Condos are the next trend in tourism properties in Aruba. As there is currently a prohibition in construction of new resort properties, condos seem to have gotten the free hand. Officials insist however, that there is indeed a structured control of available land. For now there are several condo projects in the pipeline, with Oceania Residences being the most finished condo project to date.
The developers of this 5-phase condo project have divided the construction efforts into two parts. Phases 1 and 2 are already delivered and are already being used by its owners/renters. The photographs in this post show mostly phases 3, 4 and 5, where construction is ongoing. Since my last post about Oceania I noticed fewer areas that are “see-through”, meaning that the walls have been built.
From what I understand sales of Oceania Residences is going very well. Not many units are available anymore. At least not through the developer. I’m sure there are savvy owners eager to sell their units for a profit, naturally if you are willing to meet the asking price. If I we’re an owner however, I’ll sit on the property at least until 2010. I’ll wait for things to calm down a bit and the real estate buying sentiment to recover. Especially in North America. On the other hand, I would sell to a European right away. The condo prices in Euro make it very attractive for Europeans to purchase. At the end, I think the best use for the unit right now is using it yourself. Enjoy the place and don’t forget that Eagle Beach across the street is spectacular.