Real Reasons Why Real Estate is So Expensive in T&T

[Sky]

You'd be surprised at the over 100k earners and no they are not limited to those ethnic groups identified above, a good level to strive towards...

Really?
The amount of Rampant Corruption present anywhere you go...
if you see any locals in positions getting that kinda income - it will be a minute minority...
And most likely, they didn't just.."worked their way up".

Only local business owners can honestly earn that kind of money without involving themselves in corruption or politics!

Not true, it have trini oilmen that make that kinda money

How dey reach dey?

No "ah know ah man on d inside" kinda ting?
No "politics"?
No "corruption"?
No "repaid favour to yuh family since yuh help meh campaign"?

They spent years in the field learning their craft and moved up the ladder without any "help". Most are empolyed by offshore oil contracters /companies and work abroad on Rota. Some dont even have degrees only dips and certs, they know their jobs very well. offshore dont hire imcompetent personnel , so you have tobe top grade. I know men that buy their house cash money.

And no they not white, those that I know are mostly afro & indo.

I also know people who hav done the same and are working for a mudda load of money wen d week done...
But is over $100,000.00 ah mth we talkin bout here yuh know!
Ah didn't say that the young whites, syrians, chinee, dat comin on board doh know dey sheit...
Dey know they stuff!
But is just that the Trinis doh get them opportunities just so... even when they try to: "work up the ladder".
Is only the top management on Rigs does get that kinda salary...
Yuh hav Trini's working for $30k to as much as $60k ah mth.... but over d $100k is d next level..

If you say u know someting more than me (who on d inside) well wat I go say...

Jed, what part of the energy sector you workin to show this lack of knowledge?
I working there (no my money small still, I in IT) and I rub shoulders with some locals who will shame some expats. Had a safety consultant who buy a 7 series normal and had an expat looking through brochures wishing. I met one who own his own rig ( land crane type rig, not the whole jackup) and still hustlin the rig like its a power washer he renting and normal like any of us.
Had this 75 yo dude who owned two WELLS. TWO FKN WELLS producing about 130 barrels a day each. You do the maths.
HSE was african, Hustler company man was Indian and Well man was african. All locals, all buss tail to reach there and all know their sheit.
And there's more, like another who coast on a Saudi job paying him 15k usd/mo. He say he children done big so he don't need that kinda money, he have enough.
And as zoom said, there's no room for nepotism in that field. Somoene can make a mistake and waste millions. No noobs allowed.

[Duane 3NE 2NR]

Btw I don't agree with some numbers, maybe it's just me and my 4k installments for a 5 bedroom 3.5 bath house like a baws. Only crime commited in the 3 years I've been here was someone stealing the manhole cover infront my driveway. Everyone's pretty sure it's the metal works guy down the road.

either you bought that in 1999 or you living in the bush

Nope.In a decent area in the East. Good community, peaceful other than the fireworks idiots and the same metal guy overworking himself late in the night pounding metal stuff. Kids leave bikes all over, which while it's an issue for a driver like me, shows that they can.
We just kept looking and came across a retired migrator who didn't have the mentality of the usual seller who wants more than the house is worth just because everyone's doing it.

so then you admit that your situation is not normal

[whyteliver]

Btw I don't agree with some numbers, maybe it's just me and my 4k installments for a 5 bedroom 3.5 bath house like a baws. Only crime commited in the 3 years I've been here was someone stealing the manhole cover infront my driveway. Everyone's pretty sure it's the metal works guy down the road.

either you bought that in 1999 or you living in the bush

Nope.In a decent area in the East. Good community, peaceful other than the fireworks idiots and the same metal guy overworking himself late in the night pounding metal stuff. Kids leave bikes all over, which while it's an issue for a driver like me, shows that they can.
We just kept looking and came across a retired migrator who didn't have the mentality of the usual seller who wants more than the house is worth just because everyone's doing it.

so then you admit that your situation is not normal

I feel there is a bit of stretching of the truth somewhere in that story..

[pluggie]

CEOs and Oil men can earn above 100k per mth

Alot of people in Trinidad are making well over 100k ...

Some business owners clear that in less than a week i.e profits. Alot of Trinidadians are working as expats around the world mainly in the UAE hitting around $15-30k USD / mth (excluding overtime) ...

[Sky]

so then you admit that your situation is not normal

People run down brand new homes to live in. I got a 20yo house with some things to fix. Most of it was taste. Like the tiles, bathroom sink. The water heater died on me last year (leak) and I changed it.
It's not like a car that will be run down once you use it. To maintain a house is different, and once you're not careless while being in the house (swinging on gates n sheit), it would be fine.
If you consider that not normal, then yes.

