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

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

Postby teems1 » December 10th, 2018, 8:49 pm

j.o.e wrote:Property prices have fallen. Anyone can see that
It really hasn't especially for new houses. The prices haven't gone up but nothing has fallen.

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

Postby The_Honourable » December 11th, 2018, 12:19 am

ProtonPowder wrote:Comparable evidence. Its what is used for the absolute majority of cases of residential land.

Look for land of a similar size, topography and accessibility in the area or similar areas. They use factors like those, among some others to determine a unit rate per sq. foot (or metre) and multiply it back by the size of the subject parcel to determine a market value.

But before all that; real estate agencies ask for way too much, way in excess of market value in all cases.


Thanks for this 8-)

Dude some of these agents or "agents" on some levels. 2 agents on the same website advertising the same property where one has a $100,000 difference.

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

Postby The_Honourable » September 30th, 2019, 11:02 am

Mortgage crisis looms for Trinidad and Tobago’s housing market

Trinidad and Tobago’s economy is struggling. Dependence on oil and gas reserves has shown itself a mixed blessing in recent years when oil markets have been weak. Tourist arrivals continue to fall. And the weak economy, following an earlier boom, means that a mortgage crisis may be looming.

The country recovered more slowly from the global financial crisis than some neighbors, with property prices falling 20% from 2007 to 2009. That was because foreign homebuyers, who mostly come from Britain, Germany, the United States and Canada, were blocked by a requirement introduced in 2007 that foreign investors obtain a license for land purchases in Tobago.

Things have now got worse. After a short-lived recovery in 2015, the housing market contracted again in 2016 and has remained flat since, due to the decline in oil prices.

The economy contracted by 6.5% in 2016 and by 2% in 2017, before minuscule growth of 0.3% in 2018. Zero growth is expected this year, according to the International Monetary Fund (IMF).

The economy is struggling

Trinidad and Tobago is one of the Caribbean’s richer nations. Trinidad depends heavily on oil and gas production, which accounts for more than 40% of GDP and 85% of merchandise exports. Tobago, which has a wealth of secluded beaches and rainforests, benefits from the larger island’s prosperity.

During a massive housing boom from 1991 to 2006 house prices surged by more than 400%. Foreign investment poured in. Much new private housing was built in Port of Spain, in the northwest region, and in the area around Point Lisas Industrial Estate, the centre of Trinidad and Tobago’s petrochemical industry.

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The country enjoyed strong economic growth from 1996 to 2007, with an average GDP growth of 8% annually. However wealth does not bring immunity from recession.

The global recession hit demand sharply. Projects were uncompleted or halted. Foreign investment fell, and unemployment rose - reaching almost 6% in 2010. Financial and investor confidence also tumbled with the collapse of CL Financial, Trinidad and Tobago’s largest privately-held conglomerate (and one of the largest in the Caribbean).

In 2009 Trinidad and Tobago’s GDP contracted by 4.8%. Then the government introduced a new property tax - a 3% tax rate on residential property and a 5% tax rate on commercial property, based on 90% of annual rentable value. This aroused a lot of anger. The reform was suspended after former PM Kamla Persad-Bissessar was elected in May 2010, and the previous Lands and Buildings Taxes Act rates and values were reintroduced.

There was recovery in 2010 with 3.5% GDP growth but the economy contracted again by 0.2% in 2011 and has remained sluggish since. GDP reductions of -6.5% in 2016 and -2% in 2017 followed the crash in oil prices from 2014 to 2016.

After growing by a minuscule 0.3% in 2018, the economy is expected to see zero growth this year, as the government continues to face the dual challenge of gas shortages and a low price environment. However, large-scale energy projects, such as the Angelin Gas Project, are helping to mitigate the gas shortages.

The housing market started to recover by end-2014 and house prices even increased in 2015. However, house prices started to fall again in 2016, mainly due to the adverse impact of the oil price crash. Demand declined sharply, as unemployment increased and expatriates left the country.

House prices in the islands now range from around TT$1 million (US$147,400) to TT$8 million (US$1.18 million) - though of course there are super-luxurious and also low-end houses that fall outside this range.

