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

[pete]

So under 20k/month is lower class? and government only wanna give those low interest rate loans for under 8k?

[rfari]

wht's the range of income for the middle class now?

I'd go with these values, combined household monthly incomes, before taxes.

These are obviously subject to change but imo represents the population.

> 100k : wealthy
60 - 100k : upper class
30-60k : upper middle class
20-30k : middle class
10-20k : lower middle class
< 10k : lower class

makes sense.

So under 20k/month is lower class? and government only wanna give those low interest rate loans for under 8k?

sufferers be the winners in this country

[New_SPECIES]

i think more between 20-50 gross/mth/household and within this range the upper and lower middle class. i could be off

I agree... figures are realistic once its Collective Household Income..

[New_SPECIES]

So under 20k/month is lower class? and government only wanna give those low interest rate loans for under 8k?

sufferers be the winners in this country

I think that was the idea... to help the "sufferers"..

[Trinbagoviews]

Folks the most important factor driving real estate prices today is......

4. Money Supply Expansion - Inflating Real Estate Prices

A major reason real estate prices have been going up rapidly is because the Central Government by way of the Central Bank has constantly been increasing the money supply (essentially printing more dollars and putting it into circulation). This serves to "inflate" all prices including real estate prices.



The problem is made exponentially worse when commercial banks in turn use the consequent increased bank deposits to create additional credit or purchasing power further bidding up prices. Worse yet when there is no increase in productivity or output. This phenomena is not only present in the housing market but also in overall price levels throughout the country. We therefore have a few houses being chased by a lot more TT dollars.

The intellectuals connected to the state and the financial system either don't know or never mention this since the population would know where to direct their ire.

Will post another article on inflation soon.....

trinbagoviews.com

[wickedbreed]

by this standard more than 50% of we country is sufferers...lol

[rfari]

this ched gonna make rell men sick

[wickedbreed]

this ched gonna make rell men sick

X10

[redmanjp]

Trinidad is the only place where I know real estate prices go UP and UP.

Flooding? Up.
Crime rate increase? Up.
Cost of labour / infrastructure goes down? Up.
Competition from surrounding ventures? Up.
Price already very high? Up.

trinis doh know how to boycott- dey keep handing over their hard earned money while complaining

[rfari]

Trinbagoviews...some people have no choice.
Everyone doesn't make in excess of $20,000 per month.
How do you expect this majority of the young population to get housing unless they get inherited land or build a shack in the bush?
HDC is their only option.

Hey not saying its not tough but........don't sit around waiting on HDC bro you can save and sacrifice on your own. By starting off small, being frugal and industrious you can still secure homeownership.

Buy a good used car,
Don't fete out your money
Don't smoke
Minimize the drinking
Avoid taking out consumer loans
Avoid blowing money on electronics / over shopping online
Avoid playing carnival every year
Avoid chasing women / men who milk your funds
Get married .... settle down.....
Carry your own lunch to work ...Stop eating out....
Avoid spending excessively on cell phones and phone calls ....
Avoiding spending money on a new outfit to go to party every weekend....
Buy in the market instead of the supermarket......
Avoid spending thousands on rims and car accessories....

Buy land .... save again and build bit by bit .... slowly but surely.....

This list can go on an on...... don't reserve yourself to victim status..... yea its tough out there but not its impossible.

good writeup. this is both the cause and symptom. some ppl just wutless while others see real estate ownership as an insurmountable task and decide that its best to live life and enjoy its comforts instead of fighting up

[redmanjp]

ent it had a salary poll thread?

[5onDfloor]

by this standard more than 50% of we country is sufferers...lol

yuh think!

some the men who talking down suffers actually suffering more than the sufferer himself. They toting home 10k and more and still struggling like the suffer who working for less.

Some people need to get out the bubble they live in.

as said earlier 25-30K dual income is what is needed to live comfortable for a married couple.

when you factor in Kids, school, groceries, mortgage, car loans, Credit Cards etc, it is easy to see how cost of living is rather high.

[Sky]

House before all yes. Unless you really need a reliable vehicle to get to work.
Once house paid off, you could be in what financial situation. You have a house to sit in and scratch.

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.

[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

[New_SPECIES]

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

Thought the same thing... and ah feel is some real THICK BUSH too!