And no, the truth wasn't stretched

[AdamB]

so then you admit that your situation is not normal

People run down brand new homes to live in. I got a 20yo house with some things to fix. Most of it was taste. Like the tiles, bathroom sink. The water heater died on me last year (leak) and I changed it.
It's not like a car that will be run down once you use it. To maintain a house is different, and once you're not careless while being in the house (swinging on gates n sheit), it would be fine.
If you consider that not normal, then yes.

And no, the truth wasn't stretched

i would say it was a combination of luck and buying power (cash $$$). Deals do come up but most ppl can't or not equipped to see what you saw, that takes vision and smarts plus quick decision making. And the $$$ was most helpful, I'm sure you would admit.

[Mrluver22]

Our money that is the TT dollar has lost all its value.

[AdamB]

Our money that is the TT dollar has lost all its value.

The alternative is to walk around with gold and silver. The problem is that we don't have "freedom" to walk around with guns too...

[shake d livin wake d dead]

eeeen b4 somebody say only injun ha money to buy land

[TriniAutoMart]

eeeen b4 somebody say only injun ha money to buy land

So far from the truth

[desifemlove]

CEOs and Oil men can earn above 100k per mth

Alot of people in Trinidad are making well over 100k ...

Some business owners clear that in less than a week i.e profits. Alot of Trinidadians are working as expats around the world mainly in the UAE hitting around $15-30k USD / mth (excluding overtime) ...

A lot? maybe top management of Ansa, Coosal, Neal and Massy or medium size firms like Southern Sales.

[shake d livin wake d dead]

eeeen b4 somebody say only injun ha money to buy land

So far from the truth

it's the general perception of the less educated..

just saying

[Dizzy28]

CEOs and Oil men can earn above 100k per mth

Alot of people in Trinidad are making well over 100k ...

Some business owners clear that in less than a week i.e profits. Alot of Trinidadians are working as expats around the world mainly in the UAE hitting around $15-30k USD / mth (excluding overtime) ...

A lot? maybe top management of Ansa, Coosal, Neal and Massy or medium size firms like Southern Sales.

Public Sector TT$50k to $100k - Basically every state enterprise CEO falls within this category (some with allowances included, some on basic salary alone). VPs/Senior Managers generally not far behind. We have something like 55 state enterprises??

I am sure every bank and insurance company has several employees that fall within that category.

[Redman]

You'd be surprised at the over 100k earners and no they are not limited to those ethnic groups identified above, a good level to strive towards...

Really?
The amount of Rampant Corruption present anywhere you go...
if you see any locals in positions getting that kinda income - it will be a minute minority...
And most likely, they didn't just.."worked their way up".

Only local business owners can honestly earn that kind of money without involving themselves in corruption or politics!

Not true, it have trini oilmen that make that kinda money

How dey reach dey?

No "ah know ah man on d inside" kinda ting?
No "politics"?
No "corruption"?
No "repaid favour to yuh family since yuh help meh campaign"?

They spent years in the field learning their craft and moved up the ladder without any "help". Most are empolyed by offshore oil contracters /companies and work abroad on Rota. Some dont even have degrees only dips and certs, they know their jobs very well. offshore dont hire imcompetent personnel , so you have tobe top grade. I know men that buy their house cash money.

And no they not white, those that I know are mostly afro & indo.

I also know people who hav done the same and are working for a mudda load of money wen d week done...
But is over $100,000.00 ah mth we talkin bout here yuh know!
Ah didn't say that the young whites, syrians, chinee, dat comin on board doh know dey sheit...
Dey know they stuff!
But is just that the Trinis doh get them opportunities just so... even when they try to: "work up the ladder".
Is only the top management on Rigs does get that kinda salary...
Yuh hav Trini's working for $30k to as much as $60k ah mth.... but over d $100k is d next level..

If you say u know someting more than me (who on d inside) well wat I go say...

Jed, what part of the energy sector you workin to show this lack of knowledge?
I working there (no my money small still, I in IT) and I rub shoulders with some locals who will shame some expats. Had a safety consultant who buy a 7 series normal and had an expat looking through brochures wishing. I met one who own his own rig ( land crane type rig, not the whole jackup) and still hustlin the rig like its a power washer he renting and normal like any of us.
Had this 75 yo dude who owned two WELLS. TWO FKN WELLS producing about 130 barrels a day each. You do the maths.
HSE was african, Hustler company man was Indian and Well man was african. All locals, all buss tail to reach there and all know their sheit.
And there's more, like another who coast on a Saudi job paying him 15k usd/mo. He say he children done big so he don't need that kinda money, he have enough.
And as zoom said, there's no room for nepotism in that field. Somoene can make a mistake and waste millions. No noobs allowed.

