Business View Caribbean - June 2024

real estate market. This agility has been crucial, particularly in the post-COVID era, when new opportunities emerged and market dynamics shifted dramatically. Schimmel explains, “After Covid, we saw a huge increase in demand, especially from clients in the US and Canada. They were confined to small apartments or houses, and coming to Aruba allowed them to enjoy the beach or a backyard pool. This created a massive demand in the market.” The pandemic also highlighted the potential of remote work, encouraging longer stays and different approaches to client engagement. Rey highlights the accessibility and attractiveness of the Aruban market to foreign buyers: “The ease of daily flights from North America and Canada attracts many clients. As a foreigner, you can own property here without major restrictions. Once you own a property, you’re legally allowed to stay up to 180 days a year, which is very appealing.” Aruba being outside the hurricane belt also offers a significant advantage, providing stable, sunny weather year- round. Rey continues, emphasizing the investment potential: “Aruba is a highly touristic island, which creates excellent opportunities for investors. Properties can be rented out, generating a substantial rental income.” The island’s tourism-driven economy ensures a steady stream of potential renters, making real estate investment particularly lucrative. Schimmel adds a broader perspective, noting Aruba’s unique political and economic context: “We have our government, central bank, and currency, but we’re also part of the Dutch Kingdom. This connection proved crucial during COVID-19 when tourism, our main economic driver, stopped. The Dutch government provided financial assistance, ensuring economic stability. This aspect is reassuring for our investors, highlighting the island’s resilience and economic backing.” THE ARRAY OF PROPERTIES AND CLIENT RELATIONSHIPS Century 21 Aruba offers an extensive selection of properties for both local and international buyers. 68 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 06