Property Opportunities Abound - by Geoffrey Pidduck

There is no better time to purchase property in Antigua and Barbuda than now, with an excellent selection of building plots, pre-built property and motivated sellers. The property market in Antigua has reacted to the effects of the world wide recession, creating this opportunity, so be sure to look at what is on offer. For the best results, contact an Estate Agent who offers a full range of professional services and one stop shopping for all your real estate needs.

The Antigua Property Market

When touring the island by sea or land one gets the impression that Antigua and Barbuda has a lot of vacant land that could be used for development of housing and commercial enterprises. The land use program provides for much of these lands to be used as green areas, or for agriculture and local housing. With a careful long term plan Antigua should remain a beautiful green island, made even more beautiful by the emphasis on the greening of roadsides and private and public buildings and gardens.

Hotels and residential properties have developed around the beaches and headlands in four areas of Antigua: The residential North West including St. John’s where many of the hotels are located; The popular South West encompassing Jolly Harbour and a growing number of beachfront and other residential areas overlooking the Caribbean Sea; the South East based around the popular sailor’s paradise and historical English Harbour; and the more remote North East Coast that enjoys the best of the trade winds.

North West Antigua

The majority of the permanent residents live around capital city of St. John’s. The residential areas of Hodges Bay, Crosbies, Paradise View, Cedar Valley and Friar’s Hill are close to the capital, airport, golf course, shopping malls and other amenities. The north is especially popular with permanent residents and returning Antiguans.

South West Antigua

On the Caribbean side is the Jolly Harbour Residential Marina Golf Club and nearby, several new and smaller developments benefit from facilities offered by Jolly Harbour. Sugar Ridge, a gated community adjacent to Jolly Harbour, featuring a Boutique Hotel, Spa, restaurant and shops, is scheduled to open in November 2009. The parish of St. Mary’s has seen spectacular growth in very fine residences over the past 10 years.

South East Antigua

The English and Falmouth Harbour area is a complete community featuring historic Nelson’s Dockyard, Fort Shirley, Antigua Yacht Club, Temo Sports and Spring Hill Riding Stables. Yachting has made this area famous for cuisine, provisioning and catering - all useful in complementing one’s lifestyle. This area has become popular for investors in vacation property as well as for those wishing to make Antigua their retirement or permanent residence. Gated communities include St. James’s Club, Savannah and Galleon Beach.

North East Antigua

The oldest and most prestigious residential resort is Mill Reef Club located on the more sparsely populated Atlantic coast.  It was established shortly after the end of the Second World War as an exclusive residential development. Other east coast gated communities include Jumby Bay Club, La Perla’s Nonsuch Bay, Emerald Cove, the Verandah Estates and The Peninsula.

Building Plots and consideration of building

The majority of residential transactions in Antigua are for the purchase of a building plot. Since 1985 Antigua has experienced a building boom which continued through all recessions including this one. Building quality custom homes on the most challenging plots is achieved with the assistance of professional architects, engineers, builders and contractors. Building costs are estimated at US$125 to US$350 per square foot, not including pool and landscaping. Purchasing a plot offers the advantages of lower acquisition costs and choice in design, decoration and landscaping. Some developers offer turnkey and off-plan homes complete with furnishings and fixtures. Using building systems or prefabricated structures can result in reduced time and costs.

Commercial Properties
 
There are many business opportunities in Antigua’s growing tourist economy. Investments that provide jobs and stimulate the economy are encouraged with attractive fiscal incentives offered by the Antigua Barbuda Investment Authority.

The second home market

The contribution of the second home and vacation property market is yet to be measured, but it is known to make a significant contribution to GDP by creating jobs in the building and services sectors. Additionally, throughout the years, these investors have shown great philanthropy, generosity and caring, and find creative ways to give back to the island they come to love.

Acquisition Methods