Just for the record 100 bbls a day generates 2.4m usd a year when sold to Petrotrin .current oil prices.

50% of that is profit.

[Country_Bookie]

Trinis nowadays want to reach too far too fast. Someone alluded to the “old indian” mentality to band yuh belly and save to build your house. What people forget is that they did not have their dream house when they were 30 yrs old. More like late 40s or early 50s. Trinis today want to have new car and big house by the time they are 30.
Life cycle earnings don’t work that way. For most people, you are going to earn the least in the first 10 years of your working life and the most in the last 10. So don’t try to achieve everything now. Prioritize, if the house is your priority, then keep the 10 yr old car so u can save for a down payment on either land or house. And doh beat up about the high priced areas, as Sky said, there are bargains to be had in the middle class areas. You just have to look really hard and be patient. Save yuh money and when something attractive comes up, jump on it! Maybe u get a house that needs renovations or an area that isn’t Goodwood Park or Valsayn, but at least it’s a start and it’s something you can afford.
Do some work on it, improve the value, and as you get older and your salary increases, you can sell it. Take the profits after you repay the mortgage, and then you can buy something closer to your dream house.

[TriniAutoMart]

Makes sense

[BRZ]

There was a property that I was looking at and when I got the chance to,inquire about it, I was told by a family member of the owner that it was selling for 3.7 million.
Now a few months later, and as it was already way overpriced it was still for sale but now it's been put into the hands of one of the bigger real estate companies, so when I saw their realtor sign on the same property , I could not resist so I called, the price is 5.1million.
Is it money launderers or real estate agents that are responsible for the riduculouly inflated prices in Trinidad?
Or do I even dare ask, maybe there's a link between real estate companies and the drug trade?

[VexXx Dogg]

methinks that it is known in the banking circles that a lot of dirty money is being used to buy land.

[10-01]

been on the market looking a while now .. prices real epic ... and the cuts these real estate people make is even more ridiculous , some of them even have the worst attitudes when enquiring ........ one tell me flat if u cant afford the price dont even bother to make an appointment to view i was wtf lady .....

[88sins]

allyuh now makin out this?
real estate agents are the 2nd biggest crooks in this country, second only to insurance agencies.

property actually valued 1 million
owner wants 2.5 million
they get a bogus valuation for 4 million & sell it for that price
give the owner whats left of his 2.5 million minus their commission & fees say about 2.2 million


they usually end up making more profit on the sale than the original owner without spending any real kinda money.

[*KRONIK*]

Yet i do the same job....with bank requested valuators

Only for 5%comission...

Just saying...not all agents are crooks

[88sins]

No boi not all
But the vast majority are.

[Kenjo]

Why these real estate agents and other business men can't have a heart

[DTAC]

Trinidad runs on demand and supply. People will charge what someone is willing to pay. If someone can buy a Chinese hoverboard for $150 TT and sell it for $6,000. Guess what? They selling it for $6,000 even though it's worth $150. Immoral? Yes. Criminal? No (should be though).

For the past x amount of years, it's been a sellers market. So when people see property prices go up, and up, and up, and up. They put theirs up too. Everybody joins in. It's a speculative bubble.
They are banking on the price to continue going up before the bubble bursts.

Eventually it reaches critical mass and the bubble indeed bursts. The game everyone is playing is not to be still inside the bubble when it bursts and prices crash.

Money laundering as the root cause of the property bubble in Trinidad is a minuscule part of it. Greed is the real driving force. There are some sure, there are a 1,000 to each one of those trying to game the system.

[10-01]

i stil cant understand how a Roystonia 3 bedroom flat house could cost $1.5 m +

or a piece of land behind God back with gravel roads , No lights or water
with pre approval cost $500 k ... and to make it worst if they build a wall around 20 lots and put a gate its a gated community and well $850 k a lot

SMH...

and the bess one so far is caroni lands , wher real estate agents sell for $500k ... wic we all know was bougt for $30k

[DVSTT]

Would property tax affect the housing prices?

[10-01]

Would property tax affect the housing prices?

idk but it may affect renting ... landlords who have to pay more tax will raise ther rent ..

[BRZ]

Would property tax affect the housing prices?

idk but it may affect renting ... landlords who have to pay more tax will raise ther rent ..

That's because people who own Many properties are not Taxed enough, as I said previously, there should be a much higher tax for people who own Multiple properties, they should be made to pay up to50-60%additional income tax and property taxes, it would help.

[nervewrecker]

Land in the bush now is $300k and up
Land in swamp / lagoon is $200k.

Caroni land hitting the $400k mark last I checked and that was awhile now.

Belly banded, money saving, looking for a deal. So if anyone have a lot at a decent price, they can shoot me a pm.

[Boi1da]

Check big lots