The storms which hit parts of the Caribbean last autumn have only registered a temporary blip in the lure of owning a tropical island retreat. Rick Moeser, executive director, Christie’s International Real Estate reports, “The island lifestyle is enduring in its appeal. After last fall’s storms, pricing paused in order to assess what the long-term impact might be. That question was answered in part three months later on the island of St Barth’s when the lovely beachside compound of Girasol sold near its asking price of $67 million. This is a sterling example of the long-term confidence in the Caribbean market.
“I see prices going back up. There is a sense of optimism and camaraderie after the devastation of the storms. People rolled up their sleeves and got to work cleaning up in order to restore normalcy. I predict we will see normalcy return to the luxury real estate market, as well.”
Mr Moeser believes that the Caribbean truly is the best of all worlds. “The beaches are beautiful and the water is crystal blue,” he enthuses. “The air is scented with salt and the perfume of flowers that thrive in the tropical environment. Even the grandest homes are infused with laidback island vibes. Dining options range from five-star to beachside stands. With the world now so interconnected, when business calls you know you can dive right back into the rat race when need be then dive right back out again in a completely relaxed place.”
Without doubt, all the islands have distinct personalities that appeal to different buyers. “St Barth’s is French with an overlay of celebrity glamour and recently achieved a near-record sale price,” continues Mr Moeser. “The US Virgin Islands are a sailor’s paradise – St Thomas, St Johns and St Croix – with enough blue water between but a safe harbour and fine dining each night. The buyers at the top of the market are primarily American but with a good 40% coming from Europe, predominately Britain, Italy, Germany, the Netherlands and France, along with Russia.”
Michelle Bellegarde, CEO of Saint Vincent & the Grenadines Sotheby’s International Realty, has seen an 11% increase in inquiries since mid-September. “These buyers are attracted to the growth of airlift to the islands as new direct routes have been declared between St Vincent and major connecting hubs like New York and Toronto. There are twice as many boats in Bequia’s Admiralty Bay as there were at this time last year and the same can be said for The Blue Lagoon Marina in St Vincent too. Restaurants are now open every day to meet demand, indicating our peak season has started more than a month earlier than usual. Hotels and private resort islands like Petit St Vincent, Palm Island and Young Island have also seen an influx of guests who are now booking up to a year ahead.”
According to Edward de Mallet Morgan, head of Knight Frank Caribbean Sales, boutique island resorts are currently seeing strong market activity. “Mustique for example is unique as a private island resort, has a long-established market and prices have remained stable for 10 years plus,” he says. “People like to buy property in places that have a unique selling point and Mustique has a wonderful group of interesting owners, a very well preserved and uncommercial natural environment, is incredibly safe and has a wide range of different properties.
“From classical Caribbean and Colombia style, Italian, Miami Beach to Indian, Asian, Japanese and contemporary. The houses virtually all have sea views and views over the island and many have distant views of other islands. The wider gardens are generally left to be wild, meaning each property feels as if it is settled naturally into the landscape. Most have swimming pools and secondary staff accommodation.”
Mr de Mallet Morgan believes that Mustique is the island that many other private island resorts reference as a template. “It is very much the original private island resort,” he says, attracting a mixture of international buyers, mainly from Europe and the US, purchasing properties for anything from $5 million to $35 million.
