博鱼体育集团

With large parts of the world seeing second or third waves of the virus, the Caribbean has so far weathered the pandemic better than most regions, closing airports and keeping infection rates low.

According to Johns Hopkins University, most islands have seen fewer than 300 cases since the start of the crisis, with some such as St Lucia identifying just 36 cases. As we enter the start of the Caribbean tourist season, markets are opening up, but with strict test and trace measures in place. 

The rise of the nomad visa

With tourism accounting for between 8% and 40% of GDP across the Caribbean islands, governments are turning to 鈥榥omad visas鈥� to attract visitors and boost their economies. Barbados was first off the mark, announcing its welcome stamp visa in July, with following suit and more recently the Cayman Islands has outlined plans to commence a 鈥榞lobal citizenship programme鈥�.

With more of the world鈥檚 population no longer tied to an office location and with many families home schooling, the prospect of relocating to sunnier climes during the winter months is a tempting one.

博鱼体育集团 Frank data suggests such government initiatives can influence rental and buyer demand. Back in July we highlighted how our online enquiries surged 65% in the weeks after Barbados鈥檚 visa announcement and the New York Times reported that more than 1,000 applications were submitted in the first week of the programme.

According to 博鱼体育集团 Frank鈥檚 Head of Caribbean Sales, Edward de Mallet Morgan, 鈥淟ong term rental demand is often a precursor of sales activity and while we would usually see people head to the Caribbean for a two to three week holiday, our local teams are seeing bookings for two to three months and in some cases this is leading to sale enquiries as buyers explore the islands and like what they have to offer.鈥� 

Edward adds, 鈥淢any of the islands have invested heavily in internet connectivity making remote working a truly viable option.鈥� 

Andrew Blandford-Newson, Senior Negotiator at 博鱼体育集团 Frank confirms that it鈥檚 not all about lifestyle, 鈥淚nternational buyers are also looking to diversify their assets given the global economic uncertainty and with several of the region鈥檚 currencies pegged to the US dollar this affords them some security.鈥�

鈥淚n addition, prime prices in some markets are at decade-lows, for those that have been sat on the side-lines for some time they are recognising this juncture as a buying opportunity.鈥�

Covid-19 and the impact on the property market

鈥� Barbados: Viewings increased 34% in Q2 2020 year-on-year with the island鈥檚 South and West coasts attracting strong interest. Sales continue to progress with buyers achieving average discounts of 11% off the asking price in Q2 2020 according to our partners at Terra Caribbean.

鈥� British Virgin Islands (BVI): Three years after Hurricane Irma, the BVI was showing signs of recovery at the start of 2020 and this is building once helped by a stamp duty holiday for locals or 鈥榖elongers鈥�..

鈥� St Barts: A French territory, and arguably one of the least impacted by the pandemic, the island reopened on 22 June and sales have progressed since this time and the landmark Eden Hotel in Baie de St Jean reopened in October.

鈥� The Bahamas: Particularly reliant on US demand with strong links to Miami, the island has seen a large number of cases and intermittent lockdowns throughout the summer. Luxury demand has been focused on the main private estate communities in Nassau/New Providence and for private islands in the Exumas, with some increasing interest in other main Bahamas islands. 

鈥� Mustique: An island comprised of some 100 villas with the Cotton House Hotel at its heart, has remained virus-free and several sales exchanged over the summer months. Regular visitors to the island used to renting a property for two or three weeks at Christmas and in February half term are now considering a purchase enabling them to have a permanent retreat. 

Current travel rules:

鈥� Barbados: New travel protocols were set out by the Barbados Government from 16th October 2020. Unless travelling from a small number of low-risk countries, visitors must take a test within three days of travel and submit it online. New arrivals must stay in their resort for two days until a second test is taken after which they are free to travel around the island but should log their temperature each day. Our partners at Blue Sky Luxury (Barbados) have been approved by the government to rent out villas which are 鈥榮afe鈥� for guests to use as their 鈥榮ite鈥� for quarantine.

鈥� British Virgin Islands: Premier Andrew Fahie has announced the country will open to tourists on 1 December 2020, and 鈥渦se technology鈥� to reduce risk, though details of protocols and testing rules have yet to be announced. 

鈥� St Barts: A French territory St Barts reopened to tourists on 22 June. Visitors are required to show a negative Covid-19 test within 72 hours of their arrival. Visitors staying longer than 7 days will be required to take a second test in St. Barts on the 8th day following their arrival. 

鈥� The Bahamas: From 1 November 2020, arrivals are due to be allowed free movement around the island, but with a triple-testing programme. Visitors must have a negative test the week before travelling, allowing them to apply for a 鈥渉ealth visa鈥� online. They will be tested again on arrival and on day five of their visit. 

鈥� Mustique: Part of St Vincent and the Grenadines, from 1st September 2020 guests have been permitted to travel to the island. No quarantine is necessary provided a negative test result is submitted five days or less prior to arrival). There may be the need for an additional test on arrival.

Please note that this information is accurate at time of issue but may be subject to change

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Andrew Blandford-Newson

Edward de Mallet Morgan

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