First published Caribbean Business Report, November 24th, 2020.
As Britons seek an escape from harsh winter temperatures to find solace on a beach, St Kitts and Nevis, Turks and Caicos Islands, and the Cayman Islands have emerged as top picks for those looking for a bargain on Caribbean real estate.
According to Astons Company, a UK-based international real estate, residency and citizenship through investment consultancy, the prices for properties in these Caribbean territories fall below the British average of £239,196 for some 70 square metres, yet offer potentially the same size.
“Jetting off for a new life in the Caribbean might seem like a pipe dream but we’ve actually seen a huge number of people doing so since the start of the year and this trend will no doubt spike again as we enter another national lockdown in the UK,” managing director of Astons Company, Arthur Sarkisian, commented.
More for the money
He therefore predicts that applications for citizenship by investment in St Kitts and Nevis will soar 200 per cent by the year’s end since the country offers the most bang for the buck — or quid for that matter.
“…and it’s clear why these destinations are proving so popular,” Sarkisian says, before explaining, “Not only is the population far smaller, the pace of life much slower and the environment more idyllic, but the cost of buying a good-sized home is also cheaper than the UK.”
St Kitts and Nevis, with a population of just 42,953, offers properties at an average selling price of £2,707 per square meter or £189,479 for a property of 70 square metres. That’s comparable to the price of homes in Birmingham, Aston Company points out.
Coming in with second most affordable properties is the Turks and Caicos Islands. The cost of properties in the 52,441-strong island chain begins around £3,007 a square meter.
“UK buyers looking to secure a similar size home to their current property would be looking at a cost of £210,509, not cheap but still — 12 per cent more affordable than the average UK home,” the company notes.
Without a doubt, the Cayman Islands is home to the highest house price of the lot at £3,223 per square meter and the largest population at 68,076. At that price point, a 70-square-metre home would cost any Briton expatriate £225,630; or six per cent lower than the same size home in the UK.