myTobago – your questions, review and comment about Tobago

Just wondering.......

What with the dire warnings of global recession and the slowdown in the American economy (the credit crunch stuff) whether there is any effect on the Tobago tourism industry?
The pound has been really strong against the TT$ but are there signs that Tobago is suffering from the global recession?
We are having to "tighten our belts" and holidays are on the list to cut down on.
We are not going over this year, after what happened , will look for a reasonable hotel next year.

The UK seems to be the main market for Tobago tourists, but is unemployment and the house price crash starting to take effect?
We certainly noticed prices gone up in the shops last year.
Or is everythig rosey?
I think I read something about the airlines reducing or stopping some flights from the UK.
Just wondering how the economic world changes are effecting Tobago.
Any early signs of consumer slowdown?

As the TTD does follow USD quite hard, T&T is affeced. TTD are also loosing power so they have to pay more when they import need items of any kind. It´s still 6TTD for 1USD, but as the USD is very weak...

So the people in T&T have to pay more now for a lot of different food when they go shopping in the supermarket. Older peoples with low pension have a hard time now.

Ronald

that's true. but on the other hand since the TT$ and the US$ are linked, more people from europe can now afford to come here, since they get more US for their pound or euro, many guests say so...

True Brian
As for me, 5-6 years ago the exchange rate was about 1.35SEK = 1TTD, now it´s nearly 1SEK = 1TTD. Compared with Swedish SEK the TTD has lost nearly 30%.
And the situation is about the same for other countries too, so for us it has become much cheaper to have a vacation in T&T.

And because mostly prizes for hotels, rooms, apartments, tours are set in USD, the cost at site has become lower too.
And now when the ATM´s are working so well, I don´t have to bring USD or GBP cash with me either. Before I had to change money twice, SEK->USD->TTD, now I go to the ATM!

The only thing wich rise is the cost for the flight, but so fars it hasn´t become a major problem.

I am seriously thinking of renting out our house in Tobago, hence the initial post asking how things are going , what with the downturn in the world economy.
I heard some of the flights from Europe and USA had been stopped or cut down, so am wondering what the
tourist situation is going to be like.(A bit of market research!).
Im not sure its going to be worth it or worth the hassle.
Im doubtful that the strong pound will be enough, and exchange rates can change.

Many thanks for your thoughts.
Any other comments?

Terence where is your house?I could be interested. davidaw29athotmail.com
David

Hi Terence,

There's definitely still call for rental on the island, though, obviously, some places are easier to rent out than others, depending on the location, facilities, etc. It might also be worthwhile looking into long term renting if you're not planning on coming back any time soon. Obviously this presents different challenges, but, speaking as someone who has been renting here for several years, I can tell you that the long term rental market in Tobago is sadly lacking - Particularly at a time where it's impossible to buy on the island! I know several people here in Tobago (both local and european) who are renting (responsibly!!) and looking for alternatives, but it's impossible to pay UK / European rental prices when you're receiving island wages! At the moment, there are a few long-term rental opportunities here for up to US$3,000 per month, which, as you can imagine, are just out of reach of anyone reliant on the local economy, and properties are sitting empty. It's not a bad choice for holiday-makers, but you'd need to balance whether you want it rented out for a year (or more) at a time for less money per month, or you'd rather it was sitting empty for 10 months of the year, but you'd get more money when you DO have guests! Swings and roundabouts, as they say!!

Let me know if you decide that long term rental is the way to go.... David can have first 'dibs', obviously, as he got in first, but if not, it might be suitable for us, or someone we know!

Good luck!
Lisa.

David have emailed you.

Lisa , many thanks for info.
We have a lot of thinking to do and contacts to make.
Your information is greatly appreciated and we may be in contact through your contact email
at your business website, with more details.
If we cannot sell ,the prospect of long term rental with responsible people is something we must seriously consider.
Its good to hear there may be a market for this.

Terence

We returned from our third visit to Tobago yesterday having spent two glorious weeks there. It was interesting to read this thread as our Virgin flight on the way out was only half full. We have been on this flight to either Tobago or Grenada five times in the last three years, all at different times of year, and have only ever experienced full or very nearly full flights. We also paid the most we have ever had to pay for our total holiday and would definitely be pushed to be able to afford any more. Fortunately for us it was worth every penny again and we have already started saving for the next visit! I can't help but think the half full flight was due to the increased cost and people having to watch the pennies.

Terence:

Did you end up renting your home (or selling it)? If you are still looking for possible long term tenants, I am interested.

- Marie

MarieB wrote:Terence:

Did you end up renting your home (or selling it)? If you are still looking for possible long term tenants, I am interested.

- Marie

hi Marie,

Please post an e.mail address, where I can contact you, and I will update you.

regards.