The median house price currently stands at around TT$1.3 million (US$ 191,674), according to the Central Bank of Trinidad and Tobago.

Image

In Trinidad, the price of one-bedroom apartments typically ranges from TT$900,000 (US$132,700) to TT$1.5 million (US$221,200). In the desirable neighborhoods of West Trinidad, modern homes are priced from about TT$3.7 million (US$545,500). Residential lots in Trinidad sell for around TT$40 (US$6) to TT$55 (US$8) per square foot (sq. ft.).

At The Crossings, located on the outskirts of the bustling town of Arima in Trinidad, three bedroom houses are currently being offered from around TT$1.8 million (US$265,400) to TT$2.2 million (US$324,400). On the other hand, residential land in The Crossings sells for less than TT$120 (US$18) per sq. ft.

In Tobago, the price of small condominiums starts at around TT$2.4 million (US$353,900) while single-family homes start at about TT$3.4 million (US$501,300).

In Trinidad, foreigners can buy up to one acre of property for residential use without a license. In Tobago, by contrast, no license has been issued to foreign buyers since the requirement for licenses was introduced in October 2007.

Buyers pay stamp duty ranging from 0% to 7.5%, plus legal fees which typically amount to 1.5% of the purchase price.

A mortgage market crisis looms

The housing market´s decline has brought the usual problems, not helped by the fact that the mortgage market in Trinidad and Tobago had been growing very rapidly. Mortgage loans outstanding surged by 37.2% annually, on average, from 2004 to 2018 (growing from 0.8% to 14.2% of GDP), according to the Central Bank of Trinidad and Tobago.

Now an increasing number of homeowners are struggling with their monthly payments. Past due real estate loans climbed by almost 30% y-o-y to TT$2.54 billion (US$374.38 million) in January 2019, according to the Central Bank of Trinidad and Tobago. Non-performing real estate bank loans stand about 28 times higher than in the pre-crisis year of 2007.

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The average mortgage interest rate was 7.5% in May 2019, unchanged since November 2012. Commercial banks´ basic prime lending rate was 9.26%. The central bank’s repo rate has been 5% since June 2018., according to the Central Bank of Trinidad and Tobago.

Image

To support housing demand, the Residential Stamp Duty threshold has been reduced for first-time homeowners from TT$850,000 (US$125,300) to TT$1,500,000 (US$221,160), saving homebuyers TT$37,000 (US$5,455) on closing costs.

The expat rental market

The economic downturn has caused an outflow of foreign renters. As a result, rents for a large number of properties have fallen substantially.

For the expatriate and upper-income markets, there is a wide range of residential rents - from TT$9,500 (US$1,400) to TT$95,000 (US$14,000) per month.

Image

For the local market, more particularly the middle income market, residential rents for apartments and properties in gated communities typically range from TT$3,000 (US$443) to TT$20,000 (US$2,950).

Some of the most attractive locations to rent or buy in Trinidad are:

- Westmoorings - upscale Port of Spain suburb, with high-rise apartment complexes
- Goodwood Park - exclusive neighbourhood near Port of Spain, with large private houses
- Bayside Towers - new luxurious apartment complex
- The Greens, Maraval Valley - modern, luxurious gated community

New airport, marina to boost tourism

In 2018, tourist arrivals fell by 4.9% y-o-y to 375,485 people, following declines of 3.5% in 2017 and 7% in 2016, according to the Ministry of Tourism.

To reverse this decline a new airport terminal at ANR Robinson International Airport in Crown Point is being built, to be completed in 2020. In addition, the government has decided to develop a marina at Canoe Bay.

Image

In 2018, the country’s overall inflation rate stood at 1%, down from 1.9% in the previous year and the lowest level in 54 years, according to the Central Bank of Trinidad and Tobago. Inflation averaged 6% from 2000 to 2017.

In the past several years, the government has prioritized economic diversification, focusing its efforts not just in the energy sector, but also in the non-energy sector and services sector.

While many local residents in Trinidad and Tobago are prosperous, 17% of the population lives below the poverty line. Crime involving drugs, guns, and gangs remains a challenge, particularly in Trinidad, with murders and kidnappings topping the list.

