Global Property Guide reports that real state in the British Virgin Islands is ‘coming out of the dip.’ As reported by NuWireInvestor.com, and reported in GlobalPropertyGuide.com, ‘The British Virgin Islands’ property market is showing signs of recovery after slowing in 2009. US visitors are returning to the islands…Potential investors are not only looking for houses, but for land to develop – and the BVI is still largely undeveloped.’ Here are some highlights of their report.
Strengthening tourism and financial services
‘Tourism accounts for about 45% of the BVI’s GDP. Financial services accounts for over 50% of GDP. These are the two pillars of the territory’s economy. The year 2009 was difficult due to reduced leisure travel from the US and UK, with a 17% decline in overnight tourism arrivals. Cruise tourism, however, was stronger in some months than in 2008…In 2010 there has been a recovery.
‘The government has been encouraging the tourism sector to improve the BVI’s position in its main markets (US and UK) and introduce itself to new markets such as Asia. Recently, marketing campaigns to attract Canadian visitors have intensified. Efforts to promote heritage tourism have also increased. The Virgin Gorda Airport, which was closed for renovation from May to July, will re-open before the year ends and will accommodate larger aircraft and heavier traffic.
‘The financial services sector also suffered in 2009, [but] Several bills passed in 2009, such as the Securities and Investment Business Act and the Money Services Act, along with the Regulatory Code, to strengthen the regulatory system.’
Construction sector
‘Despite the recession, the construction of new resorts and residential developments in the BVI continued:
*The Scrub Island resort marina opened in April 2010
*Oil Nut Bay, an exclusive residential community in Virgin Gorda
*Cooten Bay, a subdivision in Tortola
*The Raffles Tortola, scheduled to open in 2011.
‘The government strictly regulates the construction sector, having learned from other Caribbean countries’ mistakes, particularly from the over-development of neighbouring St Thomas in the US Virgin Islands.’
Read the full article, complete with charts, rents and yields, and how to purchase, at GlobalPropertyGuide.com. And, of course, stop by our Coldwell Banker office to ask any agent your questions about British Virgin Islands real estate.
