The Caribbean’s St. Lucia is Investors’ & Individual Buyer’s Dream

Key Highlights

• St. Lucia housing market reawakened in October 2020
• Now, boom in sales and rentals

Windward Islands’ St. Lucia Seeing Demand Outpace Prices…for Now

With volcanic spires rising from the Caribbean Sea, St. Lucia is capturing the attention of individual buyers and investors alike.  And, actually, what’s not to like on an island surrounded by the beautiful Caribbean Sea, hot springs, mineral baths, a rainforest, waterfalls, the Tet Paul Nature Trail and St. Lucia’s capital city and tourist hub, Castries.

Short History of St. Lucia Housing Market

After a flurry of hurricanes hit the Caribbean Islands in 2017, prices dropped. The dawning of 2020 warmed St. Lucia’s housing market but then, COVID hit.  The phone stopped ringing and buoyant email inquiries turned into zero inquiries.

Last October, however, the St. Lucia market reawakened.  Maria Buchner, founder of Blue Real Estate,  said, “From October up to now we have had an incredible boom…” in sales and rentals via Zoom and WhatsApp virtual tours.

Sales Up, Prices Down

Sales jumped +30% compared to pre-COVID numbers in Q4 2020 and Q1 2021.

Simultaneously, depending on location and property specifics, prices dropped -10% to -20% compared with pre-COVID prices.

Compared with other Caribbean Islands, St. Lucia’s garden and waterfront condominiums remain relatively affordable.  According to Gilbert Fontenelle with Terra Caribbean Real Estate, prices for two-bedroom waterfront units in more rural areas vary from $350,000 to +$1M, depending upon the specific development.  On St. Lucia’s more developed northern coast, listings range from $800,000 to $1.2M.

“Buoyant” Market

Walter Zephirin, managing director of 7^th Heaven Properties, calls St. Lucia’s housing market “…extremely buoyant for properties from $400,000 to $3M.”

Sarah Danzie, managing broker of St. Lucia Sotheby’s International Realty, said, “Our real estate market has doubled, inquiries have catapulted on the island and we just can’t keep up.  By midsummer we will probably have bidding wars.”

Zephirin with 7^th Heaven Properties, agrees.  Along with individual buyers, St. Lucia is attracting a new investor’s market for “anything that borders the Caribbean Sea.”

Buyer Basics

American buyers represent the bulk, 70%, of St. Lucia’s international buyers.  Canadian buyers represent another 20%.

Foreign buyers are required to get a Certificate of Eligibility from the government for $3,000.  On top of that $3,000, foreign buyers must get an Alien Land Holding License for $2,500 vis a vis a local attorney.  Legal fees run another $1,000. Buyers who own their own property then receive permanent residency.

The time involved in St. Lucia’s home/condo buying process has recently been whittled down from six months to two weeks, according to an attorney based in the island capital city Castries, Thomas Theobalds.  International buyers are expected to put down 35%-40% to get a mortgage.

Thanks to The New York Times International Edition.

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