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ACQUISITION CONSIDERATIONS:

1. License is required by any non-citizen to purchase property. The cost is 5 % of the value of the property.

2. Government transfer fees or stamp duties to the Buyer is 2.5 % and to the Seller is 7.5 %.

3. On several projects such as Jolly Harbour all transfer fees and non-citizen's license is waived and a 3 % fee is applied.

4. Property taxes / rates are very low and based on rental value.

5. Most property is fee simple or freehold. Legal cost 1 % to 2 % depending on the value of the transaction.

6. No title insurance. Properties are registered at the Land Office.

7. Real Estate Agent Commissions are from 5 % to 7 %.

8. Property Management fees is usually 10 %.  Rental commissions 8.33 % of the value of the lease.

9. Withholding taxes are 25 % of net rental income for nonresidents.

10. Insurance coverage is approximately 1 %, deductible of 2 %.

11. Owner takes back or Bank Financing is available.

12. Most houses are serviced by septic tank. Water cisterns are required. 

Arriving to our shores you may well aspire to acquiring and apartment or villa for annual vacations, retirement or investment. Driving or sailing around our beautiful island you will see a wide variety of homes and properties of various styles from Georgian to Contemporary, the typical West Indian Chattel house to large mansions and Plantation Houses. The following article will help direct you to find your dream property...

The Time is right. Antigua has a stable growing economy, driven by tourism and by an attractive Offshore International Business Corporations legislation. This growth has increased the demand for tourist accommodation and for rental and investment properties. This has continued to drive a consistent building boom of quality housing, tourist accommodation and commercial buildings.

By far the highest demand for property is for single-family residences including apartments, condominiums, and detached or semi-detached houses. This sector has become very significant to the Nation’s Gross Domestic Product. The highest demand is in the popular north end residential areas of Hodges Bay, Crosbies, Paradise View, Cedar Valley and Blue Waters. Other popular areas include English, Falmouth and Jolly Harbours, with such areas as St. James’s Club, Emerald Cove, Savannah, Half Moon Bay, Brown’s Bay and Jumbie Bay developing at an encouraging rate. Project developments offering swimming pools, golf, tennis, squash, shopping, bars and restaurants, community services and security attract discriminating buyers and renters who are prepared to pay extra for value added services and amenities. Three Developments that are representative of the projects in Antigua are Cedar Valley Springs, The Peninsula and Jolly Harbour. Cedar Valley Springs is a tasteful, well-landscaped project offering a good variety of classical Caribbean Style homes on different sized parcels. Cedar-Valley Springs is close to the airport, Wood’s Shopping Mall, the Cedar Valley Golf Course, Dickinson Bay beach and to St. John’s. Prices start at US$175,000. The Peninsula on the north East Side of the island is a small community of waterfront homes for the discriminating who are desirous of a peaceful and un-spoilt environment. Quality homes built on one-acre lots that slope towards the ocean for mooring boats or just swimming off private docks. The houses reflect West Indian/Georgian style architecture. All services available through underground installation. Prices start at US$450,000 for the plots and house. Jolly Harbour is Antigua’s most complete residential community. There are 501 pre-built, two-bedroom attached townhouses, most with it’s own boat slip, some fronting on the 18-hole golf course. Building plots on the beaches, harbour side, golf course and hillside allow for custom designed residences. Many new designs have already been built complementing the Mediterranean style of the main building theme. The   Marina is one of the best in the Caribbean with full services in the dockyard and marina. The shopping center has 30 retail outlets, restaurants, bars, and banking and other community services. A new Casino complex is being built and the supermarket is being expanded into its own building. Prices for the beachfront building lots start at US$200,000 and the two-bedroom villas at US$149,000. There is good selection of re-sales available as well as some unique customhouses. Jolly Harbour has a strong rental and management program. Most of the developments, and several real estate agents,, look after your investment while you are absent offering Villa Rentals and Property Management Services. There is much demand for villas, for one-or two-week stays, especially for those that have pools and offer amenities, are close to beaches and recreation facilities. There is currently a shortage of these up scale villas for long and short-term accommodation.

There are many opportunities in a growing economy, some, such as day charter operations, are reserved for locals. In a tourist and service economy, the Government welcomes investments that provides jobs or stimulates the economy. New business start-ups, especially those associated with the Internet, offshore financial services and the hospitality industry are welcome. There are attractive fiscal incentives available to Developers.

The Caribbean Style chattel house varying in size, style and utilizing wood, cement or other materials can be attractive and are in demand by locals and visitors alike. Antech Homes for example provide turnkey hurricane-resistant, steel-framed houses to individual sites. Their Plus series provides creative and innovative Caribbean Styled design with comfortable living space both on the inside and on generous verandahs. There are a wide variety of models to choose from. These homes may be financed through the local banks and are fully supported by the insurance companies. Prices range from US$25,000 to over US$150,000.

Time SHARE AND Interval Ownership 

There are several real estate agencies offering a full range of professional services on the island. Some specialize by area and others by property type. The lawyers, builders, engineers and architects are well trained and knowledgeable of both European and North American requirements. We strongly recommend that you use the services of professionals in your selection and acquisition of property.


Article written by Geoffrey D. Pidduck and published in "Life in Antigua"

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