**wondering if the metal works guy down the road is he next door neighbour**

[desifemlove]

wht's the range of income for the middle class now?

I'd go with these values, combined household monthly incomes, before taxes.

These are obviously subject to change but imo represents the population.

> 100k : wealthy
60 - 100k : upper class
30-60k : upper middle class
20-30k : middle class
10-20k : lower middle class
< 10k : lower class

is dis monthly salaries? If so, who earning 100K per month? lol.. only a few at best.

[New_SPECIES]

wht's the range of income for the middle class now?

I'd go with these values, combined household monthly incomes, before taxes.

These are obviously subject to change but imo represents the population.

> 100k : wealthy
60 - 100k : upper class
30-60k : upper middle class
20-30k : middle class
10-20k : lower middle class
< 10k : lower class

is dis monthly salaries? If so, who earning 100K per month? lol.. only a few at best.

Ah tink he was referring to d Syrians, Chinese, Whites... basically everybody except TRINIS!

[zoom rader]

wht's the range of income for the middle class now?

I'd go with these values, combined household monthly incomes, before taxes.

These are obviously subject to change but imo represents the population.

> 100k : wealthy
60 - 100k : upper class
30-60k : upper middle class
20-30k : middle class
10-20k : lower middle class
< 10k : lower class

is dis monthly salaries? If so, who earning 100K per month? lol.. only a few at best.

CEOs and Oil men can earn above 100k per mth

[cornfused]

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 .

With that exponential escalation in the MSupply . One wonder why the price of borrowing and corresponding interest rates remain high , maybe artificially so. This is even more vexing in when related to the cost of a mortgage

[New_SPECIES]

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!

[zoom rader]

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

[bluesteel29]

Ah tink he was referring to d Syrians, Chinese, Whites... basically everybody except TRINIS!

Wipe ya mouf

[New_SPECIES]

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"?

I in that field and I know how it works..
That is why ah was sayin that it is only a minute minority!

Dem whiteman and chinee who on dem rigs etc..
Done blockin positions fuh wen dey family come outta UWI etc to jus fall een.

[zoom rader]

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.

[New_SPECIES]

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...

[rfari]

Medical consultants can possibly make tht pull as well

[teems1]

wht's the range of income for the middle class now?

I'd go with these values, combined household monthly incomes, before taxes.

These are obviously subject to change but imo represents the population.

> 100k : wealthy
60 - 100k : upper class
30-60k : upper middle class
20-30k : middle class
10-20k : lower middle class
< 10k : lower class

is dis monthly salaries? If so, who earning 100K per month? lol.. only a few at best.

Well i did specify combined household monthly incomes before taxes. That's 75k after taxes. More than enough to live like a king in T&T.

So think 50k on average before taxes for each person to make.

You'd be surprised at the amount of money of doctors, lawyers, engineers (usually petroleum industry), upper management in finance, insurance agents, doubles vendors, landlords, university professors etc make.

Remember wages isn't the only way you get income. There is also interest, rent, profits etc.

So let's say you make 35k wages, it is feasible that they could make another 15k per month from the other means of income.

[airuma]

This is utter nonsense!! We live in a country with very low productivity and this is evident by the fact that good workers are hard to get and night clubs/ pubs are full almost all days of the week now. If someone works hard and have the money to invest in more than one property, your suggestion will make them do one of two things:

Invest elsewhere which means a bigger housing problem and higher prices for rent and houses (supply demand)
Pay the higher property taxes (if it is still the most lucrative investment) and raise the rent and resale property price to suit

This is a very myopic suggestion, I really can't see any PROPER legislation here, even if you were the owner of 3 and 4 and 5 properties you would say such a legislation would be unfair and aimed at using productive people to build and then forcing them to sell by increasing specific taxes.
Hopefully this is a bad joke!

All that's needed is proper legislation, allow people who own their ONLY house t pay the normal property taxes, HOWEVER those who are owners of 3 and 4 and 5 properties, impose HEFTY taxes on them PER property , watch and see how quickly ALL of those empty over priced townhouses will be put up for sale and at affordable prices too.

[Sky]

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.

[Sky]

Oh, and a serious downpayment worth more than a vigo.