Property in St Lucia

The tranquil, lush, tropical island that is St Lucia, located to the east of the Caribbean, has been holding its own, during these difficult global economic times. St Lucia homes are still selling, although at a slower pace, following a market slowdown towards the end of 2008, and prices for St Lucia property have reportedly continued to appreciate across some parts of the island.

“St Lucia property prices have remained robust throughout the financial crisis,” Allen Chastanet, St Lucia’s minister for tourism, told the press.  And that statement makes St Lucia houses a good investment for overseas investors looking for a healthy rental yield.

Tim Cook of Newlands International says that the value of property for sale in St Lucia has appreciated by as much as 15 per cent over the past year. St Lucia houses are a positive investment, especially as some Caribbean islands have been affected by the economic climate.

However, “sellers have been prepared to bend prices a bit for British buyers who are interested in St Lucia homes to reflect the currency shift,” Chastanet adds, reflecting the fact that sterling’s value has depreciated against the St Lucia dollar over the past year or so.

Nevertheless, there is now greater demand coming from other parts of the world for St Lucia homes.

Cook comments: “Historically, demand for property has come predominantly from UK buyers, however, more Europeans are now also looking for St Lucia homes. Demand from Canadians has also increased dramatically, as they are proving a little more resilient to economic pressures and can afford to purchase St Lucia houses. Consequently, budget airline, Jet Blue, now operates five weekly flights from Toronto to St Lucia.” which gives them easy and fast access to their St Lucia homes.

Despite relatively strong capital growth in recent years, and a range of high-end beach or marina resorts, where apartments can cost in excess of £1 million, St Lucia property prices still remain around 40 per cent cheaper than Barbados and approximately 25 per cent cheaper than Antigua. This means that overseas buyers can purchase decent St Lucia houses at greater value compared to other islands.

“Residential prices in St Lucia are similar to those in Grenada, where the infrastructure is about 10 years behind St Lucia,” adds Cook. 

Cook says that demand is typically greatest for St Lucia homes offering an ocean view and are located near to a beach or marina.

Newlands International is currently marketing residential units and St Lucia homes for sale in BayView Resort Village situated on an attractive hillside spot in Beausejour, just 15 minutes from Rodney Bay. Apartment prices start from £140,000, an attractive price for affordable St Lucia homes

At the higher end of the market, in The Tides Sugar Beach Resort, located on the South West coast of St Lucia, homes are on sale including 85 contemporary colonial style one and two bedroom buy-to-let villas. These lovely St Lucia homes come with separate plunge pools and stunning ocean and Piton views - the two towering volcanic cones of St Lucia - set on a UNESCO World Heritage Site.

Prices start from £460,000, subject to guaranteed minimum annual rental return of 5 per cent for the first year, which is typical of the sort of yields that can be achieved on the island from these type of St Lucia houses. 

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