Efforts to Limit Supply in St. Barts’ Popular Real Estate Market
The island of Saint-Barthélemy, more commonly known as St. Barts, is known for having some of the finest views in the Caribbean. However, as the popularity of property on the island rises, efforts increase to curb the effects of over-development and so retain the exclusivity that St. Barts currently enjoys.
Over the last twenty years, over a thousand overseas buyers have purchased or built second homes on St. Barts, a considerable number when the island is approximately only eight square miles. Unsurprisingly, given its size, demand for property exceeds supply, although the market is reportedly unpredictable with seemingly under-priced properties often going unsold while more ambitiously priced properties sell quickly. This is due to the kind of wealthy buyer that makes up the majority of the market. For this reason, the market is largely unaffected by currency fluctuations.
Despite the popularity of property on the island, the mayor of St. Barts, Bruno Magras, is vocal in his desire to keep its green zones and prevent over-development. St. Barts gained its independence from the French department of Guadeloupe in January this year, and Magras is tipped to become the president, in which case his opinion will be key to the island’s zoning laws.
As well as conserving the natural beauty of the island, developers also recognise that being sensitive to the nature and extent of development on such a small island as St. Barts is necessary. The infrastructure on the island simply cannot support many more people than its current high season population of 14,000. As a result, investment has taken a different form: property owners on the island are now marketing a time-share style arrangement, selling a set number of weeks a year in a certain property, all sold at a premium. Furthermore, as development is restricted, current owners of property are likely to see their investments increase in value.
If you wish to see the original article please click here
Over the last twenty years, over a thousand overseas buyers have purchased or built second homes on St. Barts, a considerable number when the island is approximately only eight square miles. Unsurprisingly, given its size, demand for property exceeds supply, although the market is reportedly unpredictable with seemingly under-priced properties often going unsold while more ambitiously priced properties sell quickly. This is due to the kind of wealthy buyer that makes up the majority of the market. For this reason, the market is largely unaffected by currency fluctuations.
Despite the popularity of property on the island, the mayor of St. Barts, Bruno Magras, is vocal in his desire to keep its green zones and prevent over-development. St. Barts gained its independence from the French department of Guadeloupe in January this year, and Magras is tipped to become the president, in which case his opinion will be key to the island’s zoning laws.
As well as conserving the natural beauty of the island, developers also recognise that being sensitive to the nature and extent of development on such a small island as St. Barts is necessary. The infrastructure on the island simply cannot support many more people than its current high season population of 14,000. As a result, investment has taken a different form: property owners on the island are now marketing a time-share style arrangement, selling a set number of weeks a year in a certain property, all sold at a premium. Furthermore, as development is restricted, current owners of property are likely to see their investments increase in value.
If you wish to see the original article please click here
posted by Obelisk International at 10:42 am
0 Comments:
Post a Comment
<< Home