Article Written by: Bill Mackay
Title: St Kitts and Nevis – Does It Make A Good Investment?

Coming just eight months after BA’s first Gatwick to St Kitts service opened up the isle to Brits, this was big news for anyone scouting for a second home in an unspoilt corner of the Caribbean.

The BA effect is already being felt on the relatively undeveloped island and its even quieter twin, Nevis. Ricky Pereira, founder of St Kitts Realty and a fourth-generation Kittitian, says: “The BA flight has made a huge difference because of the easy flight access. Both islands have always been of interest to British clients because of their history and links [St Kitts was first British Caribbean colony isle]. But they always seemed so hard to get to.”

While the first BA service eased journey times from the UK, the two weekly flights, on Tuesdays and Saturdays, will increase flexibility for British tourists, with obvious implications for the buy-to-let market. Suzanne Gordon, owner of Sugar Mill Real Estate in Nevis, has been witnessing a rise in rental occupation by Brits: “While the UK market has always been strong, I am seeing at least as many renters coming from the UK as from the US, and probably the easier airlift has contributed to this. There are obviously other economic issues involved, but the BA flights have made the islands more accessible.”

If you’re looking at buy-to-let here, there are a few factors to consider. Firstly, get to know the difference between the isles. More tourist-driven St Kitts has a better long- and short-term rental market than Nevis. Owners benefit from the shortage of rental options available, and St Kitts has more hotels and tourist facilities whose managers and staff require lodgings. There are also medical and veterinary schools on St Kitts, which draw students from the US and Canada. Meanwhile, the unspoilt, laid-back beauty of Nevis attracts retiring expats and long-term residents, which accounts for the greater variety of vacation rentals on offer and higher vacancy rates.

Secondly, the rental market is seasonal and largely limited to the high season, December to April. Suzanne Gordon cautions that renters will need to market through many different channels to achieve several weeks’ rental a year, with 10 weeks’ rental being a safe estimate for Nevis buyers starting out. Ricky Pereira, on St Kitts, estimates four to five months’ rental would be considered very good on that island. “Rental prices vary on location and time of year,” he says, “but normally fetch a good return. For example, a penthouse condo that we have for sale at the moment at £350,880, price negotiable, rents for £1,830 a month long-term. A one-bedroom in Frigate Bay, one of the most desirable locations, rents for around £610 a month long-term — that’s for six months or more.”

Whether you’re looking to buy a holiday home or move here lock, stock and barrel, your main problem will be limited stock.

Particularly if you are looking below the £350,000 mark. At just 93 square kilometres Nevis, in particular, is a very small place — more residential than tourism-led, with a very small property market. In contrast, St Kitts — once an exclusive playground for American jetsetters in the 60s — is developing into a major market for groups, package tours and cruise ships. Development has been relatively cautious on both islands over the last eight years: kick-started by the Marriott, which put St Kitts on the map in 2003.

Now, on St Kitts several new developments are reaching completion despite the recession, which stalled many projects. Leading the way in high-spec development is the luxury, low density, 2,500-acre Christophe Harbour Development, now under construction. This millionaire’s playground is set to include a Tom Fazio-designed golf course, 125-room Mandarin Oriental and 300-slip marina with plenty of berths for mega yachts.

Next door lies the much smaller, more affordable 340-acre Coast to Coast Developments, with prices from £152,700. Waterfront lots start at £457,860 — fully serviced with views of the Atlantic, Caribbean Sea, mountains and coastlines. Or there’s Ocean’s Edge, a low-rise 40-acre mixed resort development of 210 properties, also priced within the grasp of mere mortals. The three-storey apartments, cottages and ‘bespoke villa’ plots overlooking North Frigate Bay include beachfront one-bed apartments from £220K and poolside two-bed cottages at £322K.

Unsurprisingly for these islands, most of the completed phases one and two of Ocean’s Edge have already been sold, according to UK sales representative Pauline Bonanni of Savills Select Resorts. Phases three and four — all cottages — are being built. Some properties are already occupied by owners or are let. “A rental programme will be offered once all the facilities are in place,” says Bonanni. “But for now, as there’s a shortage of good accommodation for key expat workers, some owners have arranged long-term rentals and are earning an income already.”

