Antigua & Barbuda

Buying a home in Antigua & Barbuda By Allegra Hamilton

Background and history

Located roughly 17 degrees from the equator, the coral stone islands of Antigua & Barbuda sit on the edge of the Atlantic ocean, forming part of the Lesser Antilles archipelago chain, with Monserrat and Guadeloupe to the south and St Kitts, St Barts & St Martin to the north and west. Antigua is the largest English-speaking of the Leeward islands (14 miles wide by 11 miles long), while Barbuda, 30 miles north, is only 68 sq miles and includes the uninhabited nature reserve island of Redonda. The islands have a warm, tropical climate with fairly constant temperatures year round.

Mostly flat, Antigua was inhabited from 2400 BC when first settled by the Siboney Indians, whose beautifully crafted shell and stone tools have been excavated in recent times, and originally the natives named the island Wadadli. By the end of the eighteenth century, Antigua became an important port and valuable commercial colony known as ‘the gateway to the Caribbean’. It’s geographical position offered control over the major sailing routes to and from the wealthy island colonies and led to the arrival in 1784 of a young Horatio Nelson, who was chartered to develop the British Naval facilities and enforce stringent commercial shipping laws. One of Antigua’s finest physical assets – Nelson’s Dockyard – was constructed during his stewardship.

Emancipation came in 1834 and Antigua recorded the earliest abolition of slavery in the British Caribbean colonies by immediately implementing full emancipation throughout the island - most Antiguans are of African lineage, descendants of those brought originally the natives named the island Wadadli. By the end of the eighteenth century, Antigua became an important port and valuable commercial colony known as ‘the gateway to the Caribbean’. It’s geographical position offered control over the major sailing routes to and from the wealthy island colonies and led to the arrival in 1784 of a young Horatio Nelson, who was chartered to develop the British Naval facilities and enforce stringent commercial shipping laws. One of Antigua’s finest physical assets – Nelson’s Dockyard – was constructed during his stewardship.

Economy & Tourism

Well-known for possessing a different beach for every day of the year and for scenic English Harbour, Antigua’s economy has become increasingly reliant upon tourism (more than half of it’s GDP) and markets itself as a luxury Caribbean escape. Many hotels and resorts are located around the coastline and the island’s single airport, VC Bird, is serviced by major airlines including Virgin Atlantic, British Airways, US Airways, American Airlines, Continental, BWIA and Air Canada.

The only regular service to Barbuda also flies from here and the US Airforce maintains a small base adjacent to the airport. The official currency is the Eastern Caribbean Dollar, pegged to the US Dollar at EC$2.7 but many prices in stores are shown in US currency as well.

While Antigua and Barbuda is probably best known as an up-market destination for more discriminating tourists, its natural and developed assets have also allowed it to emerge as an attractive offshore business centre.

Enjoying the highest per-capita income in the Eastern Caribbean, first-rate professional services are widely available, including banking, law, accounting, and management resources. While international commercial banking has been conducted on Antigua for many years, offshore banking is more recent, having started in 1983 and grown rapidly since. Antigua and Barbuda has excellent physical infrastructure with reliable water and power supplies and modern internal and external telecommunications facilities including a fully digital telecoms, satellite and internet services.

Real Estate Options

Antigua offers a wide variety of real estate options in both vacation and retirement sectors at prices lower than those on many other islands – the various styles of homes and properties range from Georgian to contemporary, the typical West Indian chattel house to large mansions and plantation houses.

There is a fair selection of property in residential developments and by far the highest demand is for single-family residences including apartments, condominiums and detached or semi-detached houses, particularly in the residential areas of Hodges Bay, Crosbies and Paradise View in the north. Other popular areas include English Harbour, Falmouth and Jolly Harbour, with such areas as St. James’s Club, Emerald Cove, Half Moon and Brown’s Bay developing at an encouraging rate.

Villa Rentals and Property Management services are offered by most of the developments as well as some real estate agents who look after your investment while you are absent. There is much demand for villas, for one or two weeks, especially for those which offer amenities or are close to beaches, have pools or other features. It is strongly recommended that the services of professionals are employed and the lawyers, builders, engineers and architects available on island are well trained and knowledgeable of both European and North American requirements.

Non-citizens are required to buy a license, calculated at 5% of the value in order to purchase property and Government transfer fees or stamp duties are 2.5%. Legal costs can run 1-2%, depending on the value of the transaction while property taxes on the island are low and generally based on rental value.

Most property is fee simple or freehold, there is no title insurance and non-residents are subject to withholding taxes of 25% of net rental income. Resort developments and residential communities, such as Jolly Harbour, come with all the trimmings: swimming pools, golf, tennis, squash, shopping, bars and restaurants, community services and security which are attracting discriminating buyers and renters who are prepared to pay extra services and security which are attracting discriminating buyers and renters who are prepared to pay extra for value added services and amenities. Most of the 501 two-bedroom townhouses have their own boat slip, some front onto the 18-hole golf course while building plots on the beaches, harbour side, golf course and hillside allow for custom-designed residences.

With one of the best marina facilities in the Caribbean and a shopping & entertainment centre including retail outlets, restaurants, bars, banking and other community services, prices for the building lots start at US$35,000 and the two-bedroom villas at US$165,000. Recently launched on the Atlantic side of Antigua is NonSuch Bay, a residential lifestyle development on 40 acres with 24 townhouses, 75 apartments and 22 private villa plots. A secluded cove setting that features an array of native plants from bird of paradise flowers and cannas to bougainvillea and hibiscus, three bedroom townhouses with private moorings and plunge pools start at US$495,000 while one to three bedroom apartments range from US$185,000 to US$590,000.
Another exciting new development to watch will be Sporting Icons Resorts, a joint venture between Antiguan cricketer Sir Viv Richards and Masters Club. The high end development will be at Willoughby Bay in the south east of Antigua.