Published on 07 May 2006 at 12:45 pm
Filed in Property News for Caribbean » Property for Sale in Antigua: Rising Demand
The beautiful island of Antigua is becoming a property investor’s Caribbean choice de jour and witnessing something of a boom in demand for property for sale – so much so that building supplies and skilled constructors are in short supply.
According to local estate agents the rise in demand for property for sale in Antigua has resulted in up to a five fold increase in property prices in just five years, a surge in the amount of construction taking place, a dramatic rise in the number of properties changing hands and has secured the reputation of the island as a rising star in the Caribbean real estate market.
The twin island state of Antigua and Barbuda was always less popular, less well developed and lesser known than Caribbean neighbours such as Barbados and Bermuda because Antigua suffered from accessibility restrictions and also had a lesser developed economy as a result of having a government in power who did not work to attract investment or secure the stability of their local economy - but all of these factors have changed dramatically in recent years…
Antigua now not only has a government in power which is doing all it can to attract foreign direct investment but the government and all opposition parties are committed to the development of the twin island state as a secure yet compliant offshore centre of note.
There exists in Antigua significant legislative policies and taxation incentives for the attraction of investment and furthermore the island is now benefiting from an increase in air traffic from the UK, Europe and North America.
The fact that Antigua offers investors a tax friendly jurisdiction in which to invest, bank and incorporate has resulted in the island’s profile being raised. The resultant interest it has received from the tourism sector has further boosted the local economy and resulted in the government committing significant funds to the development of the island’s infrastructure.
The appeal of Antigua has risen dramatically and has attracted property purchasers seeking investment property in the Caribbean such as Richard Branson, Eric Clapton and now Giorgio Armani. In comparison to established property markets such as the ones in aforementioned Barbados and Bermuda, Antigua is still considered affordable and much of the island has yet to be developed so there still exists an abundance of opportunity for property and land investors as well as real estate developers.
However, with the speed at which this particular Caribbean property investment market is expanding and developing those who want a piece of the action should move quickly before they are priced right out of the market.
