St Vincent & The Grenadines

Background and history

A multi-island nation of over 30 islands stretching from St Lucia to Grenada, St Vincent & The Grenadines is untouched by mass-tourism. A population of approximately 119,000 reside between St Vincent and the main islands: Bequia, Mustique, Canouan, Mayreau, the Tobago Cays, Union Island, Palm Island and Petit St Vincent.

The fertile and mountainous island of St Vincent is the jumping off point for The Grenadines, a string of tiny islands spreading south along a 45-mile (72 km) arc. Several of the islands are privately owned, some by resorts and others by a consortium of owners.

Exploring the many islands is an experience in diversity, and a haven for sea lovers and watersports enthusiasts. Head for Bequia, formerly a whaling station, tie up among the jet-setters at Mustique, stop in on the locals on friendly little Canouan, check out the amazing beaches on Mayreau or scuba dive in the Tobago Cays, surrounded by a national water park.

Economy & Tourism

Tourism has grown to become a very important part of the economy, and the chief earner of foreign exchange. The Grenadines have become a favourite of the high-end yachting crowd and the focus of new tourism development in the islands. In 1996, new cruise ship and ferry berths came on line, sharply increasing the number of passenger arrivals. In 2004, total visitor arrivals numbered at 160,000.St. Vincent and the Grenadines’ currency is the Eastern Caribbean dollar (EC$), which is pegged to the US Dollar US$1=EC$2.7.The main hub of business is located in St Vincent’s capital city, Kingstown, where a small financial (including offshore banking) services sector has developed, and a manufacturing industry also exists.Recent developments in telecommunications have brought cellular and internet services to complement a fully automatic, island-wide telephone system.

There are five airports in St Vincent and the Grenadines and ET Joshua airport in Kingstown is the largest, with four smaller airports located in Bequia, Mustique, Canouan and Union island. Connections can easily be made to international airports on other islands.

Once you get there, you can glide from island to island in an hour or so in trade winds of 10-25 knots, either on ferries or charter boats, swimming ashore to a beach bar, watching giant sea turtles and bumping into visitors from all over the world for a drink at sunset.

Real Estate Options

In the last decade, St Vincent has seen considerable real estate development encouraged by the growth in tourism and an interest in second homes where one can simply ‘get away’. Several of the privately-run islands have led the way, with probably the most famous, Mustique, representing the chic and luxe end of the market, with multi-million dollar tropical homes owned by rock stars and royalty for rent and occasionally for purchase while the resort of Palm Island offers a 6 bed, 5 bath two-storey beachfront villa with pool and tennis court for under US$450,000.

Many of the best deals to be found are for undeveloped lots - on the heavenly little island of Bequia, a 1/2 acre overlooking the Caribbean and the Atlantic can be purchased for as little as $145,000. For someone who wants to build and own a villa, the economy of St Vincent & The Grenadines offers a tremendous advantage. Construction costs, even when shipping all materials from the US, can be in the $100 - $150 per sq ft range, yet many beachfront villas in the region sell on the international market at comparable prices to beachfront homes in the US.

Closing costs in St. Vincent are 13-14% of the sales price and transfer taxes are 5% each for purchaser and seller. Attorney fees can run up to 2%, and the Alien Landholder’s License (required for foreign purchasers) is 6-7% of the purchase price. Property taxes in the Grenadines are 5% of the annual rental value of the property.

For more information:

www.svgtourism.com

www.escapeartist.com

www.knightfrank.com

True island living is to be found in St Joseph, where the locals go for the summer; many of the homes have been owned by the same families for years and can only be rented by word of mouth when not in use. Rugged and windswept, facing the Atlantic Ocean it’s a haven for the local surfing community, which hosts an annual international meet at the Soupbowl in Bathsheba.

Real Estate Options

Barbados offers a diverse range of property ownership opportunities, for investment purposes or as a second home, with considerable infrastructure in place to support the real estate sector at all levels. There are no restrictions on non-nationals purchasing land or property, but making the dream reality, however, takes some little time and patience, not to mention determination and financial resources, particularly if you are interested in beachfront or luxury villas. Property values have risen steadily and are expected to continue this trend, as more international investment ensures that Barbados will continue to maintain the reputation it has earned as a world-class destination.

The internet has made it infinitely easier to get an idea of the type of properties available on the market, and many sites feature virtual tours that can give you 360 degree views of potential purchases.

Several real estate companies produce annual property guides, often creating elegant brochures for premium million dollar listings. As with any real estate purchase, you should outline your requirements, especially financially, and engage the services of an established real estate agency along with a reputable attorney-at-law who can guide you through the process.

