The Property Banks Buyers Guide to Antigua
One of the first considerations to make about buying a property in Antigua is ‘What is its primary purpose?’ i.e. residential, rental or a commercial business property.
There are a variety of locations across the island, so you are sure to find the one, which matches your dream.
Residential – the main expatriate populations on the island are based in the South East around English Harbour and Falmouth, in the South West in and around Jolly Harbour, in the East at Half Moon Bay and Browns Bay, and in the North in Hodges Bay and Cedar Valley and surrounding areas. As with buying a property anywhere, there is excellent choice in price, style of building and proximity to services. Location is the key to your enjoyment and usually to the value of re-sale.
Rentals – can be found throughout the island from studio apartments to five bedroom executive villas with all the toys and wonderful ocean views, the key consideration is what is your budget – once you know that you should be able to find a property to suit you.
Commercial properties – there are many business opportunities in Antigua for Antiguan local’s, ex-patriots and foreign investors, particularly where jobs are created for local people. The majority of retail outlets have their primary in the busy capital of St. John’s, but there are further developments around the island, particularly in Jolly Harbour and English Harbour.
Costs of purchasing a property in Antigua
The costs of acquiring a property in Antigua can vary depending upon where you are purchasing, and the cost of the property. Below we have listed for you the key costs involved and used examples so that you can see the full cost of buying a property here.
General Costs
|
Non-citizens licence |
5% of value (Applicable to non-Antiguans) |
|
Government transfer fees |
2.5% of value |
|
Legal costs |
Legal costs 1% or more based on the value |
For a property costing US$300,000 – this would be a cost of US$25,500.
Exceptions
The Non-citizen’s License for Jolly Harbour or some other developments for first time Buyers is 3%.
Acquisition Considerations
Property taxes and rates are very low and based
on rental value
Most property is fee simple or freehold.
Insurance coverage is approx 1.4% of the value insured for hurricane
and earthquake coverage. Less when these are excluded. On claims the
insured pays the first 2% of the insured value.
Real estate agent commissions are generally from 5-7%. These fees
are paid for by the Seller, and are built into the Asking Price.