What's new at the luxury end of the Caribbean market? We take a look at Barbados, St Lucia and the British Virgin Islands. Words Isobel Palmer
Stability is the watchword for the very wealthy - especially in economic straitened times. At the recent Luxury Property Show in London, the experts were all talking about reliable, well-serviced destinations with stable governments. But although there are hundreds of islands in the West Indies, the same handful fulfil these requirements.
It makes sense to assess the market, of course. And estate agents seem in broad agreement that we are now in a period of stabilization, although there will still be fluctuations where developments don't have the necessary financial backing and strength - as ever, research your developer or vendor and check out their track record.
What's new on Barbados? Well, compared to 2011, expect more of the same but to pay slightly less. Prices are down an average of 5%, even more in some places, though not in the prestige developments of Royal Westmoreland, Sandy Lane, Apes Hill and Sugar Hill. Continuing strong demand means prices have held here, making an investment, if you can afford it, a no-brainer.
Another good resource is a UK estate agent who was born and bred in the Caribbean, such as senior negotiator at Knight Frank, Christian de Meillac. Christian worked in real estate in Trinidad before coming to the UK and lists his favourite Caribbean spot as Mullins Bay, on the famed West Coast of Barbados. Here, the white beaches have given rise to the nickname of Platinum Coast but Christian also likes the quaint village atmosphere, golf courses and restaurants.
He also recommends it as a place to invest right now, believing that prices won't come down much further. He says: “Barbados is one of the most solid places to invest historically. Over the past year, I'd say we have seen a 5% fall overall but the market is better informed now so it's more of a price correction and we are seeing overall stabilization.
“Demand and prices have held at the top places like Royal Westmoreland and Sandy Lane, Apes Hill and Sugar Hill - so you want to be there. We are even seeing small increases in the prime locations and established estates. We are now the most active we have been since 2004.” The new Sugar Cane Ridge development at the gated Royal Westmoreland estate offers a four bedroom semi detached house with optional private pool and sea and fairway views, a short walk from the club house and communal pool from £750,000.
Barbados still ranks number one in the Caribbean, but Antigua is on the up and has a large range of quality developments, which could see it really compete for your pound. There are some fine new-build opportunities here - the largest, Jolly Roger, is ongoing, plus gated communities like Sugar Ridge and Tamarind Hills, and luxurious La Perla, The Peninsula, James' Club and Emerald Cove. Antigua is arguably the main sailing destination in the Caribbean – land-lubbers beware.
St Lucia should always warrant a look, with its emphasis on quality - and its jaw-dropping natural beauty takes some beating. On the north-west coast, there's a new release of two and three-bedroom homes at the Cap Maison resort and spa. They are priced from $1.1-$1.3million and have the bonus of a recent rental scheme profit for owners. Director Ollie Globat says: “We are the first development on St Lucia to be paying out profit-based returns over and above any maintenance fees. The beauty for our owners is that there are no fees at all once they have purchased, and when they come to stay, all housekeeping and five-star treatment comes as part of their investment without extra cost.”
The stunning Freedom Bay is a firm favourite with many relocating to St Lucia. It has numerous opportunities available to those wishing to purchase property. Amongst which are land plots starting from £325,000, whole villas from £650,000 and if you’re on a tight budget you can choose a two-week fractional share in a hotel villa from just £32,000. For this you get access to all the luxuries of the Sixth Sense Spa resort, an eco-friendly property and of course, most importantly a safe option and good return on your investment.
Other developments in St Lucia that are worth checking out are The Landings - apartments and townhouses up to $3million on a plush harbour development with marina, pools, spa, watersports, tennis and gym, and Marigot Bay, a stunning spot even by Caribbean standards and home to a superyacht marina. It has a new development coming online early next year, The Harbour Residences. Twelve top-notch residences will be made affordable through fractional ownership.
Don't overlook the less well-known but still striking landscapes of the British Virgin Islands - a destination definitely on the move. Most of the existing development there is on Tortola and while the downside is the long process of gaining the Land Holding licence, the upside is the availability of whole islands for sale. And of course, there's Scrub Island, the first new private island resort in the BVI for 15 years. Real estate opportunities include ocean view villas from $2.5million and multi-level villas from $3.5million.
If you really can’t choose, I suppose you’ll just have to force yourself to take a holiday in the Caribbean – what a perfect starting point for your property search!
Christian de Meillac, tel: 020 7861 1097, www.knightfrank.co.uk
