Virgin Islands Home Hunting: Hills Splendor for Under $2 Million

“In 2019, most hurricane-affected homes had been sold or rebuilt, but not all of them,” said Chris Smith, chief broker at Coldwell Banker...

“In 2019, most hurricane-affected homes had been sold or rebuilt, but not all of them,” said Chris Smith, chief broker at Coldwell Banker British Virgin Islands Real Estate, which holds the listing for this home. “We were trying to get back to normal in 2019 when Covid hit.”

The pandemic has led to lockdowns and curfews, as well as some of the most onerous travel restrictions in the Caribbean, said Edward de Mallet Morgan, super prime global residential partner at Knight Frank. “I think the main reason for the prohibitive restrictions is that the islands are a big financial centre, a big insurance centre, so tourism is not as big as in some other Caribbean countries,” he said. declared.

Once again, domestic buyers stepped in to support the housing market, bolstered by a stamp duty exemption for local buyers introduced in 2020 and extended through 2021. Foreign investors began returning to the Virgin Islands in 2021, as they have done in much of the Caribbean. , Mr. Childs said.

“Over the past two years we have been used to seeing hardly anyone in high season, but now we have recovered the cruise ships, we have people who stay in hotels and villas, and we have the yachts of back,” he said. “You feel like for this high season we have got really busy in the BVI, and it was about time.”

Data on housing trends in the Virgin Islands is not always up to date, due to delays in processing land licenses for foreigners, and the Land Registry Department does not publish reports, brokers said. However, according to Mr. Childs, from 2018 to the third quarter of 2021, there were 271 home sales, most of them in Tortola, where the seat of government and the financial sector are located, and in Virgin Gorda, a tourist island in the spectacular beaches.

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Newsrust - US Top News: Virgin Islands Home Hunting: Hills Splendor for Under $2 Million
Virgin Islands Home Hunting: Hills Splendor for Under $2 Million
Newsrust - US Top News
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