Published on 26 March 2006 at 03:51 pm
Filed in Property News for Caribbean » St Lucia: the Current Caribbean Investment Property Hotspot
St Lucia is the Caribbean investment property hotspot de jour; and according to industry sources it’s European buyers who are flooding the market with interest and who are in search of retirement properties, second homes and investment real estate.
Around two thirds of the new real estate units currently under construction in St. Lucia have been sold to European buyers with the British and Irish topping the league in terms of investor commitment to the island. The remaining units are being snapped up by North American buyers who are aware of just what a bargain investment real estate in St. Lucia currently constitutes.
Property prices in St. Lucia are currently valued 50% below similar real estate in Barbados and about 35 to 40% lower than investment properties in Turks and Caicos – which, when you consider the immense charm and beauty that St. Lucia boasts, makes no sense whatsoever! It is highly likely therefore that property prices in St. Lucia can rise at least as high as those in similarly attractive and desirable Caribbean resorts which makes the island’s property market potential of great interest to all levels of investor.
Astute property investors are keenly aware of the immense potential that Caribbean real estate in general traditionally offers; and now they are extra excited by the developments taking place in St. Lucia to attract more foreign investment into the property sector and more tourism interest to the island for the long term growth of St. Lucia’s economy.
The government has been quick to react to changing trends and have cut property related taxes for overseas purchasers; furthermore they have introduced a number of incentives to attract property development companies to create more residential real estate and more tourism accommodation in Saint Lucia. The government is committed to raising the profile and desirability of the island and in turn improving its economic condition.
The island is already enjoying increased visitor traffic and the tourism numbers are set to rise when St. Lucia plays host to some of the 2007 World Cricket Cup matches. In anticipation of this event hoteliers are constructing rooms at an unprecedented pace and a number of international airlines have made further commitments to provide more flights to the island’s two main airports.
All of these factors add to the potential of the investment property sector in St. Lucia and mean that the island has one of the most exciting and attractive investment property markets in the Caribbean today.
