1、33 Margaret StreetLondon W1G 0JD+44(0)20 7499 8644CARIBBEANISLANDSREPORTSavills ResearchPR I M E R E SI DE N T I A L PROPE R T Y 2 02 2/2 3C O N T E N T S4-56-78-2 02 1Caribbean Prime Residential MarketCaribbean Region OverviewIslands In FocusMarket OutlookContacts2 2-2 33Welcome to Savills Caribbea

2、n Research report.As you will see the market is vibrant and for the first time since before 2008,we have substantial new projects in development region-wide.Following the pandemic,people are seeking fresh air,open spaces and,in short,a great lifestyle.The Caribbean climate and the warmth of the Cari

3、bbean people have never been more in demand.We have new golf projects in Barbados,Marina projects in Antigua and numerous branded hotel and residential communities coming to the market in 2023.With flights returning to pre-pandemic levels,our clients have discovered that working from home can now me

4、an working from anywhere,including a break from European and North American winters,in a region where fundamentals such as excellent digital infrastructure,education and healthcare are well-established.Many islands,have indeed created special visas enabling our owners and long term rental clients to

5、 stay as long as they like and enjoy everything this dynamic region has to offer.We have also provided unprecedented levels of Development Consultancy in the Caribbean and from 2023 onwards you will see some of the worlds top brands such as One and Only,Rosewood and Four seasons all with new Caribbe

6、an projects.We have seen record sales years over the last three years and expect demand to continue.We are especially excited to strengthen our network with partnerships on the eastern seaboard of the USA with Corcoran and a partnership with Harvey Kalles in Toronto.If you are an investor,developer

7、or looking for your dream Caribbean home at Savills we have the best network to help you find your perfect island in the sun.FOREWORDJames BurdessSavills Head of Caribbean and Latin America+44(0)20 7016 Scan the QR code to view our web pages4CARIBBEAN PRIME RESIDENTIAL MARKETSource:Savills Research

8、and Savills Global Residential Development and ConsultancyThe Caribbean offers a high quality of life,beaches,open space,a warm climate,and is particularly appealing for those looking to escape northern-hemisphere winters.Between December and April,hotels and second homes across the region are full

9、of people searching for winter sunshine and warmth.Average temperatures for these five months range from 24 degrees centigrade in the Bahamas to 28 degrees in St Lucia.People are willing and able thanks to hybrid working to spend longer away from their primary base,benefiting the Caribbean in partic

10、ular.Stays which previously lasted two weeks are stretching into two months,or longer.Several islands have embraced remote working and have targeted digital nomads by offering remote-working visas.Caribbean prime residential marketSince the lifting of travel restrictions,international buyers have re

11、turned to the region in large numbers with branded residences proving popularThe Bahamas offer the Bahamas Extended Access Travel Stay(BEATS),Antigua offers the Antigua Nomad Digital Residence,and Barbados provides the Barbados Welcome Stamp for temporary residents.As with prime markets in major glo

12、bal cities,location and access to amenities are key determinants of property pricing.In the Caribbean,beach front properties command higher prices,a trend made more acute by a shortage of beachfront stock.Easy access to airports,beach clubs,golf courses and marinas are all favoured and properties in

13、 closer proximity often command higher values.Across the region,prime residential property markets have seen an increase both in transactions and pricing since 2019.Although hampered by the global pandemic,the lifting Total number of branded residences by island16001400120010008006004002000199819992

14、0002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022Pipeline Antigua&Barbuda Bahamas Cayman Islands Grenada St Lucia Turks&CaicosNumber of branded residences unitsAcross the region,prime residential property markets have seen an increase both in transactions an

15、d pricing since 2019.5 Source:Savills Research Note:Excludes domestic purchasers International buyer profiles by islandInternational buyer profiles in the Caribbean vary by island,but primarily come from the United States and Canada,the United Kingdom and elsewhere in northern Europe,but there is re

16、presentation from across the globe.They tend to be over 40 years old,self-employed,self-made,or retired.The weakening global economic outlook,coupled with rising interest rates are a headwind for property markets worldwide,but most purchasers in the region are less reliant on debt financing.For many

17、,buying a property in the Caribbean is a purchase of passion rather than a purely investment decision,and there exists a strong rental market across the region as many owners choose to rent out their properties,at least for part of the year.Good returns can be achieved,particularly given the limited

