Prices have fallen significantly over 4 years - now for the rebound?
Residential Valuation Specialist | April 13, 2015
|Last Updated: April 13, 2015|
|ST. CROIX - Condos||COST (US$)||YIELD (p.a.)||PRICE/SQ.M. (US$)|
|TO BUY||MONTHLY RENT||TO BUY||MONTHLY RENT|
|75 sq. m.||99,000||n.a||n.a||1,320||n.a|
|120 sq. m.||191,400||n.a||n.a||1,595||n.a|
|200 sq. m.||365,000||n.a||n.a||1,825||n.a|
|ST. CROIX - Houses|
|150 sq. m.||272,400||n.a||n.a||1,816||n.a|
|350 sq. m.||569,100||n.a||n.a||1,626||n.a|
|ST. JOHN - Condos|
|80 sq. m.||377,040||n.a||n.a||4,713||n.a|
|ST. JOHN - Houses|
|200 sq. m.||907,600||n.a||n.a||4,538||n.a|
|500 sq. m.||2,850,000||n.a||n.a||5,700||n.a|
|ST. THOMAS - Condos|
|75 sq. m.||176,550||n.a||n.a||2,354||n.a|
|120 sq. m.||355,440||n.a||n.a||2,962||n.a|
|ST. THOMAS - Houses|
|75 sq. m.||192,300||n.a||n.a||2,654||n.a|
|250 sq. m.||686,750||n.a||n.a||2,747||n.a|
|Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule|
St. John remains the US Virgin Islands´ most expensive island, even though square metre prices of houses have fallen. Four years ago (in 2011), house prices ranged from around US$5,300 to US$8,400 per square metre. Now, the price range is around US$4,500 to US$5,700 per square metre. That´s a significant fall - though we seem to be about to see a turnaround.
The same downward trend is observable in St. Croix. In 2011, the average square metre price of houses in St. Croix was around US$3,400. Now, it´s around US$1,800.
House prices in St. Thomas have been more stable; but they too have fallen in price from an average price per square metre of a 120 sq. m. condo of US$3,200 in 2011, to US$2,950 now.
Unfortunately, data on long-term rentals is too scarce to allow us to estimate rental yields.
Property transaction costs are reasonable in US Virgin Islands, by the admittedly expensive standards of the Caribbean. See our Property transaction costs analysis for the US Virgin Islands and Property transaction costs in US Virgin Islands compared to the rest of the Caribbean.