Published: 9th September 2013
Situated at the heart of the Windward Islands, lies the beautiful island of St Lucia. Described as one of the Caribbean’s hidden treasures, St Lucia is a unique blend of steep mountains, lush fertile valleys and picturesque towns and fishing villages which hold a laid back charm so typical of the Caribbean.
It is small wonder the property in St Lucia has risen in popularity in recent years, as investors seek to capitalise on the strong tourist industry accessible real estate prices on the island.
St Lucia is a diverse island, with something to cater for every taste and budget. Whether you wish to visit the quaint towns and villages, or go for an exhilarating scuba dive in the crystal clear waters surrounding the island, you will always find something memorable to do in St Lucia.
As with so many destinations, the increasing demand for property in St Lucia stems predominantly from a dynamic tourism industry, which has seen tourist visitors to St Lucia increase in number by over 20% between 2002 to 2007. The increase in the tourism is a result of a deliberate and sustained effort at government level, which has seen investment in the St Lucia tourism industry increase by almost 150% from 2004 through to 2008.
Undoubtedly, this sustained period of investment is beginning to bear fruit, and in 2007, hotel occupancy in St Lucia was over 70% across all hotel grades, with luxury, five-star occupancy at over 85%. Today, St Lucia is seen as a leading property investment opportunity, and was ranked inside the top 30 places by the World Bank, the only Caricom country to be so.
The price of real estate on St Lucia is at present amongst the most reasonable in the Caribbean, approximately 40-50% lower than the price of property in Barbados. Prices in St Lucia has started to rise in recent years, and are now predicted to increase consistently for the next five years, providing a sound foundation for any potential property investor.
Recent times have seen a number of luxury property developments being announced in St Lucia, including those at the Marquis Estate and Bay View. Already these developments have proven commercially successful, with strong interest from property investors in the United States and throughout Europe.
It is also to be noted that the volcanic nature of St Lucia has resulted in only a limited amount of land being available for development in the future. As a result it is highly likely that St Lucia will become over-developed, providing a good level of insurance against property depreciation in the future.