18、 supply of properties and high demand during the peak winter season.100%90%80%70%60%50%40%30%20%10%0%International buyer%share by nationalityBahamasTurks and CaicosCayman IslandsSt Vincent&GrenadinesGrenadaAntigua&BarbudaBarbadosSt Lucia British American Canadian Other European Otherof international

19、 travel restrictions and improvisation of agents proved fundamental to maintaining the markets momentum.Buyers have returned to the region in large numbers looking for second or retirement homes.Prime prices range from$650 per square foot for off the beach villas in Antigua to$2,780 per square foot

20、for villas on the beach in the Cayman Islands.One interesting development in recent years has been the growth of branded residences in the Caribbean,particularly appealing to buyers seeking hassle-free ownership,security of a known-brand,and a rich amenity offer.The Bahamas comprises the largest sup

21、ply of branded residences units with a 27%market share,followed by Cayman Islands(26%)and Turks and Caicos Islands (23%).Overall supply across these eight islands is set to double over the next five years to more than 1,500 units as demand for these types of properties continues to grow.CARIBBEAN IS

22、LANDS6Caribbean region overviewCayman IslandsThe Cayman Islands property market performed well over the previous three years and is forecast to continue to see growth into 2023.Developments along the Seven Mile Beach include the Yacht Club and Watercolours,which command prices upwards of$1,000 per s

23、quare foot.The newest addition,The Watermark has seen prices of upwards of$2,500 per square foot.THE BAHAMASCAYMAN ISLANDSCaribbean SeaGulf of MexicoUNITED STATESHONDURASNICARAGUACOLOMBIACUBAHAITICOSTA RICATURKS&CAICOS6REGION OVERVIEWThe BahamasThe Bahamas prime residential market made a strong reco

24、very in 2021 following the global pandemic,and prices rose as demand outweighed supply.Prime prices average$735 per square foot for an apartment and$1,650 per square foot for a villa,while some developments such as Albany and the Ocean Club Estates achieve prices upwards of$2,000 per square foot.7So

25、urce:Savills Research Turks&CaicosAn undersupplied market,the Turks and Caicos prime residential market has experienced price growth of more than 10%since 2019,in spite of the global pandemic.Demand continues to exceed supply,and growth is set to continue into 2023,fuelled by a limited development p

26、ipeline and resilient buyer base dominated by North Americans.BARBADOSST VINCENT&THE GRENADINES ANTIGUA&BARBUDABarbadosLocation is key to prime residential prices in Barbados.Prime property is concentrated on the west coast,favoured areas for their beaches and access to amenities.A thriving economy,

27、comparatively high volumes of foreign direct investment,and recovering tourism industry have underpinned stable pricing on the island which is set to continue into 2023Antigua&BarbudaA competitively priced prime residential market,average prime prices stand at$860 per square foot.European buyers out

28、number North American buyers five to one,though the number of Americans active in the market is rising.This supported price growth of 5%-10%in 2022,which is expected to slow in 2023.GRENADA GrenadaGrenadas prime residential market is largely domestic and has performed steadily in the last three year

29、s.British buyers and a small number of American and Canadians are attracted to the island,which offers a discrete and tranquil second home or retirement location.ST LUCIA North Atlantic OceanSt LuciaSt Lucia saw a surge of activity when Covid-19 travel restrictions eased.Historically undersupplied,a

30、 number of new schemes have completed in the past three years,and a number of Sugar Beachs prime residences exchanged last year.With limited prime stock,prime prices on St Lucia range from$2.5 million for a one bedroom property up to$8.5 million for a beachfront residence.St Vincent and the Grenadin

31、es Supply and demand is,at present,balanced in St Vincent and the Grenadines.Forthcoming hotel schemes include St Vincent Marriott Resort and a Sandals Beaches Resort.These new developments look to take advantage of rising tourist numbers to the islands.VENEZUELADOMINICAN REPUBLIC7CARIBBEAN ISLANDS

32、The island of Antigua and its sister island,Barbuda,are located in the Leeward Islands,and are home to just under 100,000 people.Residential demand and transactions in Antigua were rising pre-pandemic and activity has remained buoyant since.Antigua and Barbuda are particularly European in their buye

33、r profile,with 60%of buyers being British and another 25%made up of other European buyers.Agents are reporting that interest is increasing among Americans.Antigua is only 108 square miles in size.New residential product is in short supply as a consequence of these land constraints,driving price grow

