Know More About Properties For Sale In St.Lucia

St.Lucia, considered to be more scenic than most other islands of the Caribbean, boasts of rainforests, mountains, waterfall, coves as well as sandy beaches. The warm climate that persists throughout the year, and the friendliness of the St.Lucians, combined with the authentic Creole culture found in the food, dance and music, make the island all the more desirable for potential buyers of property in St.Lucia. Imminent appreciation of economy, adds an element of stability to the environment of the island, thus encouraging foreigners interested in owning property in the Caribbean, to invest in properties for sale in the island of St.Lucia.

All non-St.Lucian citizens must have an Alien Land Holding License in order to legally purchase and own property in St.Lucia. This license need not be renewed. The application procedure for the Alien Land Holding License should be carried out under the guidance of an experienced lawyer. The entire process takes about 8 to 12 weeks. The following documents are required to be submitted along with the application for Alien Land Holding License: fingerprints of all ten fingers of the original buyer of the property in St.Lucia, a good character certificate from any police station in the buyer’s own country, Bankers’ reference, Personal reference, and an authenticated photocopy of the buyer’s passport.

After the property to be purchased in St.Lucia has been decided upon, the buyer should then assign a legal practitioner to vary out all legal formalities effectively. The Real Estate Agent may be requested to recommend lawyers for this purpose. The buyer will be expected to pay around 3 to 5% of the price of the property in St.Lucia, as the lawyer’s fees. This sum is however, subject to negotiation. One of the main functions of the lawyer is to examine the terms and conditions of the pre-contract deal, before the buyer signs it. The contract constitutes details such as description of the property or land, price, deposit and closing date for the sale. The deposit fee required to reserve the property to be bought in St.Lucia is about 10% of the total price. In case the foreign national buyer of property in St.Lucia fails to acquire an Alien Land Holding License, the lawyer should ensure that the deposit money is returned to him or her. The transaction process in its entirety is likely to take maximum four months.

In the recent past, the island of St.Lucia has experienced a growth of about 11-21% in real estate prices, with the most rapid increase taking place in the northern region of St.Lucia. Waterside apartments, townhouse communities and condominiums comprise the properties for sale in St.Lucia which have the highest demand among foreigners. But since the island is so small, there is no scope for continuous development of sites and properties in St.Lucia. The most popular property locations are the Landings, the Reserve, Allamanda, the Harbor and the Seaside.

The famous Atlantic rally for Cruisers, the St.Lucia Jazz Festivals and the high-quality golf courses contribute greatly towards the popularity of St.Lucia as a tourist location. Those intending to buy property in this island are advised to do so quickly, because of the limited availability of properties for sale in St.Lucia. Of the approximate St.Lucian population of 166,312, 36% are visitors from the US.