While investors in Sunbelt real estate have watched their property values slip and slide over the past year, those who discovered the tiny island of St. Lucia have smiles on their faces. At prices that are as much as 60 per cent lower than on nearby Barbados, St. Lucia's property values have increased 40 per cent per annum for the last two years, according to the UK's World Wide Resource.
And nowhere is this more evident than at The Landings, St. Lucia, a stunning yacht and beachfront vacation colony operated as a luxury RockResort. In just under one year investors (about half from the United Kingdom) have snapped up 135 condominium residences ranging in price from $830,000 to $2,400,000. Some have bought seeking the peace and serenity of this palmy, laid-back place. Others because of the tax-free rental program, in which the owner's condo becomes one of the resort's elegant accommodations.
The first and second phases of The Landings are sold out; the third group of what will ultimately be 231 luxury residences is now available for purchase.
The World Bank has recently placed St. Lucia in the top 30 countries in the world in which to invest: favorable tax concessions include no rental income tax, no capital gains tax, and no repatriation or inheritance taxes.
An Appeal Beyond Investment
The tranquil island of St. Lucia is a virtual paradise for nature aficionados. The island is mountainous and fertile, its spectacular peaks and deep valleys draped in the lush greenery of the rainforest. The coastline varies between classic white-sand beaches in tiny hidden coves and dramatic cliffs overlooking a crashing surf. The iconic towering Pitons, twin volcanic peaks, rise majestically from the sea.
Residents and resort guests at the Landings find a becalming spa and gleaming fitness center to prepare for the sun-filled days and starry nights ahead. The Beach Club restaurant serves casual island fare (with lobsters caught that day!), while The Palms restaurant serves a more continental cuisine.
The condo residences themselves contain all premium-brand and custom-designed furniture and fixtures. Flat screen TV and high-speed internet are found in each bedroom (1, 2, 3 and 4 bedroom units are available), while several pools and hot tubs are steps away from every unit.