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Market Update
The luxury home market is defined as homes over US$3 million. Following a drop in luxury home sales in 2023, the luxury home market in the BVI has performed better in the first half of 2024 with three sales totaling US$11.83 million. The highest closed transaction to date for a home in the BVI market was a sale of US$12.6 million in December 2022.
Over 80% of the market for homes in the BVI is dominated by sales under US$1 million, while home sales over US$2 million account for just under 7% of the market. As we move away from the sale of damaged homes post Hurricane Irma, there should be evidence that the market for houses over US$1 million is starting to take a larger share.
While home owners who do not hold Belonger status in the BVI (commonly known as “Non-belongers”) only account for 27% of all homes sold in the BVI after 2018, they account for 71% of the home market over US$2 million. Given the number of homes on the market in the BVI over US$2 million, foreign investment is integral to the sale of higher end property market.
Any lack of foreign investment in the BVI impacts the higher end market for homes, where properties tend to remain on the market for longer and there is a greater differential between original asking price and eventual sale price.