34、th.There are,however,several developments planned or under construction;the redevelopment of Jolly Harbour,Barbuda Ocean Club,high-end luxury holiday homes by Discovery land,is underway,and the infrastructure has been put in place and construction is underway at Pearns Point.Though there has been pr

35、ice growth in recent years,Antigua remains a competitively priced market compared to some neighbouring islands with an average price per square foot for prime properties of$660 and$1,250 for apartments and villas,respectively.Though the return of international travel and the increased attractiveness

36、 to Americans means that there is ample opportunity for growth.POPULATION 2021SAINT JOHNS 98,728 18FLIGHT CONNECTIVITY,NO.OF COUNTRIES27C(80F)CLIMATE,AVERAGE TEMPERATURE27FLIGHT CONNECTIVITY,NO.OF DESTINATIONSAIR PASSENGERS,2019300,990CRUISE SHIP PASSENGER VISITS,2019752,600TOTAL TOURIST NUMBERS,201

37、91,053,590 GDP 2021$1.4 billion YoY GDP Growth(2020 vs 2021)7%5-year GDP Growth(2015 vs 2019)26%Beachfront apartment$665 Beachfront villa$1,250Non-beachfront villa$650ISLANDS IN FOCUS-ANTIGUA AND BARBUDA8Average price$per square footGDPSource:World Bank,FlightConnections,and national sources CAPITAL

38、 Saint JohnsANTIGUAAND BARBUDA Source:Savills Research A beach for everyday of the year and extensive tourist infrastructure it is no surprise that tourism accounts for upwards of 60%of Antiguas national income.There are 20 independent hotels operating on the island,seven luxury properties and 13 up

39、per upscale properties,with the Rosewood Half Moon Bay in the pipeline.Rosewood Half Moon Bay is the newest prime residential development on Antigua,and this branded scheme commands premium prices at an average of$2,000 per square foot.It offers 8,000 feet of private oceanfront and sits south of 27

40、acre Nelsons Dockyard national park.Host to the annual Antigua Charter Yacht show,Antigua and Barbuda are popular yachting and sailing destinations.Attracting keen sailors and superyacht owners to both the marinas and prime residential market.To add to its international appeal,the country also offer

41、s a Citizenship by Investment programme.The Antiguan passport is the 23rd most powerful passport in the world,offering free movement to Hong Kong,Russia,Singapore,the UK and Europes Schengen Area,among other locations.Well connected,there are flights to 18 countries from V.C.Bird International Airpo

42、rt.There have also been additional flights added in recent years,which is helping to increase the appeal of the island.Source:Savills Research.Excludes domestic purchasersAntigua and Barbuda International buyer profiles British 60%Other European 25%American 10%Canadian 5%CARIBBEAN ISLANDSPRIME MARKE

43、T PRICE PERFORMANCE 2019-225%to 10%PRIME MARKET PERFORMANCE 2022No changePRIME MARKET FORECAST PERFORMANCE 2023Minor decrease9 The Bahamas,comprising of more than 3,000 islands,spans some 5,300 square miles.The Bahamas residential market has experienced significant growth since the Global Financial

44、Crisis.In the intervening years,the government actively enacted policy to boost the property market,including low property tax measures.This put the islands in a strong position when the pandemic hit and prices have risen by more than 10%since 2019,fuelled by low levels of supply,tight rental market

45、s and the draw of amenities on offer.The Bahamas prime market is typically characterised by unleveraged buyers who are searching for a new chief residency or place to reside for a minimum of four months of the year.The islands historically have been dominated by North American buyers;however in rece

46、nt years,buyers from Europe have become more active in the market.The Bahamas economy made a strong recovery during 2021 from its Covid-19 slump with GDP growing 15.6%year on year.Tourism comprises 50%of total GDP,a relatively strong financial service sector however aided this recovery and has attra

47、cted companies and talented individuals.A reliable and fast internet connection and infrastructure which supports remote working has all facilitated confidence in people relocating to the islands.Capitalising on the surge in digital nomads has been a boost for the Bahamas tourism industry.The govern

48、ment POPULATION 2021NASSAU396,91410FLIGHT CONNECTIVITY,NO.OF COUNTRIES26C(79F)CLIMATE,AVERAGE TEMPERATURE50FLIGHT CONNECTIVITY,NO.OF DESTINATIONSAIR PASSENGERS,20191,662,419CRUISE SHIP PASSENGER VISITS,20195,587,110 TOTAL TOURIST NUMBERS,20197,249,529GDP 2021$11.2 billion YoY GDP Growth(2020 vs 2021

