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Doubloon Real Estate offers a selection of apartments, townhouses, villas and building plots for sale in a variety of locations to suit the most discerning taste.

Specialising in carefully selected upscale developments in St Lucia. Offering an experienced and reliable service.

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The Doubloon Real Estate Team

A Good Time To Buy

An article written by Doubloon Managing Director David Farrin for Caribbean Homes magazine, November 2009.

Now is the time to invest in property in St. Lucia. Why? Because existing property prices have dropped dramatically in the recession – in some cases as much as 10-15%. But as the world economy recovers, St. Lucia, a favourite destination for Canadians, Americans and Brits, will start seeing property prices climb back to previous levels. Buyers who realise this and are ready to invest before prices recover completely will achieve immediate capital gains.

Whilst off-plan sales are still very difficult, existing properties are continuing to sell, although more slowly than before.

One of the major reasons why the prices of existing properties have dropped is that UK owners wanting to sell have been able to lower their prices and still make a capital gain. This of course is because of the fall in the value of the dollar against sterling. For example, a property bought at US$700,000 when the exchange rate was US$2.00 to the £ cost £350,000; but that very same property, at US$1.65 to the £, could sell at US$630,000 (a drop of 10%) and the owner would receive £382,000 and make a capital gain of 9%!

However, British buyers have seen the pound fall by nearly 20% against the US dollar and this has made the cost of buying much more expensive for them. But following a dreary and rather rainy summer in the UK and a general tightening of the purse strings, people are starting to see a light at the end of the tunnel. There is a sense of optimism and a feeling that the ‘green shoots’ of recovery are about to appear. And also, people are starting to realise that the pound to dollar exchange rate is in fact only back to where it was a couple of years ago and is probably likely to remain steady at existing levels for some time to come.

As a consequence, I believe that in the New Year, British buyers at the higher end of the market will start drifting back. Depressed by the English winter and the state of the British economy they will be looking for somewhere warmer overseas. Traditionally, from mid January to mid April has always been a good time for the English buyer.

A number of developments in St Lucia have been selling well, even in these difficult times. At Allamanda, where construction is at an advanced stage, 60% of Phase One has already been sold off plan. At the Landings, Phases One and Two have been sold and Phase Three sales are now being marketed. Sales of existing properties around the Rodney Bay Marina in such locations as The Anchorage, Admirals Quay and Bayview have remained strong throughout the recession, albeit with a drop in sales prices.

The fact remains that prices in St. Lucia are still considerably below prices in Barbados and over the coming months there will be ‘deals’ to be made which could yield good capital gains as the market strengthens.

For more information on investment opportunities in St. Lucia please contact David Farrin or any of the Doubloon Real Estate Ltd. team on 1 758 518 1599 or by email.