Antigua & Barbuda
Buying a home in Antigua & Barbuda By Allegra Hamilton
Background and history
Located roughly 17 degrees from the equator, the coral stone islands of Antigua & Barbuda sit on the edge of the Atlantic ocean, forming part of the Lesser Antilles archipelago chain, with Monserrat and Guadeloupe to the south and St Kitts, St Barts & St Martin to the north and west. Antigua is the largest English-speaking of the Leeward islands (14 miles wide by 11 miles long), while Barbuda, 30 miles north, is only 68 sq miles and includes the uninhabited nature reserve island of Redonda. The islands have a warm, tropical climate with fairly constant temperatures year round.
Mostly flat, Antigua was inhabited from 2400 BC when first settled by the Siboney Indians, whose beautifully crafted shell and stone tools have been excavated in recent times, and originally the natives named the island Wadadli. By the end of the eighteenth century, Antigua became an important port and valuable commercial colony known as ‘the gateway to the Caribbean’. It’s geographical position offered control over the major sailing routes to and from the wealthy island colonies and led to the arrival in 1784 of a young Horatio Nelson, who was chartered to develop the British Naval facilities and enforce stringent commercial shipping laws. One of Antigua’s finest physical assets – Nelson’s Dockyard – was constructed during his stewardship.
Emancipation came in 1834 and Antigua recorded the earliest abolition of slavery in the British Caribbean colonies by immediately implementing full emancipation throughout the island - most Antiguans are of African lineage, descendants of those brought originally the natives named the island Wadadli. By the end of the eighteenth century, Antigua became an important port and valuable commercial colony known as ‘the gateway to the Caribbean’. It’s geographical position offered control over the major sailing routes to and from the wealthy island colonies and led to the arrival in 1784 of a young Horatio Nelson, who was chartered to develop the British Naval facilities and enforce stringent commercial shipping laws. One of Antigua’s finest physical assets – Nelson’s Dockyard – was constructed during his stewardship.
Emancipation came in 1834 and Antigua recorded the earliest abolition of slavery in the British Caribbean colonies by immediately implementing full emancipation throughout the island - most Antiguans are of African lineage, descendants of those brought to the islands centuries ago as labour for the sugar industry. Antigua & Barbuda became an independent state with the Commonwealth of Nations in 1981, with a Prime Minister as head of government and a multi-party democratic system. The Head of State is the Queen, represented by the Governor-General.
Economy & Tourism
Well-known for possessing a different beach for every day of the year and for scenic English Harbour, Antigua’s economy has become increasingly reliant upon tourism (more than half of it’s GDP) and markets itself as a luxury Caribbean escape. Many hotels and resorts are located around the coastline and the island’s single airport, VC Bird, is serviced by major airlines including Virgin Atlantic, British Airways, US Airways, American Airlines, Continental, BWIA and Air Canada.
The only regular service to Barbuda also flies from here and the US Airforce maintains a small base adjacent to the airport. The official currency is the Eastern Caribbean Dollar, pegged to the US Dollar at EC$2.7 but many prices in stores are shown in US currency as well.
While Antigua and Barbuda is probably best known as an up-market destination for more discriminating tourists, its natural and developed assets have also allowed it to emerge as an attractive offshore business centre.
Enjoying the highest per-capita income in the Eastern Caribbean, first-rate professional services are widely available, including banking, law, accounting, and management resources. While international commercial banking has been conducted on Antigua for many years, offshore banking is more recent, having started in 1983 and grown rapidly since. Antigua and Barbuda has excellent physical infrastructure with reliable water and power supplies and modern internal and external telecommunications facilities including a fully digital telecoms, satellite and internet services.
Real Estate Options Antigua offers a wide variety of real estate options in both vacation and retirement sectors at prices lower than those on many other islands – the various styles of homes and properties range from Georgian to contemporary, the typical West Indian chattel house to large mansions and plantation houses.
There is a fair selection of property in residential developments and by far the highest demand is for single-family residences including apartments, condominiums and detached or semi-detached houses, particularly in the residential areas of Hodges Bay, Crosbies and Paradise View in the north. Other popular areas include English Harbour, Falmouth and Jolly Harbour, with such areas as St. James’s Club, Emerald Cove, Half Moon and Brown’s Bay developing at an encouraging rate.
Villa Rentals and Property Management services are offered by most of the developments as well as some real estate agents who look after your investment while you are absent. There is much demand for villas, for one or two weeks, especially for those which offer amenities or are close to beaches, have pools or other features. It is strongly recommended that the services of professionals are employed and the lawyers, builders, engineers and architects available on island are well trained and knowledgeable of both European and North American requirements.
Non-citizens are required to buy a license, calculated at 5% of the value in order to purchase property and Government transfer fees or stamp duties are 2.5%. Legal costs can run 1-2%, depending on the value of the transaction while property taxes on the island are low and generally based on rental value.
Most property is fee simple or freehold, there is no title insurance and non-residents are subject to withholding taxes of 25% of net rental income. Resort developments and residential communities, such as Jolly Harbour, come with all the trimmings: swimming pools, golf, tennis, squash, shopping, bars and restaurants, community services and security which are attracting discriminating buyers and renters who are prepared to pay extra services and security which are attracting discriminating buyers and renters who are prepared to pay extra for value added services and amenities. Most of the 501 two-bedroom townhouses have their own boat slip, some front onto the 18-hole golf course while building plots on the beaches, harbour side, golf course and hillside allow for custom-designed residences.
