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!!!
AirBnB struggling and this man telling people invest in villas. He is really S!0wW@nde.
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
Stop the robberies and murders first. Clean up the place and give the tourists something to see. Only the Charter Industry has any chance of survival at the moment
My observations about the villa rental market is that it is not an investment with a good or very reliable return. Most owners go into these things hoping to use the place themselves for a couple annual vacations and then hope the rental income covers expenses. Sometimes it does, but it’s not a big money maker. A better business is houses or apartments for the long term rental market.
Outside of the yacht charter industry we are not viewed as an upscale tourist location like St Barts, the mass of cruise ships docking here each year lowers our standard to something akin to a mass marketing location similar to Blackpool in the UK. We can’t have it both ways, we either have masses of low spending cruise tourists looking lost walking around Road Town and cramming our beaches, or, become an upmarket location like St Barts attracting a lesser amount of upscale tourists spending thousands of dollars on villa rentals, wine, women and song for want of a better description.
Clueless people should be quiet.
As we lament, poverty, crime and failing infrastructure the man that can’t even deliver a living wage sugest we build pie in the sky villas.
I mean we could afford the housing project scheme that y’all did
But I guess we can afford full blown villas on prime property..
You are the best business advisor ever
When is the next party btw? Can we got 1 before festival?
But you’ve implied all the cruise ship 10 cent millionaires are going to be the BVI saviors ?
A villa is a whole lot more than a room with a shower and maybe some hot water
There is no point in encouraging people to build more villas if we destroy our Nature.
Villa guests are ALL 100% coming here because they love our beautiful islands.
until you change this anti nature, endless development mindset, the idea is crazy.
Preserve all the Nature we have left and that will attract tourists for decades to come.
Concrete over it, crowd every beach with beach loungers and commercial operations, and we will fall way down the list of attractive places for travellers.
These are facts. You should not ignore them.
500,000 more people coming once that airport is built.
The donkeys will be taking the guests up the dirt tracks to the locally owned million dollar luxury villa that has no running water and sewage that runs back down the same dirt track.
The evenings can be spent swatting the flies from the rotting filth from. the dump that has not been on fire for a few days and the lucky ones can enjoy the puffs of smoke that drift past from the smoldering remains from the last out of control fire.
The mounting numbers of unemployed Government workers that have had to be laid off to pay for the $Billion dollar airport loan are found gathered outside the gates of the politician owned expensive villas, begging. There is not enough money for wages any more, and as before when all the money was spent on wages, there is never money to maintain or repair anyting. People don’t need to be told to go back where they came from anymore as they have all gone. All the overpriced appartment blocks are empty
The private islands are like fortresses and the laws of beach access, which have long been thwarted with no go no swim don’t be here you are not welcome areas, are all but forgotten.
The yachtsmen once they transfered from donkeys to luxury yacht fear to come back within shooting distance of land again until they finally have to face the the ride back to the airport on the only transport that can traverse our now almost forgotten roads that we once again call tracks. Praying it doesnt rain… but it does.
People are relieved to be back at the runway where the plane awaits (the airport was never actually quite finished, but the money gone) and huddle in the Welcome Centre in Trellis Bay that has since had to serve as the terminal building, and watch the chickens strut their stuff until it is time to leave and never come back and tell all their friends. “It wasn’t how I remembered it. Did you know their Premier went to Jail for doing a drug smuggling deal and they still hang his picture all over the place and call him Honourable. Something gone wrong there that for sure, but they got the longest flat area of tarmac you ever seen in your life but not much else. Spotted at least one pot hole in it already.”