The London-based developer of Ocean’s Edge is also behind Pinney’s Estate on Nevis where thirty-five lots have been released for reservation so far; information is available through Savills International Residential in the UK.

Certain developments such as high-end Kittitian Hill on St Kitts, and the West Indian-style villas and condos at Seaside at Cliffdwellers on Nevis are expected to offer fractional ownership schemes.

It’s worth noting that many new-builds over US$350,000 (around £214,200) carry the added benefit of Economic Citizenship — which brings tax advantages attractive to Brits and Europeans, such as no income tax or inheritance tax. Check the development is an ‘officially approved project’ before you buy.

If you’ve got the funds and you’re looking for a ‘forever home’ in the sun, resales on Nevis can offer good value, says Gordon. “Early residents got the best lots,” she says. “Some of the resale homes built 10 to 20 years ago are on incredible pieces of land with great views and now remarkable mature gardens. People have bought older homes on incredible lots, even for £620,000 or so, then put another 300K into them for renovations, resulting in homes that are probably worth much more.”

Say you manage to snap up your dream home while it’s hot. What next? Property tends to be bought in cash, but you can turn to the Royal Bank of Canada or The Bank of Nova Scotia for financing; they normally require a 30 percent deposit. Next, apply for an Alien Landholders License, a simple application, and pay 10 percent sales tax to the government on approval before closing.

Of course, investing in an unspoilt landscape carries risk of change. At least these islands have the benefit of hindsight. “Being late developers St Kitts and Nevis have learnt from other islands’ mistakes,” says Pereira. “Developments are taking place under the watchful eye of residents, backed by a local government focused on long-term, high quality sustainability.” With prices generally stable during this downturn and set to rise, it’s worth sticking around to see if he’s right.

End

Bill Mackay works and writes for the leading offline and online magazine Living Abroad Magazine. The magazine is your monthly guide to living and buying abroad, with a wealth of information, stories, and guides. http://www.livingabroadmagazine.co.uk/

Although the 300 days a year of Algarve sunshine can not be guaranteed for a particular day, your remaining dreams can all be satisfied at one resort – Lakeside Village, Quinta do Lago. 

This exclusive residential and recreational estate covering 2,000 acres of lush, rolling countryside and pine forests awaits you in the Algarve, Portugal.However if you are not completely satisfied with high standards and luxury living that life is accustom to at Lakeside Village, then Lakeside Village Villa PV3-04 redefines the term by taking luxury to the next level. 

Lakeside Village Villa PV3-04 

After extensive work renovating the entire property had been completed it was clear to see the high standards that have been achieved in this exquisite holiday home – making Lakeside Village all the more special. 

Pool Area Renovation

When renovations of the entire villa took place the owners insisted on- creating a complete display of their character from top to bottom, which has resulted in a distinct design style and modern conveniences with their own personal contemporary approach. What’s more, the innovative approach taken with the villa embraces the energy and spirit of the region and its unique surroundings. 

The properties bathroom has been remodeled into a spa style getaway which is a dream come true for those who enjoy soaking away their evenings in a jucuzzi style bathtub. 

The construction and technique used to renovate the kitchen, lounge and dining area has created an area that seamlessly flows from the original living space of the villa offering a fresh new living space. 

For more information about Lakeside Village Villa PV3-04 or for exclusive prices please visit the Select Resorts Quinta do Lago Villas webpage. 

And remember your holiday home is a representation of you and your lifestyle so don’t settle for anything less than your wishes. 

The Renovation (in Pictures) 

Lounge Renovation

Bedroom Renovation

Increasing interest in luxury holidays is boosting demand for villas and apartments to rent during 2010 in Quinta do Lago, Portugal.

Not only is the holiday market getting back on track after the economic downturn of recent years but holiday company Select Resorts are finding that the demand for renting luxury villas built around exclusive spa complexes and championship golf courses is far exceeding expectations.

This is drawing them to the exquisite Quinta do Lago, which is an exclusive golf and residential estate in the Algarve. Set in a privilege location bordering the Atlantic Ocean and the Ria Formosa Natural Park, the magnificent golf courses and majestic villas blend with the green umbrella pines and the tranquility of lakes…………

Read the full article on the Select Resorts website

At a glance, the website will look pretty much as it did. But inside that simple exterior an incredible amount has happened to make it possible for our clients to view and book accommodation 24/7.

