Issue 20 All pages final

First page 74-75 78-79 Last page

CONSIDERING A REAL ESTATE PURCHASE IN ANTIGUA? I t’s no secret that the Caribbean property market has been depressed for a number of years. The heydays HERE’S WHY NOW IS THE TIME TO BUY desire to own or hold onto one’s property, coupled with good rental returns,

PROPERTY MARKET: WHAT MIGHT 2023 BRING? blow and will likely mean that British residents will not be travelling as frequently to destinations like Antigua which use the US dollar. The British pound reaching an all- wish to discount them when they are looking to sell but prefer to wait and continue to enjoy using their properties while still generating a rental income. Such trends can be seen in the

A s the world reopened to travellers in the aftermath of the Covid pandemic, we saw an explosion in property sales and vacation rentals across the Caribbean. As 2022 draws to a close however, we appear to be seeing a slightly more conservative approach to the market and sales. With the immediate relief of seeing the worst of the pandemic behind us, the world was ready to rejoice together and begin enjoying life and vacations once again as travel became the next big thing on our to-do lists. Although we may see house prices drop in other parts of the world such as New York and London, over short-term periods we generally do not see the same thing occur in Antigua. But it seems that our troubles are not behind us yet; the International Monetary Fund (IMF) has forecast the weakest economic growth in the past two decades for 2023. Although this is a rather gloomy outlook, the IMF does also predict that the global economy is set to continue to grow, rather than contract. So what does this mean for the property market in Antigua and Barbuda? As is well known by those in the trade, markets such as our twin island nation, particularly with respect to touristic properties, are often considered to be a law unto themselves and don’t necessarily follow typical economic trends. It is very rare that we see a property price has been reduced in Antigua. Although we may see house prices drop in other parts of the world such as New York and London, over short-term periods we generally do not see the same thing occur in Antigua. Due to the majority of properties being non-primary residences, as well as being predominantly purchased without mortgages or loans, most owners do not

is gathering momentum. Over the years we have seen that our rental market trends tend to lead our sales market trends and there is more interest now than ever. In light of these positive signs, now might just be the best time to take the plunge and buy a home here before the cat is out of the bag and prices start to soar. Browse the following pages for a selection of our current sales and rental listings. For further information on any you see – or for alternative suggestions to suit your specific needs – get in touch so we can help find you your dream Caribbean getaway. Use the QR code logos to navigate directly to listing pages and property videos using your smartphone camera. Enjoy! n

prices have not suffered in the way one might imagine. Owners therefore have benefitted from an appreciating asset, even in a depressed market. As the world is becoming more accessible, the Antiguan property market is gathering momentum. The recent explosion of online marketplaces like Airbnb, alongside cheap direct flights, is making owning a property in Antigua an even better long- term investment strategy. As the world is becoming more accessible, the Antiguan property market

of the early 2000s when things were booming and homes sold like hotcakes have not returned. Buyer reticence has continued since the global economic downturn, resulting in fewer sales and more hesitancy when it comes to signing on the dotted line. One might expect property prices to have decreased as supply exceeds demand. Antigua however is a different market from elsewhere in the world. Most buyers do not need a home in the Caribbean, they want one. And most vendors do not have to sell a current property to purchase another. Owning a home in the Caribbean is a lifestyle decision and because of the

property market all across the Caribbean where estate agents and real estate brokers are seeing a steady stream of investors looking to purchase property in the sun. One slight change we have seen over the past six months is that the initial eagerness which accompanied the release from lockdowns across the world has

time low since 1985 against the US dollar does mean that there are some who can take advantage of the situation. With US dollars being the primary currency of real estate purchases in Antigua, British owners of Antiguan property will be very keen to offload while the pound is weak. This will translate to opportunity

dwindled and we are now seeing more sophisticated investors looking to drive more aggressive deals and search out the greatest value for their money. Often in Antigua there are numerous influences which affect the economy and property market which don’t tend to be top on our list of things to watch out for. A prime example is the September 2022 ‘mini budget’ which outlined the economic strategy for the United Kingdom. The immediate outcome of this budget was to devalue the British pound against the US dollar. For thousands of UK holidaymakers this was a crushing

when the global markets move; those who already have US dollars such as buyers from North America will likely be able to snap at bargains from British property owners in the Caribbean who are looking to repatriate funds, taking advantage of the current exchange rate between the pound and the dollar. The year 2022 has been a rollercoaster ride for many, with all time market highs, followed by a dramatic shift in traditional selling patterns and many North American buyers eager to enter the market. Whatever the outcome, exciting times are ahead of us so watch this space. n

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