49、)16%5-year GDP Growth(2015 vs 2019)11%Beachfront apartment$735 Beachfront villa$1,650Non-beachfront villa$390ISLANDS IN FOCUS-THE BAHAMAS10Average price$per square footGDP CAPITAL NassauTHE BAHAMASSource:World Bank,FlightConnections,and national sourcesSource:Savills Research launched the Bahamas Ex

50、tended Access Travel Stay(BEATS)programme in October 2020 to attract digital nomads.This visa grants temporary residency in the Bahamas for 12 months and can be renewed for up to 36 month stay.The country also has a business-friendly environment with incentives for investment,offering a favourable t

51、ax regime.Personal income,capital gains,corporate profits,inheritance and dividends are all tax exempt.Businesses can also receive relief from customs duties on approved building supplies,raw materials and equipment.Receiving an average of over 6 million visitors per year pre-pandemic,a large touris

52、m sector lends itself to a flourishing rental market.Despite tourism levels dropping during the pandemic,long term lets of between one and three years have experienced an estimated 20%increase in rental values.Agile working has played an important role in driving demand,according to agents.There are

53、 over 50 high end hotels located on the islands,eight of which are branded from major international chains.The bounce in tourism is attracting institutional investors as well;in March 2022,a hotel in Nassau transacted for$54 million.Branded residences are expanding on the islands,with three pipeline

54、 developments set to increase the current number of units by 31%.Source:Savills Research.Excludes domestic purchasersBahamas International buyer profiles American 35%British 10%Other 25%Other European 20%Canadian 10%CARIBBEAN ISLANDSPRIME MARKET PRICE PERFORMANCE 2019-2210%+PRIME MARKET PERFORMANCE

55、20225%PRIME MARKET FORECAST PERFORMANCE 2023No change 11 Barbados,the most easterly of these eight Caribbean islands,has a population of nearly 300,000.Largely dependent on tourism and finance,it also receives significant inflows of foreign direct investment,totalling$720 million between 2018 and 20

56、20.The islands prime residential market has performed well in 2022 to date,with prices growing in excess of 10%following several years of flat growth.Next year is also set to be a positive year for the prime property market on the island particularly now that pandemic-related travel restrictions hav

57、e been removed.Non-resident foreign buyers must obtain permission from the central bank to purchase a property,though this is seen largely as a formality.Barbados has had a long-standing appeal for buyers from Europe and the Americas.Because of historical ties,British buyers dominate,accounting for

58、70%of purchasers.They are followed by Canadians who make up a further 10%of purchasers.Most prime property is located on the west and south coasts where the most popular beaches and amenities are found,areas that also command the highest prime prices.A number of new developments have come to market

59、in recent years,including as Porters Place,Azzurro,and Ocean Grove.Apes Hill,set overlooking the Caribbean Sea has seen the addition of more than 80 new homes and a revival of the 18 hole golf course.Also on the west coast is the Sandy Lane development,which comprises of hotel rooms and suites,POPUL

60、ATION 2021BRIDGETOWN287,70817FLIGHT CONNECTIVITY,NO.OF COUNTRIES28C(82F)CLIMATE,AVERAGE TEMPERATURE28FLIGHT CONNECTIVITY NO.OF DESTINATIONSAIR PASSENGERS,2019520,881CRUISE SHIP PASSENGER VISITS,2019443,233 CAPITAL BridgetownTOTAL TOURIST NUMBERS,2019964,114GDP 2021$4.9 billion YoY GDP Growth(2020 vs

61、 2021)5%5-year GDP Growth(2015 vs 2019)12%Beachfront apartment$750 Beachfront villa$1,400Non-beachfront villa$550ISLANDS IN FOCUS-BARBADOS12BARBADOSAverage price$per square footGDPSource:World Bank,FlightConnections,and national sourcesSource:Savills Research two golf courses and multiple private vi

62、llas.These villas range in price from$2.5 million for a second hand residence in need of modernisation,up to just short of$10 million and with an average per square pricing of$700 to$800.Barbados also aims to attract foreign buyers and investment through its Special Entry and Reside Permits(SERPs).N

63、on-residents can gain residency for five years in return for US$2m property investment,though there are some conditions to the scheme.The island was also one of the first countries to implement a digital nomad visa which allows for workers employed at companies outside of Barbados to work in the cou

