A new real estate locale in the Caribbean is emerging as one of the key upscale destinations among Europeans scouting for property ownership in the region.
Antigua is luring new interests to its shores, with its legendary 365 beaches and the explosion of upscale properties that have come on the market in recent years.
New reports have described Antigua as not being part of the development frenzy that marred so many of its neighbors in the 1970s and 1990s. Now, however, new projects and refurbishments are being completed, making the island seem less like a real estate hinterland and more of an alternative for people with selective tastes who are looking for vacation homes.
Tamarind Hills, Sugar Ridge, Daniel Bay and Grand Estates are just a few of the developments constructed in the past three years — all finished to high standards, with infinity-edge pools and expansive terraces designed for year-round outdoor living. Many also have unimpeded views of the sea.
In addition, Jumby Bay reopened in December after a $28 million renovation.
The larger of the two islands that constitute the nation of Antigua and Barbuda, Antigua built a reputation in the 1980s as a posh retreat for England’s rich and famous, partly because of its heritage as a British colony. With a land size of 280 square kilometers, or 110 square miles, Antigua has a population of approximately 82,000.
A number of luxury hotels were built in the ’80s, including the Carlisle Bay Hotel, part of a group that includes One Aldwych in London. Residential developers, however, focused more on popular islands like Barbados and the Bahamas — some deterred by Antigua’s mountainous terrain and the government’s onerous requirements.
Many real estate agents say the administration of Prime Minister Baldwin Spencer, elected in March 2009, has made buying easier for overseas investors. One example of this is, it now takes two to three months to obtain an Alien Land Holder’s License, a process that used to take as long as two years.
The result: Antigua has been developing a reputation for top-end properties, with the likes of Oprah Winfrey, Richard Branson and Eric Clapton buying homes here. And it has started to close the budget gap that followed the global economic downturn and a subsequent fall in tourism, the island’s main employer.
A local realtor has stated, “Antigua offers a top-quality product in a stable and reasonably priced market when compared to other islands in the region, and so it has a much greater growth potential.”
Few developments in Antigua are more spectacular than the 300-acre, or 120-hectare, Jumby Bay, an exclusive private island two miles off the main island. It reopened Dec 1st 2009 following an 18-month, $28-million renovation.
In addition to the hotel, where rooms are furnished with mahogany four-poster beds and marble baths, there are 49 privately owned homes. Prices generally start at about $4.25 million but can be more than $30 million.
