saint lucia real estate
How Much do Homes Cost in St. Lucia?
How Much Do Homes Cost in St. Lucia?
Are you thinking about buying a home in St. Lucia? The real estate industry in St. Lucia is currently in a sellers’ market. This means that the demand for homes is higher than the supply.
Coming out of 2 years of COVID restrictions, many buyers have been eager to pursue their pre-pandemic goals. Second homes are a hot commodity among international buyers who want to escape to paradise.
In addition to increased demand, there has also been an increase in the cost of construction in St. Lucia. The cost of building materials has risen by 20-30 % since 2019. This has been due to broken supply chains and limited availability of construction materials. This has had an upward impact on the price of homes. In this inflationary environment, vendors are less likely to negotiate their prices.
The high construction costs have also resulted in a slow down in the construction of new homes. With fewer properties being built, the real estate stock on the island remains low, which means there is more competition among home buyers.
Factors Influencing the Current Cost of Homes in St. Lucia:
1 - High demand
2 - Increased construction costs
3 - Limited supply
Despite the sellers’ market, St. Lucia remains relatively affordable compared to other Caribbean destinations. Prices here are still 10-15% lower than more developed islands. This, coupled with incomparable natural beauty, make St. Lucia very appealing to property buyers. There is something for everyone in every price category. Properties range from budget buys, to middle income to luxury homes.
|
|
|
|
|
|
|
|
|
|
|
|
What You Get for Your Buck!
You can buy a budget friendly home for about US$175,000. This will get you a basic 3 bedroom home. Many houses in this price range are built on pillars. This has a dual function. It is easier to build on sloping topography and allows for the future construction of a downstairs apartment.
Budget Friendly Home
A 3 bedroom house in a middle income area in St. Lucia averages from US$350,000 to US$500,000. Examples of middle income neighborhoods in the north of the island include Beausejour, Reduit, Grand Riviere, Marisule and Cas en Bas. If you are looking in the south of the island, you may find houses in this price range in areas such as Savannes Bay or Moule a Chique.
Middle Income Home
Cap Estate is considered the most high end neighborhood in St. Lucia. Villas there average $750,000. This can easily go up to $2,000,000 for a luxury villa with an outstanding view on a large parcel of land.
Luxury Home
In general, a 3 bedroom condo in a gated community starts at US$350,000. Rodney Bay is the condominium hot spot in St. Lucia and is home to the majority of the island’s condominium stock. A 3 bedroom condo in Rodney Bay costs about $400,000. A waterfront condo on the marina goes for between $750,000 and $1,000,000.
Waterfront Condo Development
The price of property in St. Lucia varies greatly. Factors influencing price include location, quality of construction, size, type of view, topography, surroundings etc. Finding a great property depends on availability and takes some luck. Market knowledge is critical when embarking on a property search. Paradise Properties offers expert guidance, to help you find the right property to suit your needs. Start your property search by browsing our listings.