Our Marketing and Sales departments have been buzzing with activity all winter in preparation – adding thousands of great holiday villas and apartments to our new system. In fact, it’s clear from current statistics that the number of properties available on our website is at an ever-increasing rate. 

The wait is over….

Starting TOMORROW, those looking to book a luxury Algarve villa holiday or a holiday home in Spain can make reservations online, from the Select Resorts website at www.selectresorts.com

Our Super Reservation Service

Not only has the Select Resorts team been working hard but our new partners at SuperControl have been hard at it as well, ensuring this day would finally arrive.

SuperControl is an innovative booking and management system which helps self-catering businesses save time and money and at the same time get more bookings.

For more information please contact:

Select Resorts
Telephone: +44 (0)1202 786490
Email: mail@selectresorts.co.uk

When asking researchers in 19 countries to go shopping for a basket of tourist items Portugal proved the best value euro destination, with a total cost of £52.88, against £63.39 in Spain, £83.46 in the UK and £88.73 in France.

Items: Cup of coffee, bottle of Heineken, can of Coke, bottle of mineral water, suntan lotion, insect repellent, 20 Marlboro ciggies, three-course meal for two with wine, a postcard and a stamp.

Select Resorts provide a range of great value vacation options in Portugal, to help your money go that little bit further.

From the moment I arrived in Avoriaz until the moment that I left it did not stop snowing! This was great for the beginning of the season and reassures me that Avoriaz really does have the most reliable snow in the Portes de Soleli area!

Some people tell me that they do not like the architecture in Avoriaz but it’s not until you visit the resort that you realise that the unique architectural design using traditional wood and sloping roofs blends perfectly into the natural landscape.

Avoriaz View

I have been to many French ski resorts and I have to say that Avoriaz is definitely top of my list. It’s very picturesque and has a friendly village feel unlike some other large resorts in the Alps.

Not only offering excellent skiing conditions, Avoriaz also offers fantastic views and sunsets overlooking the Morzine Valley. It is here where the new MGM residence will be situated in “La Falaise”.

Avoriaz is great for all abilities, skiers and boarders and especially great for families. Boarders are particularly attracted as it is home to a fantastic eco

Avoriaz

 board park known as “The Stash”. There are only 3 of these parks in the world and Avoriaz hosts the only one in Europe!

There are 273 marked ski runs and 216 km of cross-country trails. Other activities available include sleigh rides, winter hikes, snowshoeing, dog sledding, hang-gliding, helicopter tours, paragliding, snow-biking and snowmobiling. An unusual option is the opportunity to scuba-dive beneath the ice in a frozen lake!

Being a car-free resort means it is ski in ski out but if you don’t fancy skiing

Avoriaz Transport

to the lifts there’s always a horse and sled or skidoos on offer – Getting about the resort in this manor is what gives Avoriaz much of its charm.

After a nice warm lunch at La Bistro we headed to the second site “La Crozat” where the P&V and Maeva residences will be situated.

These will be built on the edge of the resort on a slope offering fantastic views across the whole resort.

The photo on the left is where the P&V residence will be and the one on the right will be Maeva.

Avoriaz

As well as the new residences there will soon be an indoor water park which in the summer months will also have a man-made beach outside! There are

Indoor Waterpark

 lots of activities to do here in the summer so Avoriaz really is a duel season resort. 

For après ski there is a good choice of restaurants with fantastic cuisine and local bars and nightclubs for those who want to party! The shopping is also good with the usual hi-tech ski gear to purchase!

We headed to La Cabane restaurant/bar in the evening which was really nice, offering great food and a great atmosphere.

The next morning we headed to the slopes, it literally took just a couple of minutes to reach the nursery slopes and it was then I noticed I was the only one snowboarding! Having been a few times before I knew the basics but I am still a novice. I gave it a good go and after a practice we headed off to a blue run. I have to say I did quite well considering the conditions - the visibility was poor as it was still heavily snowing!