With one of the best marina facilities in the Caribbean and a shopping & entertainment centre including retail outlets, restaurants, bars, banking and other community services, prices for the building lots start at US$35,000 and the two-bedroom villas at US$165,000. Recently launched on the Atlantic side of Antigua is NonSuch Bay, a residential lifestyle development on 40 acres with 24 townhouses, 75 apartments and 22 private villa plots. A secluded cove setting that features an array of native plants from bird of paradise flowers and cannas to bougainvillea and hibiscus, three bedroom townhouses with private moorings and plunge pools start at US$495,000 while one to three bedroom apartments range from US$185,000 to US$590,000.
Another exciting new development to watch will be Sporting Icons Resorts, a joint venture between Antiguan cricketer Sir Viv Richards and Masters Club. The high end development will be at Willoughby Bay in the south east of Antigua.
www.antigua-barbuda.org - Tourist Board website We recommend you obtain a copy of the Turks & Caicos Real Estate Magazine and speak with local residents – you will be looking for someone with a solid background in the community, extensive client base and a wide portfolio of listings.
Prices
Finally, what should you realistically expect to pay:
Building your own home
While price is largely dependent on area, and view, you can expect to pay a minimum of U $75,000 an acre for a decent lot on Provo – the better the view, the higher the price. Ocean front land, when you can find it, is commanding a minimum of US$600,000 per acre with at most 150’ frontage, without a beach …
for actual beach front you would be looking at the Long Bay Beach at US$1M and up for 150’ of frontage with 2 acres – or better yet, look to the sister islands; the further afield, the better the price. If the ultimate goal is to build your dream home on the lot, current construction prices hover around US$150.00 per square foot on Provo, a little higher on the sister islands, and considerably more on any of the Cays. If an existing residence makes. most sense to you, you will find that asking prices are upward of US$350,000 … and I do mean upward! The fact is; houses in the U $300,000 - US$400,000 range are in the highest demand, and are rarely on the market for more than 2-3 weeks. If this is to be a winter home, you may want to consider a duplex or property with a guest house – the second accommodation will afford an annual income, and provide a presence in your absence.
Condo-Hotels
Condo-Hotels offer the owner an income producing, low maintenance vacation retreat in one of the world’s fastest growing tourism destinations. Our condo developments provide every conceivable comfort, and come in every size – from studio suites to 4 & 5 bedroom penthouses and on yet, to developments that include family size ocean front villas. In this scenario, the complex has a professional management and rental team. The management provides maintenance for buildings, suites, amenities and grounds – guaranteeing a first- class facility to be enjoyed by owners and visitors alike. Assuming the owners place their condos in the rental pool, the rental team and front desk book the suites on a rotating basis. There is a strata (condo) fee associated with every condo development. In addition, if the owner elects to place the unit in the rental program, the rental management fee is a percentage of the rental revenue. There are several new developments in the pre-construction stage – a purchase at this point offers significant savings, a phased purchase schedule, and may offer the opportunity to ‘personalize your suite’.
Legal and tax issues
To address any concerns in regard to real estate dealings: the Turks and Caicos Islands are a British Crown Colony, clear title is provided and protected by the Crown and all real estate transactions are based on a Registered Land System. The Land Registry, located in Grand Turk, ensures a legal land transfer process and provides a central system where deals of ownership, title, mortgages and other interest in property must be recorded in a public register. It is worthwhile to note that as an incentive to encourage inward investment, Government charges a lower rate of Stamp Duty on transfers of property on some of the less developed islands. For the bargain hunter, lower property prices on Grand Turk, Salt Cay, South Caicos, Middle and North Caicos, coupled with lower Stamp Duty represents a significant saving.
Weather We’ve got the sun all year round! The ‘winter’ months (for the northern climes) are as sweet and refreshing here, as spring (79-84 deg.) When it’s spring and fall in the higher latitudes, we experience a short-lived rainy season (82-86 deg.), and summer is hot, hot, hot, (86-100 deg.) tempered by the cool airs carried across the Atlantic by the Trade Winds. Currency
Our proximity to the United States makes them our natural Trading Post and our lifeline to terra firma. Therefore, our currency is the U.S. Dollar. We have several international banks that handle currency exchange and provide access to ATM machines; all our hotels, dining facilities, water sports operators and most of the stores accept credit cards.
How to get here:
American Airlines are our principle carrier, well versed in how to find us and offering several flights daily. International and Charter flights from New York, Boston, Charlotte, Atlanta, Toronto and Montreal arrive all week long; British Airways makes a turn around from London every Sunday. Providenciales has a well-equipped International Airport (PLS), and is on every Travel Agent’s ‘must see’ list. Just ask any of them … we’d love to see you here …
Further information
www.turksandcaicosrealty.com
http://www.tcimall.com – Primary website for Turks and Caicos Islands information
http://www.wherewhenhow.com – Acclaimed Turks and Caicos Visitors Guide
http://www.tcrea.com – Turks and Caicos Real Estate Multiple Listing website info@McLeansLaw.com – Enquiries on TCI legal technicalities
tci.tourismpls@tciway.tc – Turks and Caicos Tourism Office – for information package
