During my round by the beaches I noticed good progress at the construction sites this weekend. It seems as if some projects have kicked it into another gear.
Recently I caught a short piece of a speech by an Aruba central bank official speaking about the current influx of investments, referring to the construction efforts by the developers, especially in the local condo industry.
According to the official the investments are creating a massive influx of foreign currency into the local economy, which in turn helps keep the island’s current balance remain on an acceptable level. Despite the tighter lending rules worldwide, investment funds are still flowing to Aruba. The more important part, however, is the continuation of the influx of foreign currency into the economy for the coming years, according to the official. Another point is that tourism is remains strong and occupancy rates at the resorts keep rising. The revenue per available room rose as well.
For the time being investments seem to be doing decently. There are several major projects ongoing at this point in time. There seems to be enough development projected for the next two years or so. Beyond two years is difficult to predict as a lot depends on the global economy and supply of funds for investors.
Another important fact is that next year there are general elections in Aruba and whether or not there is a change in government, policies sometimes changes with new elections.
Latest on construction
Enough about economics. Let’s talk about the construction efforts. I didn’t have my camera on me this weekend, but expect to see some post with updates and pictures throughout this and next week. Meanwhile below there is a brief summary of what to expect.
- It seems that after big delays construction of The Sands condo project has finally started.
- Oceania condo’s phases are full speed ahead.
- Paradise Beach Villas timeshare has some renovations ongoing.
- La Cabana’s renovation of the south wing is moving along nicely.
- Aruban Resort’s renovation is ongoing. The renovation of former Royal Cabana Casino has started as well.
- There is continued construction at Morgan’s Island water park. The tallest water slide has been installed.
- The Cliff condo is still being prepared for construction. Storage facility, sales office, excavation are a few things that has been done on site.
- After their official launch, Acqua Condominium has gone into another gear quickly.
- Construction of Palm Beach Plaza shopping area is ongoing.