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Real Estate In St. Lucia
Editorial by: E-Mail:
ebowring@remax-executiverealty-stlucia.com
 St.
Lucia real estate continues to experience a steady growth in investments and I have witnessed over the past 5 years a 50-200% gain in real estate investments
in some areas. When I arrived here 5 years ago I was amazed at the magnitude of stunning beach front, water front and ocean view land investment opportunities. I told everyone I
came in contact with to invest and some listened. Today, their investments have grown more than 150% and it won't stop there.
Real estate is everything about timing.
There are several parcels of land available on the market today that represent dynamic investment opportunities, especially, in the south of the Island. I am still amazed at the lack of development in the south considering its scenic beauty, beaches, waterfalls, rainforest, hiking trails, mineral spring, lush tropical terrain and above all the International airport where all the major airlines arrive. I am still trying to figure why vacationers and visitors to the island would take the 2 hour bus ride to the hotels in the north only to return on chartered tours to the rainforests, waterfalls and natural secluded beaches of the south. Things are changing quickly and development for the south is in
the planning stage.
Get in early. Waiting until a good investment opportunity becomes common knowledge often is too late.
It's a great time to buy St. Lucia real estate.
Investing in raw land can yield a higher return but, one must be able to envision the developmental uses, and recognize its potential, especially if there are no other developments around to guide your decision. For example, recently I took an investor to view land in the south. He immediately became disinterested as the land was heavily treed and the ocean views were barely visible even though we could hear the waves ashore. However, the landowner was not open to negotiations around clearing the land. Later, I took another investor to the same land, he didn’t see the trees as an obstacle, but immediately recognised the potential and purchased the land. Later trees were removed to reveal breathtaking ocean views and the land value doubled. I strongly recommend research before investing in land. Understanding soil, terrain, topography and elevations will help you in your purchase decisions and get you the best value.
St. Lucia represents stability and access
It doesn't matter where you live in the world, you can get to St. Lucia with daily service from Miami, Atlanta and San Juan. There are 2 airports on the Island with major airlines such as: British Airways, Virgin, US Air, American Airlines, Delta, Air Canada, West Jet, LIAT and several charters that arrive on the Island various days of the week. Cruise ships arrive in Castries weekly.
St. Lucia maintains a fixed rate exchange to the United States Dollar, (EC$2.71 equals US$1.00) and a stable economy.
If you are thinking about retiring in St. Lucia, purchasing a holiday or vacation home in St. Lucia, consider the south. I recommend the north if your lifestyle includes: fine dining, nightlife, yachting
and golf - you'll be right in your element there. For a more serene, quiet, secluded beaches, laid back, away from it all lifestyle then the south is where you should be.
That being said future pending development in the south of the island will offer Signature golf course, marina, fine dining and nightlife.
Overseas investors clamour to the north of the Island generating demand and increasing prices.
International investors gravitate toward the north of the Island namely: Cap Estate, Cas En Bas, Rodney Bay, etc. These areas offer the best in high-end luxury homes and villas in St. Lucia. The average price for a home starts at: US$800K. The south is beginning to generate several luxury homes and villas and would cost less. Land in the north starts at: US$10.00/sq. ft and the south US$3.00/sq. ft. negotiable.
Investing in Income Properties
Absolutely the best in real estate investments today, double the opportunity - income plus capital gains. There are several income properties now available on the market namely: Bay View Villas,
L’horizon, The Landings and Gateway Villas offering income generating investments. Bay View Villas offer freehold title on home and land in a resort setting - which is the most unique concept to date. Prices for Bay View Villas start at US$352K. Gateway Villas is located in Rodney Bay Village at the end of a quiet street among high-end luxury real estate. Gateway Villas offer townhomes from US$459,000. All new developments are offering property management services and projecting a 6% rental income return, 30% savings from off plan purchase and 40% capital appreciation in the first year.
More on St. Lucia than Barbados or Cayman Islands
Did you know that St. Lucia offers the best of everything on Barbados and Cayman Islands? Tropical rainforests, rivers, twin pitons, lush vegetation, active volcano and waterfalls are just a few attractions found in St. Lucia not in Barbados or Cayman Islands. Beach front and water front real estate can be purchased for 50-60% less in St. Lucia than Barbados or Cayman Islands.
It's a great time to sell your real estate in Barbados or Cayman Islands and move to St. Lucia.
Build or Buy a Home in St. Lucia?
Building your own home can be a rewarding experience. The opportunity to design your dream home around your lifestyle and creating exactly what you need is the way to go. If you are building your own home through a contractor it is highly recommended to engage the services of a professional Engineer to oversee the project on your behalf.
There are several contractors in St. Lucia that can make your dream a reality.
If you are designing your dream home in St. Lucia please note that basic construction costs is approximately EC$230 per sq. ft.
Basic building materials: cement, steel, concrete mix is available on the Island
but if you require high-end luxury fixtures you would need to import them.
Import duty is between 30-60% of landed costs. There are several building and
construction supplies companies in St. Lucia. True Value Building Supplies in
Vieux Fort can source and import everything you need in building materials off
the Island while Brice and Company offers quality roofing and first class
finishing.
There are several brand new homes, villas and town homes available for sale that epitomizes retirement and luxury lifestyle to choose from. These are built by Developers and can be purchased for less than it would if you choose to build. The Developers offer discounted prices when buying off plan. If buying off plan from a Developer you may want to consider using the service of an Escrow company to protect your funds.
If you are buying a home outside of a development please note that; most villas and homes
in St. Lucia are custom built therefore the price of any particular property has to be assessed on its own merits. A valuation is highly recommended when buying such properties.
If you are serious about buying property in St. Lucia and you are a Non-National you will need an Alien Landholding License. The non-refundable fee for this license is EC$5,000.00. A Lawyer will need to prepare the application and the following documents are required:
- Passport
- Certificate of Character
- Marriage Certificate (if applicable)
About Mortgage Financing in St. Lucia
Mortgage financing is available to Non-Nationals for up to 70% of the purchase price from Bank of St. Lucia, Scotia Bank, RBC and National Bank.
Real estate will always produce for you. It is most constructive to take a long-term perspective.
If you are looking for retirement or vacation property in the Caribbean contact ReMax about properties in St. Lucia.
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