Overall I highly recommend Avoriaz for a place to invest in property; it has everything you need from a ski resort from fantastic pistes, guaranteed snow, traditional food and charm; and soon there will be the new water park and new apartments which will really update and move the resort forward.

So after a fantastic trip it was time to come home but as soon as we left the resort we heard that our flight was cancelled due to the snow in London! I was one of many people stranded in Geneva airport which is not the best way to end a trip but all is well now that I made it home, eventually!

Hannah Morris
Property Sales Executive

AVORIAZ – Overview of the Project

• New build development – low upfront costs
• 200millions euros worth of infrastructure
• 19.6% vat rebate
• 3.5% guaranteed rental returns plus various usage formulas
• Excellent capital growth potential
• Set to be ‘the’ dual destination ski resort at 1800m with beach and spa facilities
• Just one hour from Geneva 
• Quality accommodation, quality visitors

Developments

MAEVA RESIDENCE LES CROZATS ELECTRA - Electra is situated close to the centre of the resort and offers beautiful views of the mountains and the lake.

MGM RESIDENCE L’AMARA - On the edge of the resort, close to La Falaise district comprising five residences and a beautiful Spa featuring a huge heated swimming pool. The development is South-facing, with magnificent views of the Morzine valley.

1. Independence Square

Easily identified by the Independence Arch, the Square is a green oasis that provides a cool place to sit and rest, watching pedestrian and vehicular

Independence Square at Christmas

 traffic hustle and bustle in the heart of the capital city. This recreational square features an amphitheatre and two fountains and one of the first major events to be staged in the remodelled Square was a tribute to Barbados’ own Rihanna, the international recording star, in 2008 as she turned 20 years old.

2. Parliament Buildings

The earliest Parliament building was built in 1640 but burned in the Bridgetown fire of 1668. The present buildings were completed in 1874, both the Senate and House of Assembly meet here. The West Wing was finished in 1872, while the East Wing was completed in 1873. A spectacular collection of stained glass windows that show many statesmen, including Oliver Cromwell, adorn the complex , and if access is permitted, the likenesses of all British sovereigns from James I to Queen Victoria may be viewed in the House of Assembly.

3. Queen’s Park

The home was the residence of the Commander of the British troops in the West Indies. Before the days of Queen Victoria it was known as the King’s House.

Queen’s Park is a popular location for exhibitions, fairs and other large public events. The children’s play area features a Baobab tree with a 61.5-foot circumference is perhaps the largest tree in Barbados. The tree is an estimated 1,000 years old and thought to have grown unaided from a seed likely to have come from Africa during the days of slavery.

4. Lord Nelson Statue

This bronze statue of Lord Horatio Nelson was erected in Trafalgar Square in 1813. Part of the statue’s significance is the fact that Bridgetown’s Lord Nelson is not an imitation of London’s and was designed some thirty years before Nelson’s Column was erected in London’s Trafalgar Square. Native Bajans had a strong affection for Nelson who visited Barbados, in command of the British fleet, just six months before his death in 1805. In 1999 the statue was moved to stand near the traffic lights at the top of Broad Street, just opposite High Street.

5. Dolphin Fountain

To commemorate the advent of piped-in water to Bridgetown in 1861 a local newspaper suggested a proper fountain be erected in a central spot. Bajan citizens donated money and a decorative fountain embellished with water-spewing dolphins was installed in 1865. Work on the gardens surrounding the fountain didn’t begin until 1882.

6. Cheapside Market

This large open-air market is a great example of Barbadian culture reminiscent of days past, as small vendors and craftsmen sell every imaginable type of fresh fruit, vegetables and other wares.
Cheapside Market truly encapsulates the charm of Barbados and everything, as the name implies, is very reasonably priced and most vendors are willing to negotiate on large purchases.

7. Bridgetown Synagogue

The Nidhe Israel Synagogue claims to be one of the oldest synagogue in the Western Hemisphere dating back to 1654. The original synagogue was destroyed by hurricane in 1831 and then the rebuilt place of worship was nearly demolished in 1983 untill it was beautifully restored by the Jewish community. The Jews who came to Barbados from Brazil in the 1620s due to persecution introduced sugar cane to the Caribbean.