64、ntry for up to a year.The island also has one of fastest internet speeds in the Caribbean,download speeds of 90.7 mbps,a further incentive to internet-dependent digital nomads.The pandemic saw tourist numbers to Barbados plummet,along with most other locations,as lockdowns and international travel r

65、estrictions limited the movement of people.For an economy dependent on tourism,this had an outsized impact on the local economy and employment figures,especially as annual visitor numbers were reaching close to a million in 2019.However,since restrictions have lifted,the island has made a strong rec

66、overy with the government actively encouraging travel to Barbados.Figures for the year to date suggest 2022 will exceed a total of 400,000 tourists.This has also been reflected in prime residential transaction numbers and rental market values which have increased in line with the return of travel.So

67、urce:Savills Research.Excludes domestic purchasersBarbados International buyer profiles British 70%Other 20%Canadian 10%CARIBBEAN ISLANDSPRIME MARKET PRICE PERFORMANCE 2022No changePRIME MARKET PERFORMANCE 2022Increase 10%+PRIME MARKET FORECAST PERFORMANCE 2023No change13 The Cayman Islands are a Br

68、itish Overseas territory comprising of three islands:Grand Cayman,Cayman Brac and Little Cayman.Home to 66,500 people,the islands saw approximately 1,000 immigrants per annum prior to the pandemic.An important financial and insurance centre,ranking 67th in the Global Financial Centres Index,the Caym

69、an Islands have a particularly high GDP per capita of nearly$85,000.Tourism is the other major economic driver,and the sector was largely responsible for the Cayman Islands economic bounce-back after the pandemic.The islands prime property market remained buoyant during the pandemic,and prices have

70、risen by more than 10%in the past three years.They are expected to grow by a further 5%in 2023.Price growth is underpinned by a fundamental lack of supply,with new delivery further compounded by material shortages and rising costs.During the pandemic,there was significantly increased demand for sing

71、le family homes with water access.More recently demand for beachfront condos has returned.No annual property tax,income or withholding tax is levied,and a stamp duty of 7.5%of the purchase price or market value is paid on property sales,creating a comparatively attractive property purchase market.PO

72、PULATION 2021GEORGE TOWN66,4986FLIGHT CONNECTIVITY,NO.OF COUNTRIES28C(82F)CLIMATE,AVERAGE TEMPERATURE24FLIGHT CONNECTIVITY,NO.OF DESTINATIONSAIR PASSENGERS,2019502,700CRUISE SHIP PASSENGER VISITS,20191,831,000TOTAL TOURIST NUMBERS,20192,333,700GDP 2020*$5.6 billion YoY GDP Growth(2019 vs 2020)7%5-ye

73、ar GDP Growth(2015 vs 2019)26%Beachfront apartment$1,140Beachfront villa$2,780Non-beachfront villa$585ISLANDS IN FOCUS-CAYMAN ISLANDS14Average price$per square footGDP CAPITAL George TownCAYMAN ISLANDSSource:World Bank,FlightConnections,and national sourcesNote:*2021 GDP figures unavailableSource:Sa

74、vills ResearchThere are several developments in the pipeline which should help to mitigate but not alleviate the situation.Most of the new schemes are located along Seven Mile Beach(in fact 6.3 miles long),the most popular stretch of Grand Cayman.Future developments include The Watermark,a luxury be

75、achfront condominium development with over 90%of units sold;Aqua,a development of large four-bedroom lateral residences;and Seacrest,which launched in 2018 and offers 20 beachfront condominiums.The Cayman Islands offers a programme to attract digital nomads for short-term residency.The Cayman Island

76、s Global Citizen Concierge Program allows people employed for companies outside of the territory to relocate to the islands for up to 24 months,though there are some income restrictions.Since 2015,just under a billion dollars has transacted in commercial property($991 million).The majority of this a

77、ctivity has been in the hotel segment,notably the sale of the Ritz Carlton Grand Cayman,while$4 million of offices transacted have transacted,including the sale of Bermuda House which is occupied by the Cayman Islands Government.It is the second largest commercial real estate market in the Caribbean

78、 for transactions,after Puerto Rico.Source:Savills Research.Excludes domestic purchasersCayman Islands International buyer profiles Other 30%Canadian 15%British 20%American 20%OtherEuropean 15%CARIBBEAN ISLANDSPRIME MARKET PRICE PERFORMANCE 2019-2210%+PRIME MARKET PERFORMANCE 2022Increase 5%to 10%PR

