British Virgin Islands / Real Estate

By James Henderson, Judith Baker

The BVI is one of six remaining British Overseas Territories. The economy which is largely based on the twin pillars of the offshore financial services industry and tourism, is one of the strongest in the Caribbean and has experienced rapid growth over the past few years. The BVI has very much benefitted from affiliation with, and funding from, the UK and EU, and from having a legal system based in English law with a US Dollar based economy. Recently, the UK made it possible for BVI Nationals to receive UK passports which only helped to strengthen the ties.

The main islands include Tortola, Virgin Gorda, Anegada and Jost Van Dyke, each of which can be easily reached via ferry. The smaller islands, such as Richard Branson's 74 acre private island hideaway Necker Island, are renowned for their luxury and natural beauty and occasionally some of them come on the market.

British Virgin Islands real estate is still selling well and prices are holding up as they has not experienced the boom and bust cycle of house price inflation of other islands. The stock of beachfront and hillside homes and land in Tortola and Virgin Gorda is still relatively small. Houses in prime locations on these islands are for sale from US $4million right up to $8million

Most of the development in the BVI has been in Tortola, where many houses have been built as homes for the BV Islanders themselves and others as holiday homes and villas. On other islands building has been mainly of second homes and villas for rent. A few are stand-alone villas, but there are also villa developments and even some villa resorts.

It is worth noting that there are quite a few restrictions on property ownership in the BVI. First, non ‘Belongers’ (people who were not born in the BVI or have naturalisation) require a Land Holding Licence and it can be quite a long process to get one (up to two years). The application goes to the BVI Government and you have to provide bank and character references. If you are buying undeveloped land you must also make a minimum development commitment of US$250,000, which is subject to fines of up to 40% if you renege on your agreements. Land is sold as leasehold as it is mostly Crown Land.

Tortola

Traditionally the private villas on Tortola were at the western end of the island, clambering on the hillside above Soper’s Hole and on Frenchman’s Cay and then on the north shore in the Belmont Estate, Long Bay and east towards Cane Garden Bay. 4 bedroom houses in the gated development at Soper’s Hole Marina now sell for

around US4 million but there are studio condominiums also available in other Tortola developments for more affordable prices.

Scrub Island resort & spa Tortola is the first luxury resort in the BVI to open for 15 years and has homes for sale with a full service marina New developments in Tortola include the Raffles Tortola,. Prices of units range from US$2.5 million to US$2.7 million.

Ocean-view plots in the development Cooten Bay start at US$250,000 per acre.

Virgin Gorda

Virgin Gorda has more of a tradition of villas and holiday homes than Tortola. They have been built all over the island and there are some architecturally striking and historic buildings among them. The few stand-alone villas can go for as much as six million US Dollars for a five bedroom house with pool and tennis court within a short walk of a good beach. In contrast to the crowded and overdeveloped Tortola, Virgin Gorda is secluded and peaceful, making it the choice of the wealthy who want ultimate privacy.

Prices for luxury villas typically range from US$1.2 million to US$3.5 million. Properties priced over US$10 million are also available.

Three-bedroom waterfront villas in Long Bay are priced at US$2,950,000. In Nail Bay luxury villa resort, a four-bedroom home starts at US3.5 million.

Many Virgin Gorda’s villas however have been built in developments, either attached to a resort or as private houses within a residential area mostly on the sheltered western coastline. These include Leverick Bay and Mahoe Bay, Little Dix Bay and at the far eastern end of the island newly opened Oil Nut Bay with beachfront and hillside homes, and 27 estate lots ranging from 1.5 to 10 acres

See below for recommendations and listings of British Virgin Islands Estate agents.