Construction of affordable housing

The construction industry is getting a boost from the government’s development plan "Vision 2020", which consists mainly of construction projects. In 2018, the government has allocated more than TT$1 billion (US$147.4 million) for the construction of affordable housing.

Other government initiatives to improve the housing situation in Trinidad and Tobago include:

- The recently established Aided Self-Help Housing Programme allows homeowners to construct their own homes with state support, according to Firstline Securities Limited. From November 2017 to January 2018, the program already received about 5,000 applications; 700 of them were randomly chosen to receive help with the construction of a new home in 2019.
- Under the Housing and Village Improvement Programme, affordable houses are currently under construction on the Samuel Cooper Road in Moruga.
- The Public-Private Partnership Programme for the construction of affordable housing aims to deliver 437 housing units in various areas over the next two years.

Overall, the government aims to construct 6,000 housing units by 2020 and 3,000 units annually thereafter.

Source: https://www.globalpropertyguide.com/Car ... ce-History

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

Postby Dizzy28 » September 30th, 2019, 11:18 am

Lol at The Greens being modern and luxurious.

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

Postby hydroep » September 30th, 2019, 11:24 am

Money laundering has nothing to do with our real estate prices, nothing at all...:|

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

Postby ProtonPowder » September 30th, 2019, 9:17 pm

I cant unsee the nonsense where they claim that residential land is $40-$55TTD/sf.

Approved lots behind god back starts at 80/sf, moving to just below 100/sf in rural areas, and increasing towards 160/sf in urbanised and depressed suburbs.

Middle class to higher income residential lots go for 200-250/sf, and prestige areas go for in excess of 300/sf.

And this is in south. Assuming freehold or non-caroni or nha leases of 999y.

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

Postby matr1x » September 30th, 2019, 10:57 pm

Supply and demand baby!

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

Postby The_Honourable » July 5th, 2020, 12:45 pm

Market flooded with homes the average citizen can’t afford

Letter to the Editor

I have read with interest worldwide that it’s a buyers market with regard to housing prices.

However, this does not obtain in Trinidad and Tobago, as the prices for homes are not dropping to the extent where the average person can afford one.

The average cost of a three-bedroom home is $1.2 million, and if we are in an economic recession this price should be drastically reduced. I am seeing some reductions, but not to the extent where the average person like, me can, afford it.

Rent-to-own options are few and far between, with down-payments ranging from $200,000 to $300,000. I commend the few real estate agents who offer this option, but realistically one has to work for over $20,000 to afford this.

I wish to thank Home Construc­tion Ltd, as it provided quality and reasonably priced homes in the 1980s/’90s to lower- and middle-class income-earners. I am sure if this was not done, the HDC application waiting list would have been longer!

There are hundreds of thousands of citizens who are longing for quality, reasonably-priced homes and have given up waiting on the HDC. My fear is that in T&T, maximum profit is the motive and thus the majority may not own a home in this lifetime.

There is the need for a developer like the HCL that can cater for citizens in the $8,000-to-$15,000-per-month category. We need more homes in the $500,000 to $900,000 price range. There are too many people who cannot afford the $1 million-plus homes currently available.

I understand we live in a capitalist economy where demand and supply determine the market prices. In T&T, the housing market does not follow the economic law of demand— but of supply, where high-priced houses dominate the industry.

In other developed countries, the law of demand prevails, where buyers demand less of a costly home. This, in turn, leads to a price reduction of homes, which makes it more affordable to the average worker.

I long for the day when the rent-to-own home options are widely accessible. It may not be the perfect solution, but it is a small step for many citizens who cannot afford a home.

Dionne Joseph

Arouca

Source: https://trinidadexpress.com/opinion/let ... a32c9.html

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

Postby adnj » July 5th, 2020, 1:53 pm

The_Honourable wrote:Market flooded with homes the average citizen can’t afford

Letter to the Editor

I have read with interest worldwide that it’s a buyers market with regard to housing prices.

However, this does not obtain in Trinidad and Tobago, as the prices for homes are not dropping to the extent where the average person can afford one.

The average cost of a three-bedroom home is $1.2 million, and if we are in an economic recession this price should be drastically reduced. I am seeing some reductions, but not to the extent where the average person like, me can, afford it.

