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Antigua and Barbuda Property Investment For Sale

 

"A Caribbean beauty emerging from the shadow of its more renowned neighbours"

 

Until recently Antigua and Barbuda had been overlooked as a holiday destination compared to other Caribbean islands and as a result it is less developed - a position the government is keen to maintain, so it is unlikely to become overcrowded anytime soon.

Although the government wishes to restrict mass development, Antigua has become increasingly reliant on the tourist industry and it now accounts for around 60% of GDP.  There has been extensive investment around areas such as Jolly Harbour and the outstanding golf and yachting facilities on the west coast add to the allure of the island as does the legend that there is a beach for every day of the year. Antigua has a low crime rate, laid-back lifestyle and favourable tax laws as there is no income tax, capital gains tax, inheritance or wealth tax although tax on rental income is high as are purchase transaction costs.

With so much weight behind the tourist industry, economic growth has been seriously hit by the international financial crisis with a steep decline in tourism which has also caused house prices to fall and the economy to contract.
 

Country Guide

Geography

Antigua and Barbuda are located to the north of the stretch of the Caribbean islands, with St Kitts and St Nevis situated to the west. The islands consist of mostly low-lying limestone and coral islands, with some higher volcanic areas.

Government

A member of the British Commonwealth, Antigua has Queen Elizabeth II as their chief of state who is represented on the island by a  Governor. Antigua operates a parliamentary system of government which consists of the Senate and the House of Representatives.

Language

English is the official language but local dialects are also spoken.

Standard of Living

Antigua and Barbuda have one of the highest standards of living in the East Caribbean, with most employers paying over the minimum wage. Due to a lack of personal income tax, Antiguans tend to have a greater amount of disposable income than on other Caribbean islands thus levels of car and property ownership are higher. Unemployment is low.

 

Country Economy

The economy of Antigua and Barbuda relies on tourism and the services sector as its mainstay, with tourism accounting for over half of the country's GDP. This dependence brings with it a level of vulnerability as the island is susceptible to violent hurricanes that in the past have caused serious damage to tourist infrastructure, resulting in a severe drop in visitor numbers. To combat this vulnerability the Antiguan government is making efforts to diversify the economy and as such transportation, communications and financial services are becoming more influential within the economy.  Agricultural production is focused on the domestic market and is constrained by the limited water supply and labour shortages as most prefer to work for the higher wages found in tourism and construction.

Key industries:

Petroleum products account for just under half of the country's exports. Antigua does not trade much with its Caribbean neighbours, instead looking further afield to countries such as Spain, Singapore and Germany. Tourism and Investment banking and financial services remain the key industries.

 

Hotspots

Antigua

Antigua has experienced a recent property boom thanks to improved flights and extensive investment around the renowned area of Jolly Harbour. The outstanding golf and yachting facilities on the west coast add to the allure of the island as does the legend that there is a beach for every day of the year. A low crime rate, laid-back lifestyle and rural feel combine to make the island very popular. Prices here then are rather inflated and although property will always be in high demand, you will have to pay for the privilege of owning.

Barbuda

Barbuda is a tiny island affiliated with Antigua, often described as being so undeveloped it is positively deserted. There are resorts in which to stay on the island but the main inhabitants of the island are the Frigate bird. It is easily accessible from the island of Antigua and tourists are drawn by the wealth of natural activites found on the isle. There is barely a real estate market to speak of on the island.

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