79、IME MARKET FORECAST PERFORMANCE 2023Increase 5%to 10%15 A British Overseas territory,Turks and Caicos has a dynamic economy with finance,tourism,and fishing accounting for the majority of national income,and a GDP per capita of$24,050 per annum.No income or corporation tax is levied,and this has enc

80、ouraged individuals and businesses to relocate to the island.The population,totalling just under 40,000,is one of the youngest in the Caribbean and grew at an average of 4%per year prior to the pandemic.In recent years in-migration has risen,adding an average of 1,000 people a year since 2018.Air co

81、nnectivity is good,with daily flights departing from its international airport to 26 destinations across seven countries.The residential property market on the island has experienced strong growth over the past three years,with prime prices increasing by more than 10%,and are forecast to continue to

82、 grow by an additional 2%to 5%in 2023.Beachfront properties are most in demand,with average prime prices reaching$2million and$8million for condos and villas,respectively.Cash buyers in particular are looking for stand-alone,full-service luxury beachfront villas creating further opportunity for the

83、Branded Residences sector.Several new developments have come to market in the last year.POPULATION 2021COCKBURN TOWN39,2267FLIGHT CONNECTIVITY,NO.OF COUNTRIES27C(80F)CLIMATE,AVERAGE TEMPERATURE26FLIGHT CONNECTIVITY,NO.OF DESTINATIONSAIR PASSENGERS,20191,111,818CRUISE SHIP PASSENGER VISITS,2019486,73

84、9 CAPITAL Grand Turk(Cockburn Town)TOTAL TOURIST NUMBERS,20191,598,557GDP 2021$943.3 million YoY GDP Growth(2020 vs 2021)2%5-year GDP Growth(2015 vs 2019)27%Beachfront apartment$1,100 Beachfront villa$1,500Non-beachfront villa$700ISLANDS IN FOCUS-TURKS&CAICOS16TURKS&CAICOSAverage price$per square fo

85、otGDPSource:World Bank,FlightConnections,and national sourcesSource:Savills Research The beachfront properties at The Loren,Turtle Creek are achieving per square foot prices upwards of$1,100 and comprises 25 condos,five villas,and a marina.Grace Bay continues to see development,such as the Ritz Carl

86、ton at Grace Bay Beach,which will include a hotel and residences,as well as pipeline branded residences projects of St Regis Turks,The Night and Andaz at Grace Bay.There is also significant demand for new development on the islands as the market remains undersupplied.Developments taking advantage of

87、 the islands climate,catering to clients seeking a luxury amenities and ease of living are set to benefit in price as buyers aspire to the high quality of life which these islands offer.Although Turks and Caicos is a market largely comprised of North American buyers(approximately 90%of the internati

88、onal buyers come from the United States and Canada)there has been an increase in buyers from the United Kingdom.The share of British buyers is expected to rise in the future as new flights from the UK are added to airline schedules;British Airways are adding a second weekly flight to Turks and Caico

89、s via Antigua from London Gatwick at the end of 2022.The tourism industry is being supported by the addition of new five-star branded hotels,including the Amanyara Hotel and further schemes in the pipeline.Source:Savills Research.Excludes domestic purchasersTurks&Caicos International buyer profiles

90、American 60%Canadian 30%British 10%CARIBBEAN ISLANDSPRIME MARKET PRICE PERFORMANCE 2019-2210%+PRIME MARKET PERFORMANCE 2022Increase 10%+PRIME MARKET FORECAST PERFORMANCE 2023Increase 2%to 5%17 One of the smallest countries in the western hemisphere,Grenada is well known for its spice exports,particu

91、larly nutmeg,and its tourism industry,a sector that has rebounded as the island opened up after the pandemic.The island introduced a digital nomad visa in October 2021,allowing workers to live and work from the island for a year.These remote workers will only provide a boost to the already strong lo

92、cal rental market.The sales market has also performed well over the past three years.Driven primarily by domestic buyers,there is some international demand.Prices on the island have been stable and are forecast to remain so through the coming year.International buyers are predominantly British,eithe

93、r self-employed or retired.The residential market on the island is largely a vacation or retirement location for non-Grenadines,looking for a more tranquil experience at their second homes.The supply of residential property on Grenada is highly limited,both by the land constraints and the limited de

94、velopment over recent years.Nonetheless,there is a strong pipeline of projects,including schemes such as the Six Senses Residences by Range Developments in La Sagesse.This is projected to open in the first quarter of 2023 and most notably,is the first island resort for the brand in the Americas.Less

