bay, white sandy beaches and crystal clear water. Lush rainforests surround the bay, making it one of the world’s most beautiful locations.
The Dominican Republic has a reputation for being much more affordable than other countries in the Caribbean. You can purchase a beachside home for as half what you might pay on Turks and Caicos islands.
If you are on a very tight budget, you can purchase a 1 bedroom apartment for as little as $100,000. However, if you want to be right on the beach, expect to pay at least double that amount. You can buy a brand new villa with a pool for about $270,000. It really is a bargain compared to other parts of the Caribbean
Related: Safest Caribbean Islands
5. Caye Caulker (Belize)
Average Rent in USD: $1400
Average Home Price in USD: $280,000
If you want to get away from it all, consider retiring to Caye Caulker. It is a tiny island located several miles off the coast of Belize. The island is pristine, with beautiful white sandy beaches, palm trees, wide open bays, and coral reefs.
The south of the island is dotted with brightly colored homes and shops, along with the occasional cluster of luxury villas. The north is home to a bird sanctuary that is bustling with wildlife.
There are plenty of opportunities for exploration with walking trails, scuba tours, boating, and water sports. The bars and restaurants are excellent, particularly if you enjoy fresh seafood.
If you are happy to live without air conditioning or don’t mind being a couple of streets from the beach, you can buy some extremely cheap properties. For retirees who prefer a bit of luxury, condos start around the $200,000 mark while large homes on the beach can be purchased for as little as $400,000.
Related: Cost of Living in St. Croix
6. Maracas Bay Village (Trinidad and Tobago)
Average Rent in USD: $1600
Average Home Price in USD: $320,000
Located about an hour from the Port Of Spain is the beautiful village of Maracas Bay. It is set in a truly spectacular part of the world — a massive bay surrounding by towering mountains.
The beaches are gorgeous, with palm trees, golden sand, and deep blue water. It is a very popular destination for tourists who are escaping the heat of the city. However, because the beaches stretch for miles, it’s still easy to find a secluded location to relax.
The food is excellent with several great restaurants serving everything from fresh seafood to authentic curries and stews. There are also plenty of bars and cafes to check out near the waterfront.
Fortunately for retirees, property prices are quite reasonable in Maracas Bay. You can purchase a home on the hills overlooking the bay and enjoy the amazing views and relaxing vibe of this lovely part of the country.
Related: Cost of Living in Jamaica
7. Crane Bay (Barbados)
Average Rent in USD: $1300
Average Home Price in USD: $400,000
Crane Bay is known for having one of the prettiest beaches in all of Barbados. With eighty foot cliffs overlooking a long stretch of white sandy beach and aqua water, it’s no wonder the area attracts thousands of tourists each year.
The name comes from the fact a large crane was placed on the top of the hill overlooking the bay. It was used to unload cargo from the ships that used to harbor in port at the docks.
This Crane Resort is situated on the cliffs overlooking the beach. It is an old hotel which opened in 1867 and has been modernized over the years. There are also luxury villas and many beautiful homes dotted around the area.
Although the prices for modern homes tend to be expensive, it is still possible to snatch a bargain if you are ready with cash. Rentals are also surprisingly affordable if you choose a home away from the beachfront.