Five Reasons why now is the right time to explore Saint Lucia’s property market
Favourable exchange rates and record numbers in tourist arrivals are only two reasons why the Caribbean island of Saint Lucia is expected to attract a new wave of savvy property buyers. Michael Green, Sales Director of luxury beachfront development The Landings, shares his top reasons why now is a good time to buy:
- Stronger GBP
The British Pound’s strong exchange rate has created an opportunity for British buyers to make extraordinary savings on their property purchase. Only one year ago, a property priced at US$625,000 would have translated to £506,000 but due to the current exchange rate this would now be £446,500. That’s a saving of almost £60,000.
- Steady rental returns thanks to record tourism arrivals
According to the 2017 tourism figures published by the Saint Lucia Tourist Board earlier this month, the island registered its highest number of annual tourist arrivals yet. Out of 386,127 visitors, 19 percent were British holidaymakers, making the UK one of Saint Lucia’s key markets. The spurt in tourist arrivals bodes well for investors as an increase in visitors often translates to a strong demand for holiday lets.
- Tax benefits
Interested buyers will be pleased to hear that owners will also benefit from 100% waiver on Vendors Tax and Stamp Duty as well as 100% exemption from Property Tax until 30th Oct 2030.
- New Airport Terminal
Saint Lucia’s government has confirmed the construction of a new airport terminal at Hewanorra International Airport (UVF). With work scheduled to begin in 2018, the new terminal will cater for the increasing number of direct flights from the UK, provided by Virgin Atlantic and British Airways from the UK.
- Less hurricane-prone than the rest of the Caribbean
With an average daily temperature of 27 °C, Saint Lucia’s weather remains a key draw for buyers and holidaymakers alike. Some prospective investors might feel concerned over last year’s hurricanes in the Caribbean, however, St Lucia benefits from its southern location and is one of the most hurricane-protected islands.
Michael Green adds: “We expect the tourism growth to have a positive impact on rental returns. The Landings rental pool showed a strong return last year with revenues covering all home owner fees for the year, and bookings in 2018 show this positive trend continues.”
Situated in the popular north-west of Saint Lucia, The Landings upkeeps a wide range of five-star amenities including a 24-hour concierge service, new beachfront club lounge and restaurant with beautiful views over the bay plus a fine dining restaurant overlooking the 50-berth marina. Three swimming pools, two floodlit tennis courts, a state-of-the-art fitness club and 7,000 square foot spa cater for the wellness traveller. There are also watersports on offer such as water-skiing, wind surfing, kayaking and snorkelling.
Currently, The Landings offers buyers a choice of marina and beachfront residences, known as The Landings – Final Collection. The final phase consists of 14 Beachfront and seven Marina Residences, all generously sized with between 130 and 216 sqm of living space. All owners can rent a berth to moor a boat in the marina. Prices start from US$625,000 for a 2-bedroom apartment.
Ownership at The Landings comes with the freehold of the property and gives buyers the liberty to use their residence whenever they wish. Many owners choose to rent out their property through the managed rental programme, which gives peace of mind that the property is looked after throughout the year, whilst benefiting from rental returns.