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Time to Buy Property in St Lucia
Saint Lucia has been described as “one of the most beautiful islands in the world” by Conde Nast Traveler magazine and is listed in Oprah’s O magazine as “…..one of the top five places in the world you just have to visit before you die!”. Saint Lucia is only 238 square miles in area, but within this area lies one of the most diverse landscapes to be found on any of the Caribbean islands, ranging from beautiful golden beaches and from stunning rainforests, to stunning mountain vistas.
Saint Lucia enjoys year-round sunshine with temperatures rarely exceeding 32 degrees and most areas benefit from the cooling tropical breezes that regularly cross the island from the Atlantic Ocean in the east to the Caribbean Sea in the west.
Saint Lucia enjoys economic and political stability and seems to have something for everyone. It has already established itself as a yachting haven, being one of the hosts of the Atlantic Rally for Cruisers. It has a growing number of world-class golf courses and an extensive musical calendar which includes the famous St. Lucia Jazz Festival, recently featuring artists like Anita Baker, Michael Bolton, Dionne Warwick, Wycliffe Jean and many more. internationally famous.
It is for the above reasons and many other similar reasons that Saint Lucia has become one of the most sought after locations in the Caribbean for second home owners, investors and those looking to retire to a tropical and safe environment.
Over the past two years, Saint Lucia has seen real estate price growth (houses and land) between 11 and 21 percent, with the strongest growth being in the sought-after north of the island. In particular, there has been an explosion in the growth of luxury waterfront apartment, condominium and townhouse communities. These include the Landings, Reserve, Allamanda, Harbor and Seaside. Also for those who prefer their sea views to include golf course views and beautiful mountain views, there are condominium developments such as Zara Villas and the prestigious Belle Vue Heights which will soon be registered.
Many of these new developments offer a tax-efficient tropical lifestyle for investors and resident homeowners with property and income tax exemptions for up to 15 years.
Obviously, there is a limit to the availability of prime development sites for the type of properties described above. Given the relatively small size of Saint Lucia, as well as the recent boom in these new developments, now is the time to choose the best places for a home in paradise.
With the recent credit crisis in the United States and Europe, the Saint Lucia market is relatively stable. However, there is no doubt that once the credit crunch is over, the island will continue to experience the recent rapid growth in the property market, until prices become on par with neighboring Barbados. It is for this reason, and the dearth of prime future development sites, that now is the time to invest in the island paradise of Saint Lucia.
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