Real Estate in St Lucia

Real Estate Market

• The real estate market in St Lucia has seen growth matching other popular islands in the Caribbean such as Barbados. Capital appreciation since 2000 is estimated at 10% per annum.
• The buying process is relatively straightforward and similar to the UK. Non residents must first obtain an Aliens Landholding Licence which is relatively simple. Capital gains tax of 10% is incurred on sales but this can be mitigated by purchasing real estate via a company.

Landscape & Beaches

• St Lucia offers the most dramatic of tropical landscapes including:
  • Gros Piton and Petit Piton - stunning twin peaks surrounded by rich woodland
  • 19,000-acre rain forest
  • Soufriere Estate/Diamond Botanical Gardens and Waterfall
• Most of St Lucia’s best beaches are on the protected (western) side of the island. It must be noted however that the island is not over-developed and isolated beaches can still be found.
• Some of the most popular beaches are found in Rodney Bay, Pigeon Island, Choc Bay, Vingle, La Toc, Marigot Bay, Anse Castenet, Anse de Sables and Vieux Port.

Weather

• The climate is typically sunny and warm and peaks during the rainy season between May and September averaging between 27°C (80°F).
• Historically, St. Lucia has been spared from serious hurricane destruction and the major resorts on the western coast and protected by from high winds by the mountainous interior.

Government, Economy & Trade Relations

• St. Lucia is a parliamentary democracy similar to structure of the United Kingdom with a Prime Minister and cabinet politics. The head of state is Queen Elizabeth II.
• The economy recorded growth of 3.6% in 2004 and relies mostly on tourism and banana production. Circa 80% of tourists are from the USA and Europe with growth in numbers from 625,000 in 1999 to 800,000 in
  2004.
• St. Lucia is a member of the Eastern Caribbean Currency Union (ECCU) which issues a common currency (Eastern Caribbean Dollar--EC$) which is pegged to the US Dollar. The Central Bank also regulates monetary policy and banking activities.
• The country is also a member of the Caribbean Community and Common Market (CARICOM) and is the HQ for the Organization of Eastern Caribbean States (OECS).

Getting There

• There are 2 international airports on the island: Hewanorra International Airport at Vieux Fort to the south and George Charles Inter Island Airport in Castries.
• A number of non-stop daily services exist from the United States, most notably American Airlines, Delta, US Airways, Air Jamaica and BWIA. Flight times are 3 ½ hours from Miami and 4 hours from New York.
• During the peak season of November through to March, a number of tour companies operate charters from London, Toronto and various islands in the Caribbean. Flights times from London are 8 hours.