The St Lucia property market may receive a timely boost from the news that new flights to St Lucia, starting this autumn from the UK, USA and Germany should provide a significant boost to tourism and property in St Lucia to either buy or rent…
The news has been welcomed developers on the island, as greater residential demand may even drive property values on the island upwards.
Resort developer, The Landings, a luxury development based around a private yacht harbour near Rodney Bay believes it will increase demand for holiday lettings and make second homes more accessible for owners.
British Airways are increasing their direct flights from Gatwick to St Lucia from three to five times per week from October 2009. There is also a new weekly service from Frankfurt, operated by Condor starting from 1st November 2009 and in the US Jet Blue has announced a new service from New York to St Lucia with three flights per week from October 26th 2009. Virgin already flies three times per week from Gatwick.
Ollie Gobat, sales director at The Landings, says: "The additional airlift gives a big boost to the island's tourism as quite simply more people are able to visit us. Last September, British Airways only operated two indirect flights to St Lucia per week, so to now have five direct fights plus the new flights from New York and Frankfurt is going to have quite an impact.
"It not only makes us [St Lucia] more accessible for second home owners but it means there is likely to be a greater demand for holiday lettings from the additional visitors, which will provide more rental income for owners that rent their property out. At The Landings, owners can put their residence in our rental pool and they enjoy a ten year tax holiday on the income generated."
Providing an additional benefit for anyone buying property in St Lucia is the fact that the island has a tax friendly regime.
In an effort to accelerate tourism projects the St Lucian Government stepped in to provide a rental income ‘tax holiday' for St Lucia property buyers. In addition there is no VAT on property, no capital gains tax and no inheritance tax. There is a bill currently going through Parliament which is likely to allow foreigners who invest in St Lucian property over £211,000 to become a resident of St Lucia, which will bring with it further tax benefits.
The Landings is now in its third phase of construction, and still on track to complete on schedule.
Situated on 800ft of beachfront, overlooking Rodney Bay and the historic landmark of Pigeon Point, apartments at The Landings are all located on the water's edge either around the harbour or on the beach.
Built in a traditional Caribbean architectural style, there is a choice of one bedroom (1319 sq. ft), two bedroom (1850sqft), three bedroom (2638sqft), three bedroom grand residences (3390sqft), and a four bedroom townhouse (3700sqft). Prices range from £330,000 to £1.4m.