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St Lucia investment update


In the aftermath of World Cup Cricket, and with the USD$ pegged Eastern Caribbean dollar at an all time low against sterling (EC $5.35 to £1) the St Lucia land and property market continues to attract external investment interest.

With Government residential and tourism development
incentives attracting long tax and duty breaks, the island has
benefited from major new overseas owner targeted
developments, such as Lincolnshire based developer
DCG's Le Paradis on the East coast. This promises to be
the flagship golf and beach resort in St Lucia.

With a US$500m total spend, Le Paradis also boasts a Greg
Norman signature golf course and brand names such as
Troon Golf and a 6 star Westin hotel. Phase one is due to
open late 2008 and Brown & Co is marketing in the UK.
CONTACTS Email Telephone
  Charles Whitaker 0017587177562
  Asnia Ste Marie 0017584516151


Such developments are fuelling the market, particularly at the upper
end; although there are local purchasing and development opportunities
for those who look carefully and prefer an alternative to resort based
property.

Purchasing property in St Lucia, and elsewhere in the Caribbean,
requires focus as to purchasing objectives; whether as a second
home for family and friends, strictly as an investment for income and
growth, or land development opportunities.

The market is anything but transparent, and a grip on market values and
the huge range of quality and locations is essential. Local mortgage
rates are typically at least 2.5 % higher than those in the UK and so
funding the purchase from the UK may be an option for some.

Planning legislation is relatively relaxed compared with the UK and
individual residential sites are relatively easy to obtain.

To buy, non-nationals require an Alien Land Holding licence, which
is a formality. Purchasers should be prepared to drive a hard bargain
with local lawyers to prevent 3-5% of property value being charged
as well as plenty of time and patience as the pace in the Caribbean
is relaxed!

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