95、 developed than the south,developments on the north side will aim to provide luxury accommodation in a more remote part of the island.Source:Savills Research.Excludes domestic purchasersGrenada International buyer profiles ISLANDS IN FOCUS-GRENADA,ST LUCIA PRIME MARKET PRICE PERFORMANCE 2019-22No ch

96、angePRIME MARKET PERFORMANCE 2022No change18Source:World Bank,FlightConnections,and national sourcesGRENADA CAPITAL Saint GeorgesBritish 42%American 33%Canadian 25%GDP 2021$1.1 billion YoY GDP Growth(2020 vs 2021)8%5-year GDP Growth(2015 vs 2019)22%GDPSAINT GEORGESPOPULATION 2021113,0158FLIGHT CONNE

97、CTIVITY,NO.OF COUNTRIES28C(82F)CLIMATE,AVERAGE TEMPERATURE11FLIGHT CONNECTIVITY,NO.OF DESTINATIONSTOTAL TOURIST NUMBERS,2019525,634Source:Savills Research CARIBBEAN ISLANDS19Source:World Bank,FlightConnections,and national sourcesIn common with much of the Caribbean,St Lucias economy is highly depen

98、dent on tourism.Launched in 2021,Saint Lucias Live It programme allowed tourists to stay for a maximum of 6 weeks,however in a bid to appeal to digital nomads,the programme was extended in 2022 and now allows visitors to stay up to a year on a multi-entry visa.The islands prime residential market is

99、 highly undersupplied.At Sugar Beach,one of the most desirable areas of the island,there are only 23 homes,six of which changed hands in 2021.Prime residential prices range from$2.5 million for a one bedroom property up to$8.5 million for a beachfront residence.Most houses which have come to market

100、are selling for the first time since they were built.As with many islands,location is key to the price,with ocean-front and beach-front properties commanding higher prices than other locations;an apartment on the waterfront can average$660 per square foot whilst a villa on the beach can command almo

101、st three times this value at$1890 per square foot.St Lucia saw price falls during the pandemic,and subsequently saw a surge in activity when travel restrictions eased.The island saw renewed interest as buyers re-prioritised lifestyle,attracted to the quality of life on offer in the island.The Britis

102、h account for the majority of international buyers on the island,seeking second homes or a place to retire.CASTRIESPRIME MARKET PRICE PERFORMANCE 2019-22PositivePRIME MARKET PERFORMANCE 2022No changeST LUCIA CAPITAL CastriesPOPULATION 2021184,4016FLIGHT CONNECTIVITY,NO.OF COUNTRIES 29C(84F)CLIMATE,A

103、VERAGE TEMPERATURE16FLIGHT CONNECTIVITY,NO.OF DESTINATIONSGDP 2021$1.8 billion YoY GDP Growth(2020 vs 2021)9%5-year GDP Growth(2015 vs 2019)17%GDPTOTAL TOURIST NUMBERS,2019423,736Source:Savills Research.Excludes domestic purchasersSt Lucia International buyer profiles British 90%Other 10%Source:Savi

104、lls Research20 ISLANDS IN FOCUS-ST VINCENT AND THE GRENADINESKnown for its sailing and numerous private islands,St Vincent and the Grenadines has a well-established prime residential market.Prices have held steady over the past three years,thanks to balanced supply and demand,despite global economic

105、 headwinds.Prime property here is viewed as good value for money in the Caribbean market.The islands attract a variety of nationalities,with North American and British nationals together accounting for 70%,of purchasers,and German,French and the Nordics buyers the remainder.There is a significant am

106、ount of hotel development in the pipeline.Branded hotels have a limited presence on the islands,presenting opportunity for investment.The branded hotel currently operating is the Mandarin Oriental Canouan,26 suites and 13 villas command luxury prices as they sit in prime positioning on the Godahl Be

107、ach with an ocean view.Tourism and tourist services account for over 60%of the Islands economy,so these future developments demonstrate confidence in the growth of the tourism sector.Although disrupted by the global Covid-19 pandemic,pre-pandemic visitor figures doubled in five years to over 300,000

108、 visitors in 2019.Global citizens are also drawn to the international accessibility a St Vincent and the Grenadines passport grants,with the ability to enter 152 countries.Unlike other islands in the Caribbean,there is no Citizenship by Investment programme,though it remains a legislative possibilit

