Tourists and foreign investors are now returning to the Virgin Islands.
Virgin Islands Sustained Recent Back-to-Back Blows
The British Overseas Territory of the Virgin Islands on the northern Caribbean Sea is coming back from Hurricane Irma in 2017 and 2020+ pandemic lockdowns, thanks primarily to boating enthusiasts.
In 2017, Hurricane Irma took out about 80% of the housing stock and tourism businesses on the Virgin Islands more than 50 islands.
Edward Childs, a director with the brokerage Smiths Gore BVI, said, “The private sector was very good at picking themselves up, and the yachting industry in particular did extremely well at getting boats to come back here.”
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Two Years of Hard Work and Persistence Prior to COVID
It took two years of both repairing and acquiring damaged properties to lure tourists back to the islands, renting villas and staying in newly refurbished hotels.
Chris Smith, a managing broker with Coldwell Banker British Virgin Island Real Estate, said, “By 2019, most of the hurricane-bashed homes were sold or had been rebuilt, though not all. We were trying to bet back to normal in 2019when COVID hit. Then came lockdowns, curfews and travel restrictions.
Edward de Mallet Morgan, a partner in global super prime residential at Knight Frank, said, “I think the main reason for the prohibitive restrictions is the islands are a big financial center, a big insurance center, so tourism isn’t as important as it is in some other Caribbean countries.”
Now, according to Childs with Smith Gore BVI, cruise ships and yachts are back and people are staying in hotels and villas.
Lifejackets to Housing Market Worn by Domestic Buyers
Though housing trends in the Virgin Islands are not issued or particularly current, Childs said that nearly 75% of home sales from 2018 to Q3 2021 were attributed to locals. Average prices to locals on Tortola island and Virgin Gorda island were $445,000 and $542,500, respectively, and sales to foreigners averaged $740,000 on Tortola and $1,41M on Virgin Gorda.
British Virgin Islands Relatively Affordable Compared with Other Islands
de Mallet with Knight Frank said that the British Virgin Islands, BVI, are relatively affordable because of more difficult accessibility. de Mallet said, “One of the reasons people love the BVI is that it does feel quite wild. That kind of slightly more barefoot, rugged, sort of sailing vibe is something that a lot of people like.”
Childs said that most foreign buyers are preferring homes in the range of $1M – $2M. A three-bedroom property with a pool on Tortola or Virgin Gorda ranges between $1.75M – $$2.5M whereas a four-bedroom property with a pool can go up to $3M.
“I think the difference between the BVI and other markets is the boating factor,” said Childs. “We’ve got so many islands to go and visit, and it’s easy to get out in boats, and you’re in sheltered water a lot of the time. So a house that’s got a dock, and there’s not many available, that’s obviously going to attract a premium.”
Who’s Buying?
Approximately 75% of BVI buyers come from the US. The British, Italians and French make up the balance. However, once buyers move into higher price brackets, Smith with Coldwell Banker, said there’s an equal spread of American and European buyers.
Foreign buyers must apply to the government for a Non Belonger Land Holding License…an appraisal much accompany that license application. Foreign buyers must also obtain a police certificate, bank statements and references. Having a local attorney is advised.
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Thanks to The New York Times.
