Cricket World Cup Sparks Interest in St. Lucia Real Estate
With the Cricket World Cup (CWC) due to start in a couple of months, many Caribbean countries are hoping to benefit from the exposure and St. Lucia, where one of the semi-finals is to be held, is at the forefront of the investment activity that is being generated. New projects amounting to £400 billion have already been granted planning permission on the island, and 107 projects in total are taking advantage of a new law passed to encourage construction. The Cricket World Cup Incentives Act allows properties to be built and furnished without paying import duty, and any income earned from the property for up to 10 years after the World Cup will be tax free.
If the CWC is successful, it is hoped that St Lucia will receive similar investment benefits to those seen in the host cities of events like the Olympic Games, where property prices have risen dramatically following the event.
However, potential investors are advised to exercise caution. Despite the claims of many developers, there are fears that international demand for property on St Lucia will not be enough to support the construction boom, potentially causing prices to plummet after the CWC rather than rise. Also, the excitement over the anticipated investment boom has led to unscrupulous behaviour in some instances. In one example a developer was collecting deposits for land they did not own, and in another, land was advertised in Britain that had no planning permission and was unlikely to obtain it since it was in a World Heritage Site. There are also fears that the island’s high crime rate is likely to deter potential buyers. There were 37 murders on St Lucia last year, out of a total population of 160,000, giving the island one of the highest homocide rates in the world. Those that are banking on the World Cup being a success will be hoping the event passes without being blighted by any major incidents.
If you wish to see the original article please click here
If the CWC is successful, it is hoped that St Lucia will receive similar investment benefits to those seen in the host cities of events like the Olympic Games, where property prices have risen dramatically following the event.
However, potential investors are advised to exercise caution. Despite the claims of many developers, there are fears that international demand for property on St Lucia will not be enough to support the construction boom, potentially causing prices to plummet after the CWC rather than rise. Also, the excitement over the anticipated investment boom has led to unscrupulous behaviour in some instances. In one example a developer was collecting deposits for land they did not own, and in another, land was advertised in Britain that had no planning permission and was unlikely to obtain it since it was in a World Heritage Site. There are also fears that the island’s high crime rate is likely to deter potential buyers. There were 37 murders on St Lucia last year, out of a total population of 160,000, giving the island one of the highest homocide rates in the world. Those that are banking on the World Cup being a success will be hoping the event passes without being blighted by any major incidents.
If you wish to see the original article please click here
posted by Obelisk International at 5:43 pm
0 Comments:
Post a Comment
<< Home