In general the value of real estate in the western world is highly determined by some macro- and micro factors. On the macro side are the economic indicators like the strength of the economy and the interest rates. And on the other hand you have the micro factors like location, market, condition, age, proximity to schools, work, shopping etc.
In the Caribbean the property fundamentals are different. The main difference is what drives people to buy. And their descisions are not based on practical needs like proximity to work, a school or a shopping mall. People buying property in the Caribbean do that on their perception of their tropical dream.