New developments

Heron Court

A prime residential development located at Porters, St James, Heron Court consists of twenty-eight elegant townhouses designed by renowned local architect, Ian Morrison. Within close proximity to West Coast beaches, shopping and fine dining, the development comprises approximately 4.7 acres of land with lots starting from $560,000.

Each 3 bedroom, 2 1/2 bathroom townhouse will feature high quality fittings throughout and a variety of finishing options available on approximately 2,000 sq. ft. of living space. Construction on this project has begun, with 11 lots already sold or under offer, and completion is expected mid-2007.

Royal Westmoreland

Now under new ownership, this prestigious luxury residential golf estate has re-emerged with a new phase of development to further enhance the quality and style that Royal Westmoreland has become known for. Set among 500 acres of stunning Barbados scenery and designed around one of the most challenging golf courses in the world, homes at Royal Westmoreland have been in high demand - many snapped up by sport stars and celebrities seeking the exclusivity of a luxury private estate and the ultimate in comfort and relaxation.

In early 2006 the phase 3 of The Plantation Royal Villas came on stream, offering innovative solutions to the discerning investor. Purchasers have the option of choosing from a 3 bedroom detached villa or a custom built property with up to 8 bedrooms – a select number of lots have magnificent fairway or sea views.

The Lakes Village

The first lifestyle resort to be created in the Caribbean, The Lakes Village will be spread over 180 acres in a peaceful setting on Mount Brevitor, St Peter (some two miles inland from Speightstown). Set in beautifully landscaped parkland, bordered by lush gullies and gentle slopes, with magnificent rural and sea views, The Lakes is based on a three-phase plan of development. Construction has begun on all 20 villas and sixteen of the 32 apartments in phase 1, and will be followed with construction of a clubhouse, small wellness centre, swimming pools and tennis courts.

Properties can be purchased as a 99 year leasehold within the village, at prices substantially lower (up to 40%) than the current market value: 2 bedroom apartments start at GBP187,000, and 2 bedroom detached houses from GBP244,000.

Conceptualised as an open-plan ‘organically grown’ village style community for the young at heart, it is designed to offer residents a range of exclusive facilities in a secure setting. The wide variety of properties available have been carefully sited to complement the natural beauty of the environment, blending the best elements of traditional Bajan architecture to create properties and communal buildings with a unique and timeless character.

Lion Castle Polo Estate

Lion Castle Polo Estate is a particularly well thought out 64 acre development, set in the rolling hills of St Thomas. Centred around the already complete world-class polo field and spectacular clubhouse, already playing host to international tournaments, it consists of 34 magnificent house lots comprising 13 acres; house lots vary in size from 3/4 to 2 1/2 acres ranging in price from a snip under $400,000 up to $1.4M, all complete with underground utility services. At 1,000 feet above sea level – almost the highest point on the island – Lion Castle Polo Estate commands stunning views of the countryside and coastline beyond. Centrally located, easy access is ensured to the major shopping and business districts of Warrens and the capital of Bridgetown; the gorgeous beaches of the West Coast are only ten minutes away.

Apes Hill Club

A spacious development on 470 acres of some of the most beautiful land in Barbados with paranoramic views of the West and East coasts, Apes Hill Club is a partnership between Sir Charles Williams, the owner of the largest construction company in Barbados, and Landmark Land Company, one of the most prestigious community, golf and resort developers in the world.

When complete, this community will consist of 350 house lots utilizing only 35% of the estate, leaving 65% open space to create a lifestyle community unlike anything seen in the Caribbean so far. Apes Hill Club will include a spectacular 18-hole golf course carefully designed to take full advantage of the expansive environment, central club house with pool, spa, multi-surface tennis centre, nature gardens, a series of exercise trails as well as an impressive polo centre. The polo element, Waterhall Polo Centre, is already in operation (one of the four polo fields now in use on the island) and has it’s own villa development project which sold well, with the first villas now under construction.

Heron Mill Estate

A stunning new residential land development enjoying rich tropical landscapes and peaceful tranquility on a ridge above Mullins Bay in St Peter. Surrounded by sugar cane fields and a luxury estate home situated on the western side, it is a few minutes drive away from MullinsBeach, watersports, fine dining and Suga Suga spa and close to other amenities including golf and polo.

There are 15 lots available ranging in size from 14,500 sq ft – 22,00 sq ft, all with fantastic building potential and complemented by open landscaped areas, a natural watercourse and underground utilities. Construction of the roads and services is well underway and start from $185,000.