More Sites to See

National Public Library
National Heroes Square
Law Courts, Police Station, Old Public Library, & Montefiore Fountain
Tom Adams Financial Centre
St. Michael’s Cathedral

Scott Hurley
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More On Barbados

Select Resorts have revamped their Barbados Villas webpage and have some great offers for the Crane Resort in Barbados.

However Barbados is so much more than its white sand beaches and one of the best ways to experience the natural beauty of the island is to see first-hand the picturesque seascape of underwater reefs with the abundance of marine life swimming in and around.

From personal experience the best way to sample the delights of the shimmering blue waters of Barbados is by taking a relaxing sailing cruise from one of the many catamarans that harbour in Bridgetown.  

The catamarans are all designed with comfort, safety and enjoyment in mind to cater for all generations and tourist types. But with an open bar filled with an endless supply of Banks, rum and wine they definitely provide unrivalled holiday entertainment, and find the perfect equilibrium between relaxation and ‘merry’.    

Catamaran Cruise Recommendations:

Cool Runnings is a unique charter company specialising in personalised cruises, ensuring the utmost in comfort, service and enjoyment. These elegant, custom-built catamarans sail with a limited number of passengers, to guarantee a superb day of sailing in an uncrowded atmosphere.

The captain and crew are a good-humoured group of well-trained, experienced sailors who know how to look after and entertain their guests. Sail, swim with turtles, snorkel over a shallow shipwreck, swim in a secluded bay and enjoy a delicious lunch and open bar. Sunset cruises are also very popular and private cruises are offered for a more flexible itinerary.

My Thoughts - Cool Runnings was the most enjoyable four hours on my recent visit to Barbados. On past catamaran cruises I have been largely disappointed by the lack of close encounter turtle swimming on offer, but Cool Runnings ensured we were all in the thick of the action.

Before booking this trip I read a lot of articles mentioning the excellent service onboard Cool Runnings. I have to agree that the crew were absolutely amazing and extremely interested in making sure that everyone had a great time – which included the females of my group who pretended they could not swim to gain extra attention.

Rubáiyát is a classic Peter Spronk original with a unique schooner rig. At 50 ft long, she is sleek, comfortable and fully equipped for day chartering. Rubáiyát is skippered by owner and well-known Barbadian Eddie Cheeseman, who has over 20 years professional sailing experience as captain and has been sailing his own boat since 1998.

My Thoughts – I knew this would be a great day for my first Catamaran cruise as I was joined by a host of Virgin Atlantic air-cabin crew taking advantage of their day off, courtesy of Richard Branson. This automatically gave me a high perception of the catamaran knowing that it was the first choice booking for such a prestigious airline.

My perception was not altered throughout the day with great reggae music being played and the staff providing endless entertainment. In particular the shipwreck in the shallows was a sight to see on this trip with schools of multicoloured fish darting through the vessels. 

Both of these fantastic catamaran cruises offer breathless views of the Baijan coastine as you sail under the gentle breeze of the trade winds, and if you could only take one trip while in Barbados then I stongly advise a Barbados Catamaran Cruise

Scott Hurley
Connect with me:
Twitter - Keep up to date with the latest news and holiday deals
LinkedIn
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More On Barbados

Select Resorts have revamped their Barbados Villas webpage and have some great offers for the Crane Resort in Barbados.

Aphrodite Hills offers an exciting selection of luxury villa and apartment styles and designs, each intended to complement the beautiful landscapes of the resort, combining the sympathetic architectural touches and contemporary living that have become such a feature of Cypriot real estate.

Savills Select Resorts invite you to an open evening showcasing the stunning Aphrodite Hills Resort, its comprehensive range of luxury villas and the investment benefits. 

Aphrodite Hills Open Evenings - PDF Download

Date: Tuesday 01 December 2009
Time: 4.30pm to 7pm
Address Savills, Esher. 55 High Street, KT10 9SH

Date: Wednesday 02 December 2009
Time: 4.30pm to 7pm
Address Savills, Cobham. 10 High Street, KT11 3DY

RSVP  to select@savills.com or call +44 (0)845 5056061

Print off the Aphrodite Hills PDF for admission and your entry into our Prize Draw.

