British Virgin Is.: Price History

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Rich and getting richer

Properties in the British Virgin Islands (BVI) are among the most expensive in the Caribbean. Yet prices are still rising.

The islands learned have from other Caribbean countries’ mistakes, particularly from the over-development of nearly St. Thomas in the US Virgin islands. There are no high rises in BVI. No building “taller than a palm tree” is permitted. There are few condominium buildings, not a single traffic stop light, and no fast food restaurants.

Cruise ships are discouraged. When the airport was recently revamped, a decision was taken to enlarge the runway for private jets. But the airport was deliberately kept too small for Jumbos (the largest inbound aircraft is a 72-seater). In other words the BVI is for the elite, and intends to stay that way.

For the elite only

“There is lots of demand, and prices are going up. But we are still probably slightly behind some of our rivals such as Bermuda and Barbados,’ says Chris Smith of Coldwell Banker BVI. “But we have a very strong economy, based on financial services. Everyone is doing alright, really.”

“It has been consistently good. 2006 was good, but so was 2005, 2004, and 2003 etc…there has not been a bad year,” says Smith.

In the classy island of Virgin Gorda, villas sell for US$3 million and up. “The idea is that Virgin Gorda will be kept for the high end,” says Smith. “The people who buy here would be unlikely to buy in Tortola”.

Virgin Gorda’s premier resort is Little Dix Bay, opened in 1964 by Laurence Roosevelt, with 98 rooms on the beach. Other Virgin Gorda resorts include Biras Creek, Bitter End Yacht Club, Leverick Bay, and Nail Bay. Two years ago Little Dix Bay started to build more villas on the surrounding land, which now available at $2.8 million and up.

Other notable resorts on other islands include the ecological paradise Guana Island, Pearl Island Resort and Sir Richard Branson’s private island resort, Necker Island.

Government prevents overdelopment

The BIV has lots of land, populated at a low density. The government has only recently approved the first major development in more than a decade, a US$80 million project on previously uninhabited Scrub Island, north east of Tortola, which will include a 65-ship marina, a hotel with 113-beds, villas, shopping, and a spa.

Development will continue, but slowly. “The government is very nervous about pricing the local people out of the property market,” says Smith.

“That is one reason why controls are strict. They want to ensure housing for the locals,” notes Smith.

All non-residents, including British citizens, require a passport to enter the BVI, except for Canadian and US citizens, who need only a birth certificate, certificate of citizenship or voter registration card. Visas are given for up to six months' stay provided that there is a return or onward ticket and evidence of sufficient funds.

British Virgin Is. - more data and information

• British Virgin Islander house prices, rents, and letting income - real data!
• How expensive are houses in British Virgin Islander, compared to the rest of Caribeban?
• How much rent can be earned from British Virgin Islander property, compared to the rest of Caribbean?

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posted by Leonie Hilsdon | 2007-07-26

Managing Editor, BVI Property Guide, BVI

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