“The past two years have been incredibly slow and quiet,” said Jackie Pascher, broker/owner of Island Dream Properties in Anguilla. Only a handful of properties have sold, she said, adding that prices were 25 to 30 percent down from their peak in 2008.
Nonetheless, there are signs that the market is gaining traction, said Scott Hauser, a director of Anguilla Properties/Sotheby’s International Realty. Several mixed-used developments put on hold during the slowdown have been reactivated, he said, describing various projects as being in the planning or marketing stages.
There are not many restrictions on foreign buyers, although they are required to apply for an Alien Landholders License from the government, Ms. Pascher said. The process is straightforward, involving an application, a bank reference, a personal reference, and a brief interview with the chief minister’s office. The application fee is $400.
In addition, foreign buyers of undeveloped land are restricted to parcels no bigger than half an acre, and to rocky coastlines, Ms. Pascher said, explaining that sandy beachfronts are reserved for hotels and resorts. Buyers are also required to start construction within 18 months of the closing date.Google+