*Prize Draw - Experience the 5 Star living at Aphrodite Hills with 7 nights stay at the stunning InterContinental, with 2 rounds of golf and 2 spa treatments.

 - Terms & Conditions Apply

Privileged St Kitts Citizenship with all its second passport benefits is proving to be an added incentive for buyers keen to invest in aspirational but

Hillside Plunge pool

 accessible property on one of the world’s most beautiful islands.

Citizenship of St Kitts brings with it a second passport plus significant offshore financial benefits such as freedom from income tax, property taxes, inheritance tax and capital gains tax for property owned for 12 months or more.

It is open to people who invest at least $350,000 or its eastern Caribbean equivalent currency in an approved scheme. Ocean’s Edge is officially recognised by the Government of St Kitts as meeting all the necessary criteria required.

Savills Select Resorts Director Pauline Bonanni said: “Investing in property must be one of the most cost effective ways of gaining the considerable benefits afforded by St Kitts Citizenship.

“Prices at Ocean’s Edge start in the mid-$300,000 range, for which investors gain St Kitts Citizenship, second passports, tax concessions and a home on a Caribbean paradise listed as one of the world’s top 20 islands on which to live.”

Work on Phase 3a of Ocean’s Edge is due to start shortly. Masterminding the project is the Cable Bay Hotel Development Company (CBHDC). Families are already moving into Phases 1 and 2 at the resort which has been praised by St Kitts Prime Minister and Minister of Tourism, the Hon Dr Denzil L Douglas.

Phase 3a of the vacation home development includes:

• Bespoke Villas – 32 villa lots starting from US$200,000 with a cost of approximately US$300 per square foot to build a bespoke villa with fantastic ocean views
• Poolside Cottages – 10 two-bedroom semi-detached, single-storey cottages (approx 1,825 square feet), each with their own small garden and private plunge pool at US$525,000
• Hillside Condominiums – two-bedroom condominiums with plunge pools (approx 1,500 square feet), overlooking the ocean, from US$575,000
• Two-bedroom Beachfront Condominiums, approx 1,650 square feet, from US$609,000 
• One-bedroom Beachfront Condominiums – 800-900 square feet, from US$359,000.

In total, Ocean’s Edge will comprise 190 condominiums plus 32 lots for bespoke villas. Completion is scheduled for late 2012.

Clients with an interest in purchasing property can participate in a three-night subsidised inspection trip to experience St Kitts and Ocean’s Edge. For more information, please contact Pauline Bonanni, Savills Select Resorts, +44 (0)1202 765011, info@oceansedgestkitts.com, www.oceansedgestkitts.com.

 Ends 

Information For Editors

www.oceansedgestkitts.com

International Sales Office
Savills Select Resorts
Telephone: +44 (0)1202 765011
Email: info@oceansedgestkitts.com

About Ocean’s Edge

Ocean’s Edge is a luxury vacation home development in St Kitts overlooking Frigate Bay.

The 40-acre project comprises 190 condominiums including one-, two- and three-bedroom beachfront units, two-bedroom hillside units, two- and three-bedroom poolside cottages.  In addition, 32 villa lots offering some of the finest views on the island are available with the option of building a three- or four-bedroom+ villa. 

Planned leisure facilities include a fitness centre, restaurant, pools, tennis courts and landscaped recreation spaces.

Ocean’s Edge is owned by the Cable Bay Hotel Development Company Limited – a consortium of stakeholders comprising Newfound Cable Bay Corporation and locally based partners TDC Ltd, Mansha Ltd and SKNA National Bank Ltd.

Ocean’s Edge is located within 10 minutes of RL Bradshaw International Airport which welcomes non-stop flights from New York (JFK), Miami FL, Atlanta GA, Charlotte NC and San Juan PR. British Airways has just added a second direct service from London Heathrow.

Islands Magazine (2007) listed St Kitts as one of the top 20 islands on which to live worldwide.

Robb Report’s Vacation Homes Magazine (October 2008), listed the island as of 10 great places where the best time to buy is now. 

For more information on Ocean’s Edge Resort, please email info@oceansedgestkitts.com or visit www.oceansedgestkitts.com

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Tel: + 1 416 926 1967
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Email:   dalia@dbprinternational.com