Rent-to-own options are few and far between, with down-payments ranging from $200,000 to $300,000. I commend the few real estate agents who offer this option, but realistically one has to work for over $20,000 to afford this.

I wish to thank Home Construc­tion Ltd, as it provided quality and reasonably priced homes in the 1980s/’90s to lower- and middle-class income-earners. I am sure if this was not done, the HDC application waiting list would have been longer!

There are hundreds of thousands of citizens who are longing for quality, reasonably-priced homes and have given up waiting on the HDC. My fear is that in T&T, maximum profit is the motive and thus the majority may not own a home in this lifetime.

There is the need for a developer like the HCL that can cater for citizens in the $8,000-to-$15,000-per-month category. We need more homes in the $500,000 to $900,000 price range. There are too many people who cannot afford the $1 million-plus homes currently available.

I understand we live in a capitalist economy where demand and supply determine the market prices. In T&T, the housing market does not follow the economic law of demand— but of supply, where high-priced houses dominate the industry.

In other developed countries, the law of demand prevails, where buyers demand less of a costly home. This, in turn, leads to a price reduction of homes, which makes it more affordable to the average worker.

I long for the day when the rent-to-own home options are widely accessible. It may not be the perfect solution, but it is a small step for many citizens who cannot afford a home.

Dionne Joseph

Arouca

Source: https://trinidadexpress.com/opinion/let ... a32c9.html
Being a buyer's market is relative. Trinidad's home price to gross annual income ratio is still better than that in many countries of the world.Image

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

Postby timothymcdavid » July 5th, 2020, 2:12 pm

Home price to annual income ratio ... Seems like another BS statistic to me.

What is the avg home price in Trinbago?
What is the average salary?

If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?

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

Postby matr1x » July 5th, 2020, 2:16 pm

Sweet sweet profits. Sufferers cry over prices

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

Postby adnj » July 5th, 2020, 3:37 pm

timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.

What is the avg home price in Trinbago?
What is the average salary?

If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
You just did.

With two wage earners (typical) per family, 1.2M/192K is 6.25.

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

Postby rspann » July 5th, 2020, 4:00 pm

Is real estate really expensive or people want expensive real estate cheap ? People must learn to face reality and get what they could afford . A lot of people want to invest small money in property that will have high value later on . So the bypass the ones they can afford .

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

Postby pugboy » July 5th, 2020, 4:12 pm

ah hear by ft george
apts for $1m
not sure what size bed fitting in the bedrooms

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

Postby Country_Bookie » July 5th, 2020, 4:28 pm

rspann wrote:Is real estate really expensive or people want expensive real estate cheap ? People must learn to face reality and get what they could afford . A lot of people want to invest small money in property that will have high value later on . So the bypass the ones they can afford .
Exactly. If you don't want to pay the $1.2m price tag, buy land somewhere reasonable and build what u can afford. I've seen land in central for less than $500k a lot and there are contractors who can build a starter house according to your budget.

Instead ppl want to go and live in expensive, gated communities while paying less than $1m.

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

Postby MaxPower » July 5th, 2020, 4:30 pm

matr1x wrote:Sweet sweet profits. Sufferers cry over prices


You’re Sure right bro!

Only the cry of sufferers.

Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.

Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.

Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!

Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.

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

Postby zoom rader » July 5th, 2020, 4:39 pm

MaxPower wrote:
matr1x wrote:Sweet sweet profits. Sufferers cry over prices


You’re Sure right bro!

Only the cry of sufferers.

Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.

Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.

Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!

Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.
Hard work is for injuns only.

When you see them in market rubber slippers you know they toting bank roll.

Jordans means you probably have a $30 on person
Last edited by zoom rader on July 5th, 2020, 4:39 pm, edited 1 time in total.

