Should You Invest?
As the other Caribbean islands became more developed as popular
tourist destinations, Antigua was somehow overlooked and until
recently has remained reasonably undeveloped. Attracted by its
English atmosphere, the relative quietness in comparison to its
louder neighbours and the added bonus of the weak dollar, investors
are starting to turn their attention to Antigua. Over the last two
years the more exclusive areas of the island, such as Jumby Bay,
have seen prices increase fourfold. The island is limited in terms
of development space due to mountainous terrain so supply is
restrained and Antiguans tend to build on their property rather
than move to a new one so properties rarely become available unless
being sold by the expatriate community. This pushes up the prices
for investors who really want to profit from a well-located
property. Beach front properties are in high demand, yet despite
the number of beaches the island lays claim to, there are few beach
properties available for sale. Well known developers are also
taking an interest in the island meaning the number of exclusive
resorts is increasing.
- The purchase of property is a straight forward process as the
government is keen to increase foreign investment. A non-citizen's
license is required which can take up to four months to be
approved.
- Tourism is a key sector of the economy so demand for
accommodation will be high.
- The economy has shown consistently strong growth which looks
set to continue as the island's popularity increases.
- The general red tape that accompanies setting up a new life can
take time and become frustrating; Antigua is not a fast moving
island.
- There is a lack of property available and the real estate
market is not especially tailored to pure investment purchases; it
is generally viewed as a lifestyle investment island.
Price History
Compared to neighbouring Caribbean islands, the real
estate market of Antigua is relatively undeveloped having
missed much of the building boom that many islands experienced.
Growth has been at a steadily low rate over the past few years but
has risen along with the amount of development on the island.
According to GlobalPropertyGuide.com property values in Jumby Bay
have risen by between 60% and 100% over the past two years.
Detached town houses on the island have also doubled in price
during the same period.
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