Exploring House Prices In Antigua And Barbuda

Antigua and Barbuda is a highly sought-after Caribbean island nation, attracting tourists, international families, and expats alike with its beauty, luxury services, and high quality of life. The country's small size of 443 square kilometres, or 108 square miles, means there is a limited space for development, which, coupled with high demand, significantly boosts property prices. The real estate market is heavily influenced by the tourism sector, which contributes to about 60% of the national income. The average property price per square metre is approximately $1,680, with prices ranging from $255,000 for historic colonial houses to $12 million for luxury beachfront villas.

Cost of renting vs buying

Antigua and Barbuda is a highly sought-after Caribbean island, famous for its exclusive lifestyle and stunning beauty. The cost of living in Antigua is about 20% cheaper than in the US and the UK.

The average monthly rent for a one-bedroom apartment in a central area is $740, compared to $1,770 in the US. A three-bedroom apartment costs $1,450 compared to $2,960 in the US.

If you are looking to buy a property, prices vary depending on location, proximity to beaches and facilities, and the size, condition, and age of the property. On average, a two-bedroom house costs around $350,000, and a three-bedroom property costs up to $600,000.

There are additional costs to consider when buying a property, such as the Alien Landholding License (ALHL), which adds a minimum of 5% to the property value, legal fees of at least 2%, stamp duty of around 10% (split between buyer and seller), and commission fees of 5-7% if you use a real estate agent.

While renting is more affordable in the short term, buying a property could be a good investment, especially if you plan to live on the island or become a citizen of Antigua and Barbuda.

Cost of living

Antigua and Barbuda is a highly sought-after Caribbean island. Its stunning beauty, exclusive lifestyle, and high quality of life make it a desirable destination for tourists, international families, and expats alike. Due to its high standing, the cost of living in Antigua and Barbuda is considered more expensive than in most other Caribbean islands. However, it is worth noting that the cost of living in Antigua is about 20% cheaper than in the US and the UK.

According to the living cost database Numbeo, the estimated monthly costs for a single person are around $1,100, excluding rent. For a family of four, the estimated monthly costs would be $3,900, also excluding accommodation. The Antigua and Barbuda currency is the East Caribbean Dollar (XCD), with 2.70 XCD fixed to a rate of 1 United States Dollar.

Eating Out

The food in Antigua and Barbuda is rich and delicious, with an abundance of fresh fish, seafood, and locally grown vegetables. A basic meal in an inexpensive restaurant costs around $9, while a three-course meal for two in a mid-range restaurant costs approximately $92. Street food, such as fungee and pepperpot, can be purchased for just a few dollars. For coffee lovers, a cappuccino will cost around $5, while domestic and imported beers are priced at $3 and $3.70, respectively.

Transportation

Private taxis are the most common form of transportation in Antigua and Barbuda. Alternatively, you can import your own car, but keep in mind that importing vehicles is subject to high import taxes, including a 15% value-added tax (VAT) and a customs duty of around 60%. A gallon of gas will cost you around $5. Public buses are also available, offering one-way rides for $1.40, or you can opt for a monthly pass for $33. Biking is another popular option, as the islands have a great network of roads.

Healthcare

Antigua and Barbuda has 25 health centers and two main hospitals: Mount St John's Medical Hospital and the Adelin private clinic. The healthcare system is primarily free thanks to the Medical Benefits Scheme. However, it is recommended to have private health insurance for enhanced medical services. A short doctor's visit in St Johns will cost you around $70, and monthly healthcare costs for a private health insurance policy range from $240 to $375 for a middle-aged expat, including medical evacuation cover. If you want to stay active, a monthly fitness club membership will cost you around $63.

Groceries

While the cost of groceries and basic necessities in Antigua is relatively cheap, a food budget for imported goods can be higher than average. The cost of groceries in Antigua may also be higher if you have specific dietary preferences.

Real Estate

For those looking to rent a property in Antigua and Barbuda, there are affordable options available. A one-bedroom apartment in the city center will cost around $740 per month, while the same apartment outside the city center will be approximately $370. A three-bedroom apartment in the city center will cost approximately $1,450, and outside the city center, it will be around $1,110. On average, property prices range from $255,000 to $12 million for various options, including historic colonial houses and luxury beachfront villas.

Education

Antigua and Barbuda offer a mix of public and private schools. Public schooling is free for children between the ages of 5 and 16, while private school fees can be expensive and often have extensive waiting lists. According to Numbeo, the monthly fee for Kindergarten in Antigua is around $175, and yearly fees for an international primary school are approximately $5,550.

