Enquiries for Caribbean property are on the increase, according to international search agency, Quintessentially Estates. In the final quarter of 2011, Quintessentially Estates is handling some [£100m] of instructions for Antigua, Barbados, the Bahamas, Dominican Republic and St Lucia.
Penny Mosgrove, head of international sales, comments: “Normally we see the rush for winter sun hit its peak in January. This year we have been inundated by November and will be conducting a number of viewings this side of Christmas.”
Wealthy European buyers are fuelling demand for Caribbean property, which can be attributed in many cases to ongoing problems in their domestic markets.
Barbados remains very much an enclave for wealthy Brits and is always a perennial favourite due to a steady supply of stock, direct flights and good golfing and leisure facilities. However, buyers seeking a cheaper alternative are urged to look towards neighbouring St Lucia, which shares many of these attributes, but with a much cooler property market.
“St Lucia is a perfect winter retreat and looks like a bargain when you consider that comparable properties are around 45% cheaper than those in Barbados”, says Mosgrove.
At the super prime end of the market, Mustique remains popular to the most discrete wealthy buyers. Accessible only by private plane, Mustique offers a level of isolation and privacy that can be matched by few other locations. Other private islands are beginning to emerge throughout the Caribbean as developers cotton on to the ‘Mustique factor’ and offer premium resorts which guarantee exclusivity and privacy.
A client of Quintessentially Estates has recently purchased a private island near Hope Town, to be called The Island Club, comprising just 10 villas, spa and a private members club. Such is the demand for his sort of development that the first villa has already been sold despite not having been openly marketed yet. Prices start from $4.5m.
Source: Property Magazine International
