Talk show host warns of slowdown in BVI real estate market
Talk show host Claude Skelton Cline revealed that the BVI real estate market has experienced a sharp slowdown, with total transaction values plummeting by more than half in just two years.
“Overall real estate market activity in the BVI slowed in 2023 and 2024. The total volume of transactions measured by dollar value fell by more than half, from 156 million in 2022 to 69 million in 2024,” Skelton Cline stated during a recent broadcast of his Honestly Speaking radio show.
Citing a recent analysis of local sales data, he explained that the 2022 figure was inflated due to a single high-value transaction. “The record high figure in 2022 was skewed by a single land sale of 45 million dollars — one land sale in Oil Nut Bay Estate,” he noted.
A deeper look at the figures revealed a drop in local property sales. “Sales to belongers, which were strengthened in 2020 and 2021 by the government’s Stamp Duty Waiver Programme, also fell from a peak of 83 million in 2021 to 38 million in 2024,” he explained.
Foreign investment saw an even steeper decline. “Sales to non-belongers declined more sharply, from a record high of 116 million in 2022 to 30 million in 2024,” he added.
According to the data, the number of sales to non-belongers fell to just 22 in 2024—marking the lowest figure since 2012. “Although there were only 22 sales to non-belongers in 2024, the total value of those sales was approximately 30 million, compared with 194 sales to belongers with a value of 38 million,” Skelton Cline stated.
Skelton Cline questioned the lack of urgency in tackling local affordability. “Why is there, at least to my knowledge, no meaningful push? No one is advocating for the creditworthiness of individuals and the affordability for locals to purchase these homes,” he stated.
The talk show host also pointed to the Social Security-funded housing development, which has seen slow sales and is now being leased to medical students instead of sold to Virgin Islanders. “These half-a-million dollar homes are not affordable by locals,” he stated.
Skelton Cline urged Virgin Islanders to pay close attention. “This is a major telltale sign. People with means and money aren’t purchasing at the rate prior to. What are they waiting for? Why are they holding back?” he asked.
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The Ministry is frequently taking longer than 12 months to approve a NBLHL – non belongers are often not prepared to wait that long and withdraw from sale. The Ministry is one of the least efficient ones in the whole of the Government, and is costing the Government millions of dollar in stamp duty. No doubt many would say that we don’t want more non-bellonger buyers but the stamp duty on the single $45 million sale in 2022 was $5,400,000.00. We can’t afford to lose that amount of revenue!
it’s not just the government losing out from delays at the ministry. When houses get bought the new owner normally has plans for renovations and building works. So a sale immediately gets money into local contractor pockets. Also places like Drakes, CTL, concrete suppliers and lumber yards.
Speed things up at the ministry and you’ll see more money getting spent in our economy!
is an investment. BVI property is no longer attractive to overseas buyers so they buy more attractive property on other Caribbean islands or a yacht!
It’s hardly surprising given the state of the place. It’s a shame because other places like Antigua are absolutely booming; never mind Cayman.
We are looking more and more like a third world dustbin. It’s making it really hard to recruit highly qualified people for financial services.
How has BVI let itself get into this position over the last 20 years, with the advantages it had. Oh well…
Downturn in non belonger sales because government is dragging their feet on processing them. A number of applications have been in for 18 months with no end in sight.
Market full of overpriced properties. Real estate people are becoming a dime a dozen around here, telling owners and landlords to use their services because they’ll get them higher price. Ethics of some of these “real estate professionals” leaves a lot to be desired and govt should be regulating them heavily. Seen more than a few bidding wars set up by unscrupulous folks.