Citizenship by Investment program

Antigua and Barbuda offers a prestigious Citizenship by Investment Program that grants individuals and their families a range of benefits, including visa-free or visa-on-arrival access to over 150 countries worldwide, including the EU Schengen Area, the UK, and Singapore. The program provides a pathway to obtaining a second passport and stands out for its efficiency and attractive investment options.

The program was launched in 2013 to attract foreign investment and boost economic development in the twin-island nation. It offers multiple routes to acquire citizenship, with options starting at $230,000. These include:

• Non-refundable contributions to the National Development Fund: A minimum contribution of $230,000 for a family of up to four, with an additional $15,000 per person for larger families.
• Real estate investments: A minimum investment of $300,000 in pre-approved real estate projects, maintained for at least five years.
• University fund donations: A contribution of $260,000 to the University of the West Indies Fund, tailored for large families of six or more members. This route also entitles one family member to a one-year scholarship at the university.
• Business investments: A minimum investment of $1,500,000 in an approved business venture or a joint investment of at least $5,000,000 by two or more applicants, with each contributing a minimum of $400,000.

The total cost for acquiring citizenship varies depending on the chosen investment route and family size. For example, the total cost for one applicant can be around $250,300, while for a family of four, it can be approximately $266,200. The processing time for the application is typically between four and seven months, but there may be significant backlogs that affect this timeline.

To qualify for the program, applicants must be at least 18 years old, have a clean criminal record, pass due diligence checks, demonstrate a legally obtained source of funds, and commit to one of the investment options. The Citizenship by Investment Unit (CIU) is responsible for processing and thoroughly examining all applications, and successful applicants are typically granted citizenship within a few months of submission.

Average property price per square meter

The average property price per square meter in Antigua and Barbuda varies depending on the type of property and location. Here is an overview of the average property prices per square meter in this Caribbean nation:

The average property price per square meter in Antigua and Barbuda is approximately $1,680. However, prices can vary significantly depending on the location and type of property. For top-class properties, prices can reach around $660 per square foot, while luxury villas can go up to $1,250 per square foot. The real estate market in Antigua and Barbuda is heavily influenced by tourism, which accounts for about 60% of the country's national income.

Regional Price Variations:

There are also regional price variations between the two islands of Antigua and Barbuda. Antigua, being the more developed island with more tourist attractions, tends to have higher property costs. For example, a two-bedroom townhouse in Jolly Harbour, Antigua, may cost around $250,000, while luxurious villas can range from $10 to $25 million. On the other hand, Barbuda's real estate market is more affordable due to its less developed infrastructure.

Neighborhood-Specific Pricing:

Within each island, neighborhood-specific pricing also comes into play. Factors such as proximity to the beach and local amenities can significantly impact property prices. For instance, properties near the beach are typically more expensive, while areas farther from the water may offer more budget-friendly options.

Comparative Analysis of Property Types:

The type of property also influences the average price per square meter. Currently, modern tourist apartments range from $5,000 to $8,000 per square meter, with prime properties averaging $5,640. Luxury homes can reach up to $12,560 per square meter.

Factors Influencing Price Growth:

Several factors contribute to the increasing property values in Antigua and Barbuda. The limited land availability, high demand for beachfront properties, and growing interest from foreign buyers are driving up prices. The popularity of the country as a tourist destination also plays a significant role in price growth.

Cost of utilities

The cost of utilities in Antigua and Barbuda is about the same as in Europe or the US. Utility prices are relatively affordable compared to the average cost in the Caribbean. Basic utilities, including garbage collection, are expected to cost around $300 per month for expats. However, living in airy apartments or properties by the sea can help save on air conditioning expenses. A monthly plan for high-speed broadband in Antigua and Barbuda is also similar to the US, at about $70.

The power sector in Antigua and Barbuda is entirely dependent on fossil fuels, with petroleum being used extensively for electricity production and transportation. The Antigua Power Company Ltd (APCL), a private company, supplies approximately 80% of the power generated in the country. The government-owned Antigua Public Utility Authority (APUA) is responsible for power generation, transmission, and distribution, purchasing most of its power from APCL. In 2011, the government of the People's Republic of China commissioned a 30 MW power plant to improve APUA's supply of reliable electricity to its clients.

Water and sanitation facilities in Antigua and Barbuda are provided by the Caribbean Water and Sewerage Association, a regional organisation that is the successor to the Caribbean Basin Water Management Programme.

The primary telecommunications company in Antigua and Barbuda is the state-owned Antigua Public Utilities Authority, which provides the infrastructure base for telecommunications in the country. Other major providers include LIME, a business venture of the Caribbean Cable and Wireless. The country has also taken steps towards liberalisation of the telecommunications sector, signing a declaration of partnership with the Eastern Caribbean Telecommunications Authority (ECTEL) in 2012, which gave it observer status within the organisation.

Frequently asked questions