Should you sell your property in Antigua and Barbuda fast? Antigua and Barbuda is a constitutional monarchy in the Caribbean which is headed by Queen Elizabeth II. It is an autonomous democracy with a prime minister and parliament.
Antigua and Barbuda only has a population of 90,000 people, so as you can imagine it is quite tiny. Even so, it is a popular tourist destination. A lot of wealthy foreigners have property here and visit every time they get an extended holiday break from work.
The property market in Antigua and Barbuda was badly affected by the 2008 global housing crisis. For a long time, prices were depressed and there were fantastic bargains to be had everywhere. Since 2008, home price fell by 40 percent till about 2014, following which there was a recovery.
Today, prices are about 20 percent lower than they were at their peak back in the pre-crisis days. Still, Antigua and Barbuda is very much a buyer’s market.
Luxury properties here fall in the range of $1.5 million to $5 million. The US dollar is the main currency of exchange here and all property transactions are in US dollars. The most expensive properties on the islands are in the exclusive Jumby Bay resort, and they cost over $20 million.
The government of Antigua and Barbuda has made many important changes to the rules and regulations that govern the property market. They have introduced a Golden Visa or a citizenship program, which promises citizenship to those who invest in properties in the islands.
“With growing interest from North American buyers, increasing airlift and large inflows of investment into new developments, the market is improving,” says Walter Zephirin, who works for a real estate company that has a branch in Antigua and Barbuda, in an interview with The New York Times.
So who buys properties in Antigua and Barbuda? More importantly, why buy property in Antigua and Barbuda? As one Briton who has been living in these islands for many years, says, “Antigua attracts buyers who seek privacy, seclusion, and who wish to go around without being noticed.”
That’s true; buying a holiday home in these islands is a great way to get away from the crowds and traffic of cities such as London, Moscow, Beijing and New York. So, wealthy Americans, Britons, Russians, Chinese and Germans are the biggest buyers of properties here.
Most foreign buyers come here during the holiday season only. They hardly spend 30 to 60 days a year on these islands. Like the rest of the Caribbean, these islands have a perfect climate – it never gets too hot or too cold here. They are a great place to spend your Christmas, away from the biting cold experienced in Europe and North America during this time.
The most popular residential areas in Antigua and Barbuda are Jolly Harbour, Jumby Bay, English Harbour, NonSuch Bay, Tamarind Hills, Sugar Ridge, and the area to the north of St. John’s.