REAL ESTATE IN SAINT LUCIA

PAST 5 YEARS

• The Real Estate Market in Saint Lucia over the past 5 years has changed considerably. Saint Lucia is certainly a Buyer’s Market and there is great demand to purchase property on the island.  Saint Lucia attracts a wider cross section of property buyers than Barbados for instance, as the latter caters to a very deluxe market. 
•  With the worldwide recession and the Covid pandemic which has affected all countries, real estate prices have reduced considerably. We have seen a drop in sale prices in Saint Lucia from 30% to 40% and many foreclosures.  
• Good News- Always a silver lining –.
• BUYING REMOTELY
• With the onslaught of the Covid pandemic- buyers have changed their strategy to buy property.
• A great desire to live and work remotely and purchase property remotely. This has augured well for Saint Lucia.  Between last year and this year, we have experienced property buyers buying from condos to deluxe villas remotely.     
• Range of Sales – High end Sales – Deluxe 4 bed Villas in the prime residential area of Cap Estate which was priced at about US$2million sold this year for US$700,000.00.    
• 2 Bed Waterfront Condos in Rodney Bay – the tourist mecca of Saint Lucia which used to sell for US$650K sold for US$450,000.00 this year.
• Deluxe Landings Apartments managed by Elegant Resorts with its own Private Marina and located on the Historic Pigeon Point which boasts a 2 mile long beach also have fire sales. 2 bed deluxe apartments with marina views which usually sell for US$650K – Vendors will now accept US$425K.
• The south of Saint Lucia particularly Vieux Fort where the International Airport, Hewanorra is located, one can still buy land and build at a reasonable price – you get value for money. The Emerald Vista Development is a hot property purchase and has been over the past 6 years. It is now in its third phase of Development. The Developer can build a 3 bed house with garage in 9 months with porcelain tiles, granite kitchen tops, high quality kitchen cabinetry and bathroom porcelain tiles for US$ 260K.
• House size 1750 sq ft / Lot Size 6000 sq ft approximately     

GOVERNMENT INCENTIVES FOR REAL ESTATE

The Government of Saint Lucia is working on encouraging investment to Saint Lucia by promoting economic residency citizenship by investment and by offering tax incentives.