Sandy Lane Falls

Located approx. 400 yards from the stunning Sandy Lane Beach on the exclusive West Coast of Barbados, Sandy Lane Falls is the island’s most exciting new development and investment opportunity. A selection of luxury 2 and 3 bedroom villas and townhouses from 1,290 – 1,652 sq ft are being built and will be finished to an extremely high standard - the villas feature private terraces and plunge pools whilst the townhouses will have use of the communal pool; owners will also have use of the Sandy Lane Falls Club House and a golf package will be included. Only 8 townhouses are available as of going to press, ranging from $845,000 – $855,000.

The developer, Peter Harris, a well-respected local businessman, previously built the successful Porters Court villa community in St. James. This development is ideally located close to the most exclusive beach-front restaurants and a wide selection of bars, nightlife, shops and banks can be found in near-by Holetown. Tennis courts at Sugar Hill and world-class golf courses at Sandy Lane and Royal Westmoreland are all within a few minutes drive and the golden sands and calm and crystal clear waters of Sandy Lane Beach are a mere stroll away.

Prices

Barbados has established a well-deserved reputation for a comprehensive selection of real estate opportunities and location choices, from studio apartments to luxury villas and magnificent plantation homes, lifestyle resorts, golfing and polo estates and everything else in between. The popularity of secure or gated communities has driven a sharp growth in these developments; many have different phases planned and include a broad range of community facilities on site.

The price of real estate – land, property or both – varies considerably according to location. Beachfront anywhere on the island is at a premium and prices will reflect this, especially on the West Coast where a luxurious villa directly on the beach could set you back well over $10 million. The high demand for oceanfront views has resulted in a large number of new condominium developments, some of which can be picked up for around just under $1 million. There are more affordable opportunities to invest with studio beachfront condos on the South Coast starting at $175,000; there are also several projects planned to build luxury oceanfront apartments in Christ Church. Some residential developers are offering purchasers all-inclusive packages that include land and house, taking some of the guesswork out of building your own home.

There has recently been a resurgence in the popularity of country estates and plantation homes, as an alternative to beachfront living; an 11-acre luxury 6-bedroom estate in St Lucy recently sold for over $7 million furnished. Traditional Barbadian-style homes in residential areas can start from around $200,000 for a 3 bedroom in St Philip to $650,000 for a 4 bedroom in St George.

In terms of building your own home, be prepared to pay anywhere from $150-300 per sq ft depending on the finishes; don’t expect to be able to start building until at least May 2007, as the current building boom together with the frenzy of projects driven by the impending Cricket World Cup in 2007 have the majority of construction companies fully booked until then.

Whatever your reasons for purchasing, once the sale is complete it is necessary to consider the many options in the market for property services. Most of the main real estate companies have been property managers for over twenty years and have a great deal of experience; the best are recommended by word of mouth and will have a complete package of services, including a rental program and dedicated management staff.

Legal and Tax Issues

In Barbados, property passes by conveyance of title, evidenced by the recording of deeds and certified survey plans at the registry of title. A purchaser will require the services of a registered Barbadian attorney to deal due diligence needs, including a search of the register to confirm title to the property prior to the sale. The vendor pays 7.5% property transfer tax and 1% stamp duty, along with any associated legal fees; these can run up to 2% of the purchase price. The purchaser, however, only has legal fees to consider

Real estate can be purchased by an individual, or as is commonly the practice, by creation of a corporate entity or by purchase of an already established company that currently owns the property. Such companies must be registered to do business in Barbados, although they may be incorporated elsewhere. All monies brought into Barbados must be registered at the Central Bank of Barbados; if a property is sold, they will also facilitates repatriation of funds.

Weather

As far as Caribbean islands go, Barbados has an idyllic climate with constant trade winds that keep temperatures during the day between 27-29 Celsius (80-85 degrees Fahrenheit) and just enough rainfall to keep the island lush and green.

Currency

Local currency is the Barbadian Dollar, which is tied to the US Dollar at approximately 2:1, although most banks will exchange for slightly less.

How to Get Here

Once the only Caribbean island to have a regular scheduled Concorde flight in season, the airport facilities are currently being upgraded to handle the increased air traffic as the island further develops into a hub for international airlines delivering passengers from around the world, both to stop in Barbados and in transit to other islands. There are daily flights to major cities in the UK, US & Canada via a number of carriers: Virgin Atlantic, American Airlines, British Airways, BWIA, Air Canada and Air Jamaica; and several flights a day to most islands in the Caribbean on regional airlines such as Caribbean Star & Liat.

For the jet set that doesn’t like to travel en masse, private jets are always welcome!

Further Information:

www.bajanservices.com - An exceptional real estate company on the West Coast of Barbados providing unparalleled Real estate sales, property management and villa rentals.