On Board the Property Buzz in St Lucia
Reasons behind the on-going buzz around investing in property in St Lucia, including price, tax incentives and a luxury lifestyle.
So what is it that international buyers find so appealing about the prospect of investing in property in St Lucia?
The Price of Luxury
While the price of property in St Lucia has risen in the past few years, the global crisis certainly slowed things down – meaning it's still a buyer's market. The high-end luxury residential end of the property market is the strongest, and while it's considered one of the most beautiful of all the islands in The Caribbean, prices are considerably lower (up to 40-60%) than, for example, Barbados.
Renowned as a tax haven, the island offers some very attractive tax concessions for foreign investors. The government has also recently announced a scheme where residents can apply for citizenship if they can prove a minimum net worth of US$3 million – opening them up to further benefits.
With regular direct flights from the UK (flight time of around nine hours), the US, Canada and some European destinations, the island is one of the most accessible in The Caribbean.
Standard of Living
A stable economy and government, low crime rates, and an affordable cost of living, make the island an ideal environment for investors – whether to pursue business interests or lifestyle options. Its enduring popularity as a growth tourism destination, along with a modern telecommunications infrastructure and high-quality healthcare system, afford it one of the most desirable standards of living in the Caribbean region.
Lifestyle and Opportunities
With an economy based on tourism and primarily focused around its own extensive natural assets, property investment can be appealing in terms of both lifestyle (for retirees, for example) and related business opportunities, including retail, cultural attractions, events, ecotourism and accommodation. The freedom to repatriate profits is also extremely appealing to foreign investors with commercial interests.
But the biggest reason for the buzz around investing in property in St Lucia is, of course, the value and quality of what's available to purchase, and over the past decade a number of high-end luxury residential developments have changed the landscape of the property market.
One such development (completed in 2007) is The Landings, in the north of the island at Rodney Bay - the island's first and most prestigious private residential yacht harbour. Its unique freehold status, private marina facilities, and the opulence of its 5-star luxury resort lifestyle continues to attract foreign investment, with around 70% of the villas and penthouses in the development owned by Brits.
Other residential developments around the island include Marquis Estate, The Seaside, Cotton Bay, The Tides, and Allamanda.
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ABOUT THE AUTHOR
Adam Gobat is a renowned expert on the Caribbean, with a passion for its culture, history, people and places. His in-depth local knowledge and wealth of experience in luxury property in St Lucia are key to the marketing and sales of the luxury villas and penthouses in The Landings, a unique freehold opportunity for beachfront property in the Caribbean.