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Antigua and Barbuda Property | Boom time in Antigua and Barbados
By property | November 1, 2008
It is boom time in Antigua and Barbados. The logic of buying delightful beachfront property while the US dollar is weak has become apparent to retirees in the UK and Europe, now daily arriving on flights from London. The rich and famous are also being drawn to once-dowdy Antigua, the larger of the two islands.
The International Herald Tribune recently praised Antigua as ‘newly chic’, noting that it has attracted mansion-buyers like Giorgio Armani, Richard Branson, Timothy Dalton, Oprah Winfrey, and Eric Clapton (who even has a private drug rehab clinic on his property).
The highest price rises…
Property values have also risen 60% -100% over the past two years at Jumby Bay, Antigua’s equivalent to Mustique – which limits on the number of people who can come in every year. Detached town houses on the islands have also doubled in value during the same period.
Antigua is home to about 69,000 people. Its economy is reliant on tourism, and markets itself as a luxury Caribbean destination. It is also a recognized centre for online gambling companies. Antigua was one of the first countries to legalize, license, and regulate online gaming.
The main expatriate populations are in Antigua, Falmouth Harbour, Dian Bay, Emerald Cove, Half Moon Bay, McKinnons, Paradise View, Crosbies, Hodges Bay, Blue Waters, Dickenson Bay, Jolly Harbour, Browns Bay, and Cedar Valley. Picturesque English Harbor, is where Admiral Horatio Nelson once based the British fleet, because it is “hurricane hole” (protected shelter during violent storms).
Underdeveloped
Antigua has been so far been left out of the building boom in the rest of the Caribbean, despite some hotel construction in the 1980s. It is rare for lots to become available. The mountainous terrain makes it difficult to develop.
Antigua is not a leading edge sort of place. Its bureaucracy and red tape can be frustrating. For example, it takes 6-12 months to open a cheque account, unless one has large sums to deposit. It takes two weeks to get a bank card, which comes from Barbados. Getting the telephone connected is not easy, and it may take a few weeks before the technician arrives. To receive overseas calls, the user must go to another company and fill out an application form. A deposit is required ranging from $500 to $1500. To receive AND make overseas calls? Fill out another form, subject to approval.
The Antiguans’ self image is that they are builders, not buyers. Antiguans rarely change residence (if at all), sp the few realtors on the island only know of expensive properties bought and sold by the British, Arabs, and North Americans. There is no multiple listing service (MLS). Rarely does an agent know of more than one or two available properties. “For Sale†or “For Rent†signs are not displayed, and agents keep their listings secret so as not to encourage competition.
“We have 365 beaches, but not a lot of beachfront property is actually available for sale,†says Geoffey Pidduck, the head of Trade Wind Realty, who sees a very considerable increase in demand. “Despite the limited supply people continue to want to buy beachfront properties, so the prices of beachfront properties have gone up by four times during the past two years.â€
A significant amount of construction is now underway, with developers like La Perla International, an Amsterdam-based luxury home builder, moving in to sell projects like Princeton Estates. Princeton has five houses of as much as 5,000 square feet (465 sq. m.), each on a hillside with ocean views and priced at around $2.7 million. La Perla is also developing in JG Estates, with custom villas at $200,000. Both projects are sold out.
This sudden activity follows a long calm period in Antigua’s property markets. During the previous 10 years local realtors estimate that 5-10% growth a year was typical.
According to Global Property Guide figures, a 2 bedroomed house in Antigua might cost around US$400,000, while A 3-bedroomed house might be worth around US$640,000 (November 2007). But these are very rough estimates, and the range of variation is large.
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