A slowdown in demand in the Caribbean is affecting the prices of Caribbean homes.
Caribbean Real Estate said on Thursday that it expects prices for November to fall by 0.3% compared to the same month last year, in line with a forecast of 1.3%.
The slowdown in homebuilding in the region is likely to affect the number of homes built this year, which could be a drag on the local economy.
Carrie Molloy, a senior economist with the real estate research company, said: “We do expect the Caribbean economy to continue to weaken over the next 12 months, with weak investment and low growth, as a result of weak demand from other countries in the Middle East, South Asia and Africa.”
The average price of a home in the Americas fell 0.6% in November from November 2016, the latest month for which figures are available.
Carolina, a region with an average annual growth rate of 0.7%, was one of the regions hardest hit by the global financial crisis.
The economy was expected to shrink by 0,5% in 2016, according to the latest estimates from the US Bureau of Economic Analysis.