The Antigua Property Market is Set to Boom in 2022
The property and real estate industry has been placed under severe stress for the past few years. But there have been promising signs emerging, both in Antigua and around the world, that suggest new growth and positive trends. Antigua’s real estate sector struck gold halfway through 2021 when the local Island Living firm entered into a partnership with the world-renowned estate agency Chestertons. Further afield, many agencies are also benefiting from the upward trends when it comes to buying, selling, and leasing property.
Antigua has long been known for its picturesque beaches and balmy weather. These qualities, along with its low crime rate and wide variety of properties, are continuing to attract buyers from all over the world. Real estate developers, both in Antigua and neighboring island Barbuda, have been able to cash in on the “holiday vibe” that characterizes the region. Buyers are spoilt for choice, as the island is home to some of the most luxurious resorts in the world, as well as smaller villas and open land for development.
Mortgages On The Rise
With the demand for property comes an increased demand for mortgages. Current mortgage trends show that buyers are opting to take out larger mortgages rather than pay cash as this provides them with more flexibility. Fixed-rate and adjustable-rate mortgages allow people to own their own homes without having to pay an exorbitant lump sum. Instead, they make regular payments over a length of time, including interest, until their home mortgage has been settled in full with the lender or bank.
For people looking to buy in Antigua, home mortgages can mean the difference between acquiring a run-of-the-mill property and the house of their dreams. This in turn stimulates the economy and brings growth to Antigua’s real estate industry over time.
Antigua For Foreigners
Many of those purchasing property in Antigua are not citizens of the country. Legally, however, foreigners have every right to buy and own real estate – just as much as Antiguans themselves. Buyers from abroad need to apply for an Alien’s Land Holding License, but most people looking for a property are willing to pay that relatively small sum.
Many celebrities own a second home in Antigua: Eric Clapton, Giorgio Armani, Oprah Winfrey, and Richard Branson all have a property on the island nation. After the pressures over the past two years, it is predicted that even more people – including the ultra-rich and famous – will be looking for prime real estate in Antigua once again.