Anguilla Real Estate Update 2009...
Costs Drop
Recently, I was reading through questions and comments visitors to Anguilla-Beaches.Com sent Jackie Pascher, the Anguilla real estate agent.
Amongst all of the inquiries for land or Anguilla villa rentals, one caught my eye...
Dear Jackie,
I have often thought about buying something on Anguilla and renting it except when I use it. However, after reading the Anguilla real estate 2006 update web page it sounds like the best of times has passed. Back in 1999 or 2000 I guess I should have bought but could not even think about affording it. What do you think now?
Bob, USA
It is about time I wrote an update, Bob!
Anguilla is now, certainly feeling the effects of the recession. As in the United States prices of homes and land are dropping steadily as demand has weakened. There is more real estate for sale for a fraction of what it would have cost a year or two ago.
Dig deep and you can find deals up to 50% off. Within the next year however, this will probably become the norm as the island gets deeper into the recession.
Viceroy Nearing Completion, 2009
A few years ago? Anguilla was booming...
- Viceroy began
- Temenos Anguilla Golf Club was born
- More high-end projects were in the works (ie. Fairmont Golf Course)
- Private jets were flying Anguilla celebrities in and out, day and night.
Today?
- Viceroy may be the only project to finish, but there are rumors that they are running out of money
- Temenos is closed
- The Fairmont Golf Course on Forest Bay is "on hold" (amongst other delayed projects)
- The only major Anguilla celebrity this year was Paris Hilton.
Like many Caribbean islands, Anguilla's economy is primarily tourism-based. With less tourists and more big names pulling out and away from Anguilla, it is good news for anyone with cash to spend on real estate investments, but for the rest? The island is scattered with half eaten projects. Their shells just haunt Anguilla's shores.
Without the big developers though, Anguilla is carrying on. Everyone seems to be managing and it's a good time to buy Anguilla real estate if you can afford it. Anguilla real estate is still the best bargain for real estate in the Caribbean!