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

Postby A172 » July 5th, 2020, 4:39 pm

if a couple working for 20k combined salary and they get a 1.5m mortgage at say 7000 per month then their DSR is only 35% so it should be gt

however the reality is they have 100% financing car loan on some "new bran" sufferer mobile, a buncha credit cards and renting so reality their DSR well over 50%

and of course, they have no savings so they aint even have a 150k to pay down to get the mortgage

so while real estate prices might be hot is not the market fault your state of affairs is sh1t

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

Postby shake d livin wake d dead » July 5th, 2020, 4:44 pm

rspann wrote:Is real estate really expensive or people want expensive real estate cheap ? People must learn to face reality and get what they could afford . A lot of people want to invest small money in property that will have high value later on . So the bypass the ones they can afford .


Nail on head they spanna....personally Id jump my $$ for a nice property of a cheap property where my neighbours looking to rob me, tie shoes on the wire, use galvanize as fence etc etc

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

Postby 88sins » July 5th, 2020, 5:31 pm

adnj wrote:
timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.

What is the avg home price in Trinbago?
What is the average salary?

If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
You just did.

With two wage earners (typical) per family, 1.2M/192K is 6.25.

Looking at that avg of 8k, all I go say is allyuh does really swing for the fences with dem guesstimates.
I honestly sseriously doubt that the average person in middle class society in T&T making 8k, I suspect it's more like 4.5k on the lower end - 6.5k on the upper end.

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

Postby rspann » July 5th, 2020, 5:49 pm

A172 wrote:if a couple working for 20k combined salary and they get a 1.5m mortgage at say 7000 per month then their DSR is only 35% so it should be gt

however the reality is they have 100% financing car loan on some "new bran" sufferer mobile, a buncha credit cards and renting so reality their DSR well over 50%

and of course, they have no savings so they aint even have a 150k to pay down to get the mortgage

so while real estate prices might be hot is not the market fault your state of affairs is sh1t


Cerahtoe and brands > house and land . Credit card important for online Shopping . Say no more.

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

Postby rspann » July 5th, 2020, 5:53 pm

MaxPower wrote:
matr1x wrote:Sweet sweet profits. Sufferers cry over prices


You’re Sure right bro!

Only the cry of sufferers.

Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.

Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.

Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!

Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.


Max yuh bring back memories dey. My mother cut out an ad in the express a few years back for house and land In Morvant with deed for $50 g and tell me look a deal , I could buy it and rent it out . I say Ma , you know where Mon Repos is ? You can’t go there to collect rent .

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

Postby rspann » July 5th, 2020, 5:56 pm

pugboy wrote:ah hear by ft george
apts for $1m
not sure what size bed fitting in the bedrooms


I went to see a two bedroom apt in Westhills , the second bedroom could only hold a children’s bed and you have to bypass the stove to get at the washer/ dryer.

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

Postby pugboy » July 5th, 2020, 6:02 pm

i ain’t go lie that company real coin with their projects

rspann wrote:
pugboy wrote:ah hear by ft george
apts for $1m
not sure what size bed fitting in the bedrooms


I went to see a two bedroom apt in Westhills , the second bedroom could only hold a children’s bed and you have to bypass the stove to get at the washer/ dryer.

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

Postby nismotrinidappa » July 5th, 2020, 7:58 pm

Akash had a excellent program tonight talking about this same issue.!

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

Postby MaxPower » July 5th, 2020, 9:49 pm

rspann wrote:
MaxPower wrote:
matr1x wrote:Sweet sweet profits. Sufferers cry over prices


You’re Sure right bro!

Only the cry of sufferers.

Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.

Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.

Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!

Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.


Max yuh bring back memories dey. My mother cut out an ad in the express a few years back for house and land In Morvant with deed for $50 g and tell me look a deal , I could buy it and rent it out . I say Ma , you know where Mon Repos is ? You can’t go there to collect rent .


Boiii tell me about it

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

Postby killercow » July 5th, 2020, 9:55 pm

zoom rader wrote:
MaxPower wrote:
matr1x wrote:Sweet sweet profits. Sufferers cry over prices


You’re Sure right bro!

Only the cry of sufferers.

Even if someone’s business or finances are doing well, they do NOT HAVE to pipe out their property to no cheap ass low balling free thirsting Trinis.

Regardless of the economy, Trinis forever complaining about things they cannot afford and VEX when they don’t get what they want.

Land and houses are affordable in Laventille and Maloney not so? But Trinis dont want that. They want Prime areas for bess price ent? Steups!