109、y.CAPITAL KingstownKINGSTOWNPRIME MARKET PRICE PERFORMANCE 2019-22No changePRIME MARKET PERFORMANCE 2022No changeST VINCENT AND THE GRENADINES POPULATION 2021111,2698FLIGHT CONNECTIVITY,NO.OF COUNTRIES 28C(82F)CLIMATE,AVERAGE TEMPERATURE9FLIGHT CONNECTIVITY,NO.OF DESTINATIONSGDP 2021$889.8 millionYo

110、Y GDP Growth(2020 vs 2021)2%5-year GDP Growth(2015 vs 2019)16%GDPTOTAL TOURIST NUMBERS,2019323,677Source:Savills Research.Excludes domestic purchasersSt Vincent and the Grenadines International buyer profiles British 25%Other 5%American 25%Other European 25%Canadian 20%Source:World Bank,FlightConnec

111、tions,and national sourcesSource:Savills Research21MARKET OUTLOOKMarket outlook What are the overarching trends driving the Caribbean region forward?The Caribbean has benefited from a global search for space and quality of life among buyers,a trend spurred by the pandemic but one that continues to s

112、hape property markets across the globe.These trends are set to continue.Each Caribbean island has distinct characteristics and market drivers,but as a whole,the regional outlook is positive.Many prime markets are undersupplied.The return of tourism and popularity of remote work will continue to help

113、 underpin regional economies,and support wider investment.Four overarching trends will continue to drive the region going forward.1 Prices to grow,but at a slower rateRising economic headwinds will weigh on growth in the near term,but the fundamentals remain solid:finite supply,competition for prime

114、 sites,an increasingly diverse buyer base seeking a high quality of life.At the micro level,location will continue to determine price and performance.Beachfront properties are the most in demand and command the highest prices across the Caribbean,while proximity to airports and amenities will still

115、matter.2 Pandemic-induced trends stickThe global pandemic saw a re-prioritising of the home,driving demand for residences that support quality of life and wellness,and have access to open space.These trends will continue to benefit the Caribbean.This has benefited the market for houses in particular

116、,a trend to remain,whilst demand for apartments has returned.Remote and hybrid working is here to stay;further supporting second home ownership in the region.3 New,high quality supplyNew supply will further improve the quality of stock and expand the prime residential markets,catering to a growing a

117、nd increasingly diverse buyer base.The number of branded units are forecast to double in the next five years across the eight islands,supported by demand for quality lock up and leave with a strong amenity offer and the security of a known brand.Varying from island to island,Turks and Caicos have th

118、e highest number of brands present,with six existing Branded Residences schemes and four in the pipeline including Andaz and Wymara.4 Rental returnsThe rental market across the region remains buoyant and will remain so,particularly as tourism gains momentum in a post-pandemic world.This,in turn,is a

119、 key driver of the sales market.Many buyers will choose to lease their property for some of the high season between December and April when rental values are highest.This window may widen as people spend longer in the Caribbean,supported in part by the increasing tendency to work remotely in the reg

120、ion.OUTLOOK22Paul Tostevin Director+44(0)207 016 3883 Kelcie Sellers Associate+44(0)203 618 Savills plc is a global real estate services provider listed on the London Stock Exchange.We have an international network of more than 600 offices and associates throughout the Americas,UK,Europe,Asia-Pacifi

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123、 of it in any form is prohibited without written permission from Savills ResearchSavills Global Residential Development ConsultancySavills Global Residential Development Consultancy(formerly known as International Development Consultancy)provides market data driven consultancy to developers,investor

124、s and brands in luxury residential and resort markets across the world.Services include pre-acquisition development consultancy,project feasibility studies,brand premium analysis and a range of branded residential consultancy services.Since 2007,Savills Global Residential Development Consultancy has

125、 provided consultancy services for over 250 prestigious branded and mixed-use projects throughout the world.Savills World Research We are a dedicated team with an unrivalled reputation for producing well-informed and accurate analysis,research and commentary across all sectors of global property.CON

126、TACTSJames BurdessDirector,Head of Caribbean and Latin America+44(0)20 7016 3783m.+44(0)780 799 9119 Savills Global ResidentialJelena CvjetkovicDirectorGlobal Residential Network+44(0)20 7016 3754 Tom VickeryDirectorGlobal Residential+44(0)20 7016 Lucy PalkAnalyst+44(0)20 7409 Riyan ItaniDirector,Head of Savills Global Residential Development+44(0)20 7016 3759 Peter GrmekAssociate Director+44(0)20 7330