Our people should invest in tourist villas — Premier
Premier Dr Natalio Wheatley has urged residents of the territory to take a more active role in the tourism industry by investing in the development of villas, describing it as a prime opportunity for locals to benefit from one of the territory’s leading economic pillars.
During a recent edition of Virgin Islands Voice, Premier Wheatley highlighted that the government is exploring ways to support residents who want to build tourism properties such as villas. These efforts are part of wider plans to diversify and grow the tourism product while ensuring that more citizens benefit directly.
“We are conceptualising incentives that we can provide to persons who want to get into tourism by building villas and things like that,” Dr Wheatley explained. “The reason why I like a villa is because it’s a way that persons in the Virgin Islands, residents and citizens, can get involved in the tourism product.”
He noted that the construction and operation of villas provide meaningful economic returns, with some fetching premium rates. “You might have some villas that might go for about $10,000 a night,” Dr Wheatley stated. “And there are many persons making money from these villas.”
He continued: “There are some wealthy persons who come down to the Virgin Islands and build their home, and then when they’re not in the home, they rent it out when they’re not there.”
The Premier emphasised that local contractors already have the skills to construct high-end properties that meet visitor expectations. “A lot of our construction persons are building these types of homes… nothing which is beyond our people,” he said.
Deputy Premier Julian Fraser, who also serves as Minister for Natural Resources, backed the Premier’s call and highlighted the increasing number of Non-Belonger Land land-holding licences being issued for villa development. “If it’s a Non-Belonger Land Holding Licence, it means that it’s a person who’s not from here. You are from here—you can get into that business yourself,” he argued.
Both leaders acknowledged the importance of safeguarding the natural environment amid development. The Premier pointed out that many areas across the territory are well-suited for villa construction, especially those with sea views or natural seclusion. “You build some nice villas there, and you can make a pretty penny,” he asserted.
Dr Wheatley added that the government is also looking to collaborate with local banks to support financing for those willing to enter the tourism property market. “We have some partnerships coming up with the banks… and we will eventually extend that to persons interested in building tourism properties,” he said.
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No reason to invest until you reduce cruise ship tourists. With the beaches crowded with low-end tourism the high-enders aren’t coming.
Return the Territory to “Nature’s Little Secrets”, clean up the trash, fix the roads and infrastructure, then encourage investment to villa-rental!!!
Time share
yes come on loacls spend $1million+ to get a villa to rent to some tourist lol
Some privileged locals already do. Others might like to but can’t afford to do so. Banks generally only lend money where they have evidence of borrowers being able to pay the mortgage. A $ 500 k property with a 10 % payment will require a monthly payment of about $2,500/month for 20 years at 6%. So, banks might be wanting to see monthly earnings of about $4-$ 5,000 (or $50-60 k per year) which is close to twice the median salary in the BVIs. In other words, nice idea to suggest more locals should go into villa rentals but the reality is that this is out of reach from most. Sure, you can apply for a commercial loan making a business case for buying a villa rental, but chances are interest rates and downpayment may be higher.
Not considered is that it takes a lot of work to make villa rentals successful. A good location is key. You’ll need good hurricane insurance. People pay top dollar to stay in them so have high expectations of service, cleanliness, functional amenities and maintenance. You’ll be on standby to cater with complaints and or issues, all with a smile (even if it is truly their fault). Their displeasure is easily disseminated via social media. Plus, tourism is seasonal. The bank won’t care about that or whether there’s a downturn in business. You still need to make that monthly note, and if you don’t it won’t be long before your property is repossessed and you’re out what you put into it.
The new tourist board plan .
are villas in the BVI. Villa renters are NOT tenants. They are short term visitors who usually never return. It’s well known that the best land investment for BVI islanders is multi unit apartment buildings. Most are ugly concrete block like buildings with often too many tenants in each apartment but somehow pay their monthly rent. The landlords have a fairly stable income to pay the mortgage so bank repossession is only a low risk.
Actually the high end villas are not renting very well, the mid priced are doing ok