Work harder Trinis so one day you can write that check with your Montblanc pen and fling it at the feet of the owners.
Hard work is for injuns only.

When you see them in market rubber slippers you know they toting bank roll.

Jordans means you probably have a $30 on person
I want to laugh eh but the smart ones would know just how true this is.

When ppl look at you like a vagrant is to smile and be happy. Less people to bother you and target / rob you. But trini mentality nah. Hadda show everybody you in d dance and ha d latest. Ah pack ah dunces we live among..

Regardless of property location, real estate prices and your personal income, there are always properties and prices to match your budget. Take it or leave it. Work hard and make the necessary financial and educational sacrifices if you want better / upward mobility. Too many people still dependent on government handouts / subsidies etc nowadays...
Last edited by killercow on July 5th, 2020, 9:55 pm, edited 1 time in total.

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

Postby shake d livin wake d dead » July 5th, 2020, 10:02 pm

rspann wrote:
A172 wrote:if a couple working for 20k combined salary and they get a 1.5m mortgage at say 7000 per month then their DSR is only 35% so it should be gt

however the reality is they have 100% financing car loan on some "new bran" sufferer mobile, a buncha credit cards and renting so reality their DSR well over 50%

and of course, they have no savings so they aint even have a 150k to pay down to get the mortgage

so while real estate prices might be hot is not the market fault your state of affairs is sh1t


Cerahtoe and brands > house and land . Credit card important for online Shopping . Say no more.
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Re: Real Reasons Why Real Estate is So Expensive in T&T

Postby adnj » July 6th, 2020, 4:59 pm

88sins wrote:
adnj wrote:
timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.

What is the avg home price in Trinbago?
What is the average salary?

If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
You just did.

With two wage earners (typical) per family, 1.2M/192K is 6.25.

Looking at that avg of 8k, all I go say is allyuh does really swing for the fences with dem guesstimates.
I honestly sseriously doubt that the average person in middle class society in T&T making 8k, I suspect it's more like 4.5k on the lower end - 6.5k on the upper end.


With a two-earner household income of $11K ($130K per year), the home price would be in the $850K range. I saw a 600 sq ft house built for under $100K plus land with basic finishes.

I realize that you will typically attempt to pass off personal opinion as fact but even at the numbers that you suggest, building a house is at your suggested income levels is possible.

Salary surveys and IMF data support the TTO median (not average) income range of $80K to $100K per year. A laborer at $300 per day earns $75K. There is also non-taxed cash payment to consider.

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

Postby 88sins » July 6th, 2020, 6:44 pm

adnj wrote:
88sins wrote:
adnj wrote:
timothymcdavid wrote:Home price to annual income ratio ... Seems like another BS statistic to me.

What is the avg home price in Trinbago?
What is the average salary?

If we were to go at 8k avg salary (96k per annum) versus avg. home price 1200k ... that is a BS statistic right there ... so kindly state your sources?
You just did.

With two wage earners (typical) per family, 1.2M/192K is 6.25.

Looking at that avg of 8k, all I go say is allyuh does really swing for the fences with dem guesstimates.
I honestly sseriously doubt that the average person in middle class society in T&T making 8k, I suspect it's more like 4.5k on the lower end - 6.5k on the upper end.


With a two-earner household income of $11K ($130K per year), the home price would be in the $850K range. I saw a 600 sq ft house built for under $100K plus land with basic finishes.

I realize that you will typically attempt to pass off personal opinion as fact but even at the numbers that you suggest, building a house is at your suggested income levels is possible.


Salary surveys and IMF data support the TTO median (not average) income range of $80K to $100K per year. A laborer at $300 per day earns $75K. There is also non-taxed cash payment to consider.

So, me stating my personal opinion by saying "I honestly seriously doubt" is now me trying to "pass off personal opinion as fact". Championship comprehension skills dey boi :roll:
And yes, with the incomes that I mentioned it's possible to build a house. People do it all the time. But with today's material prices building a house for sub 100k, if labor is included, even with "basic finishes" I'm inclined to believe that's gonna be a somewhat small house.

Anyway, small tiny or micro, anything would be an improvement over paying rent for the rest of ones life.

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