Property for Sale in the Caribbean

Property in the Caribbean

The islands of the Caribbean really are unique. Yes, you can find sugar-sand beaches fringed by palm trees and lapped by crystal clear water elsewhere in the world – Indian Ocean islands like the Seychelles or Thailand springs to mind – yet the wonderfully laid-back culture cannot be replicated.

The beach shacks, the rum punch sundowners, the fried fish barbecues, the reggae music and those beautiful plantation houses with wraparound balconies – that’s why it’s special, and also only an easy flight across the Atlantic.

Flying time is eight to nine hours direct from London, Manchester or Edinburgh to islands like Barbados and there are other options via Miami. There’s only four hours difference, so hardly any jetlag.

The Caribbean really is a place in the sun. it averages between seven and eight hours of sunshine every day, with temperatures barely changing during the year between 20 and 30ºC – that includes the nights. The Caribbean’s tropical climate provides year-round warmth but is it’s especially alluring from October to April when humidity falls and sea breezes act as natural air conditioning.

There is a direct correlation between where British buyers purchase property and where direct flights go. Barbados, Antigua & Barbuda and St Lucia can be reached direct and these have well- established markets for international buyers.

The British tend to go for Barbados in particular, with 85 per cent of its buyers coming from the UK. St Lucia is also popular and property can be more affordable there, whilst Antigua has a very cosmopolitan market, with North Americans big buyers there too.

Thirty countries and territories make up the Caribbean, and there are wide variations between them both in accessibility and environment. The Spanish-speaking Dominican Republic is a different proposition again – a much larger island with a lot bigger resorts aimed at high-volume package tourism but with properties to suit all budgets, including some of the lowest in the Caribbean.

Islands can vary in language, currency, wealth and culture: there are Dutch, French, Venezuelan and American islands. Some are wealthier or have better established markets for overseas buyers than others. Former British colonies such as Barbados has a British-based buying procedure too, with low buying costs for homes, while others have a continental model using a notary.

Some islands will restrict residency rights, while others offer residency in return for investing in a property, known as a “golden visa”.

The Caribbean ethos is not to worry, but that might not be easy when you see your first hurricane. The islanders are well used to them however and if you make sure your property meets all building standards you will be well protected

Where to Buy Property in the Caribbean

Each island ultimately has its own charms, but culture, family connections or topography aside, access will probably be the main driver in your decision. Do you want regular direct flights from the UK? Then you are looking at Barbados, Antigua and St Kitts rather than the British Virgin Islands or Nevis, just to take several popular examples. 

Often the first country that springs to mind when thinking of the Caribbean is Barbados. With the bulk of its buyers British (over 85 per cent), there certainly won’t be any language issues when settling in! Its market is currently favourable according to high-end agents, who state that since 2008, prices there “have relaxed by 10 to 15 per cent”.

A younger crowd will be found on the South side of the island whilst the West coast of Barbados boasts the most famous locations in the country. With its luxurious beaches and multi-million dollar mansions, areas like Sandy Lane or Royal Westmoreland may be out of most people’s price range. Bargains are available, however. Traditional resale properties in St. James can be found for less than £100k

One of the most exciting destinations right now, full of new projects and overseas investment, is Antigua. This island has emerged strongly from an era of corruption and downturn and with 365 beaches, it’s still got plenty of scope for growth. The west coast of Antigua is experiencing an investor boom, with properties to suit all needs.

The run-down then revamped popular Jolly Harbour resort is worth researching as it offers a spectrum of different homes (resale townhouses from $200,000), whilst nearby Pearns Point is a new peninsula of projects, and Carlisle Bay is popular. Jumby Bay in the north is an exclusive hub of high-end homes whilst the rougher seas of the east coast are more popular with some –the popular resort of Non Such Bay is undergoing expansion, resale properties from $400,000.

Others are often attracted to the more understated nature of St. Lucia. With its luscious rainforests and breath-taking national parks (not to mention idyllic beaches as standard), the country is also well connected for transport (it has two airports). Popular areas include Rodney Bay, Marigot Bay and the area around the Pitons, the pair of peaks on the southwest coast.

A self-contained apartment here with sea views will usually cost under $400,000. In the north, the Cap Estate, with properties starting from $275,000-$350,000, but spacious villas with great views will be nearer $1m.

One of the cheaper options in which to buy property is the Dominican Republic. There are few restrictions on foreigners buying property here, while golfing fans will enjoy its world-famous golf resorts designed by golf legends including Jack Nicklaus. A four-bed family villa overlooking Sosua comes to just over $400,000. There are also some very high-end projects too, around Punta Cana, but also the new Aman golf resort, Amanera, with multi-million dollar beachfront villas, in Playa Grande.

Popular with diving aficionados, St. Kitts (home to Ian Botham) also offers good value properties amongst the multi million pound complexes. A small ocean-front unit can be purchased for under $500,000 in the developers’ favoured southern tip of the island. In the last few years, the south area of Frigate Bay has seen a strip of hotels and bars, while the north still offers relative freedom from the crowds.

Buyers Need to Know

There can be hefty taxes for foreigners in the Caribbean, which differ depending on the island.

For instance, in Antigua, the Non-Citizen’s License can be five per cent of the purchase price, plus 2.5 per cent stamp duty (and legal fees!). A £200,000 property in this instance can cost a whopping extra £10,000.