The property investment climate on the Caribbean island of Antigua is in favour of overseas buyers, and particularly those looking to relocate to an island home. Antigua is one of the few places worldwide not to levy personal income tax, capital gains tax, inheritence or wealth taxes on its residents.
 
However, buying property in Antigua may also represent a good investment for people looking for a strong return on holiday homes ,  says Arthur Rooney of The Just Group.
 
"There is a finite amount of land available for construction purposes," says Rooney. "This means excellent prospects of capital appreciation in future years."
 
Celebrity visitors have enjoyed the island for years and Giorgio Armani is said to have built a home here. Easy access to Antiguan property is another of the island's many attractions.
 
"The island is serviced by flights from the United Kingdom, Europe, USA, Canada, South America and many Caribbean Islands," Rooney continues. "Tourism is the major industry, and the local economy has progressed steadily over the past 30 years – resulting in the average Antiguan enjoying prosperity beyond average in the Caribbean. There is also a growing financial services sector."
 
The Antiguan economy has been helped along by an attractive Offshore International Business Corporations legislation.
 
Geoffrey D. Pidduck of Antiguan property agent Tradewind Realty explains the reasons why demand for Antiguan property has increased substantially in recent years as follows: "During the past three years Antigua has become one of the hot property spots in the Caribbean," Pidduck says. "Property values have increased substantially yet still represent value for money when compared to other places in the Caribbean. Property in Antigua remains attractive for those using strong currencies such as Euros and Sterling.
 
"The Cricket World Cup 2007, with the new state-of-the-art stadium, provided attractive incentives to upgrade our hotel and tourism sector and stimulated a new wave of building activity and some exciting new hotels and property developments."
 
While construction is evident throughout the island, Pidduck recommends Antigua's five leading property hot spots: "The North near the capital St. John's and the international airport, the South East sector near English and Falmouth Harbours, the Caribbean side near Jolly Harbour, the North East near Devil's Bridge and the East near Half Moon Bay."
 
On the East side of Antigua, Verandah Estates is offering homes on building plots ranging from 10,000 to 20,000 square feet from US$350,000 (£177,451). Owners have the option to pick one of the three architect-designed model homes or to build using their own home design.
 
"Property development and new building starts, along with an active re-sale market, provides excellent choice to buyers," adds Pidduck. "However, acquiring a building plot and having your own custom designed home may still be a better option for some.
 
"You should plan on paying from US$125 to US$250 per square foot for building costs, though pools and landscaping are extra."

Search for property overseas

Read the latest World Property Bulletin ezine FREE

Article first published 03 January 2008