“Everyone wants a piece of land. It’s the only sure investment. It can never depreciate like a car or washing machine. Land will only double its value in ten years.” – Sam Shepard.
The Year 2022 was not a good one for the Real Estate Industry. Especially as it relates to Mortgage Interest Rates which jumped from a 30-year average of 3.22% in January to 7.08% in October in the United States of America. In the Caribbean, we are doing much better as our domestic mortgage rates are reasonable and competitive with the Cooperative Credit Unions going head to head with the Commercial Banks with residential mortgage rates around 5%.
Mortgage Rates in the Caribbean which held in the vicinity of 5% in particular Saint Lucia where property values (house and land) were not affected, and property prices are still at levels offered 5 years ago. Valuations on buildings are still at pre COVID 19 pandemic prices. Because of the sluggish state of the economy in recent years, prices have moved downward rather than upward. Saint Lucia until now, in spite of inflation is still a market where great deals can be made.
Developers in the South of the island have been making lands available at prices beginning at EC$11.00 per sqft when the average price for lands in the South averages about EC$16.00 per sqft. In Soufriere, lands with magnificent views are available for as low as EC$20.00 per sqft. Even at these low prices, a deal could be struck.
The demand for lower-income properties is likely to decline in the coming months as Governments try to provide low-cost housing to their citizens, and make residential lots available at affordable prices. The real estate industry in the Caribbean is definitely experiencing a shift in demand for middle/upper income properties in the sales and rental categories.
You are invited to check out a few hot property deals at https://remax-ccamls.com/edward-harris
We strongly recommend that you take a look at a great Development now taking place at Dugard Ridge, Ti Rocher, Micoud, and make a decision to acquire a piece of the rock. It is a great buy at EC$11.00/USD4.11 per sqft. Lots range between 6,000 & 12,000 sqft. Here is the link: https://stluciagreatpropertydeals.com/lots-for-sale-dugard/
Let us make 2023 our best year ever, already many people are beginning to feel a newness of life and a freedom that has not been experienced at the start of a new year in recent years. In St. Lucia, the JAZZ & ARTS FESTIVAL returns the 1st week in May this year. Remember St. Lucia is a unique destination for business and pleasure. Come prepared to do both.
Be ready to accept a year of Abundance.
Stay safe and stay tuned.
#stluciagreatpropertydeals #buyingpropertyinsaintlucia
#sellingpropertyinsaintlucia #rentingpropertyinsaintlucia
Edward Harris
Blogger/Business Consultant/Realtor/Broker
Mobile/WhatsApp: 1-758-485-1456
