St Lucia Property Types

St Lucia Property Types | Apartments, Houses and Villas, Lots

General characteristics of St Lucia Property Types :-

St Lucia Apartments

Apartments are becoming the most commonly available housing type in St Lucia communities. Their popularity may be ascribed to a variety of factors, including but not limited to their modern appearance, modern facilities, and improved security. In addition, the developer is normally responsible for water and electricity delivery, as well as upkeep. Thus, unless you desire the freedom to construct your own home, apartments may be the best option if you are buying a property for end use. Due to the widespread availability of these units, you have a wide range of alternatives to select from, based on your price, location, and other preferences.

Opportunities for earning/income

If you do not intend to inhabit the property immediately, you can rent it out and avoid paying EMIs if you have taken out a house loan

Another benefit of buying an apartment over a piece of land or a house is that it has a better resale value and a larger buyer base. Because demand for these units is often the highest of all property kinds, finding a buyer for your apartment is simpler than finding a buyer for a single home or a residential lot.

A apartment’s rate of appreciation, on the other hand, may be lower than that of a lot. The price of the land is generally what appreciates. Furthermore, if you take into consideration wear and tear over time, the structure may experience some depreciation.

Implications for taxes in St Lucia

When you take out a house loan to purchase an apartment, you are eligible for certain tax benefits. If the property is for personal use, you are eligible to a tax deduction on the interest amount every financial year. A deduction is also applied to the principal amount paid.

However, if you intend to rent out the property you have purchased, the rent you make would be deemed income and will be taxable.

St Lucia Property Types:-


General Characteristics

Lots and land are favoured by people who want the flexibility to build and design their own houses, as well as investors who want a healthy return on their investment. If you want to build a house on the plot, you’ll need a lot of money because you’ll be paying for the land, building, architects, designers, and labor. Purchasing a site and constructing a home is likewise a difficult and time-consuming undertaking. Banks do provide loans for land purchases, but the terms and circumstances are different and more stringent than for apartment purchases.

For example, the maximum credit limit for buying land in St Lucia is frequently lower than the maximum loan limit for building structures. This means that when purchasing a lot, you may need to put down a bigger sum of money as a down payment.

Opportunities for earning/income

Unlike apartments, lots are more difficult be rented unless they are used to build a residence. Lots, on the other hand, are thought to give a better rate of capital appreciation than developed structures. This is especially true when the market is lucrative and demand exceeds supply.

Implications for taxes

When you take out a loan to purchase a lot, you are not eligible for any tax breaks. Only if you build a house on the land can you get tax benefits. The tax deduction is only available for the loan amount obtained against construction in this situation, and it may only be used after the building is completed.

Villas and houses

Characteristics in General

Those who desire the seclusion of an independent unit but don’t want the trouble of building a home prefer independent homes or villas. One of the biggest disadvantages of these apartments is the absence of security, electricity, and water backup that society complexes often provide. Developers are now selling these condos in gated communities with both private and communal facilities.

Opportunities for earning/income

Capital appreciation for independent houses or villas in St Lucia may not be as high as a lot or even an apartment. This is mostly owing to the hefty initial investment and low demand compared to apartments.

Such units normally have much higher monthly rentals than apartments. However, because of the hefty price tag, finding tenants is tough.

Implications for taxes

The tax effects are identical to those of apartments.

Studio Apartments

Characteristics in general

A studio apartment is a compact apartment with a single room that houses a bedroom, kitchen, and living space. This home structure has risen to prominence due to the desire to own a piece of real estate, particularly among single working adults.

Opportunities for earning/income

A studio apartment often generates better rental returns than a two- or three-bedroom unit. This is due to the fact that they are completely furnished and have more amenities than conventional flats.

Studio apartments offer a high capital appreciation potential. The demand for studio flats has increased significantly in recent years.

Implications for taxes

Studio apartments are eligible for the same tax deductions as conventional apartments.

Serviced Apartments In St Lucia

A serviced apartment is a furnished apartment with everyday services that is offered for short-term or long-term visits. Serviced apartments are sometimes less costly than hotel rooms. This category of real estate has seen a significant increase in demand since the beginning of the country’s information technology boom and inexpensive foreign travel.

Opportunities for earning/income

Serviced apartments, in comparison to residential projects, offer high profits with less risk. Serviced apartments are a safe investment since they provide a predictable rental income. You can get a long-term lease with minimal administration and maintenance costs.

Implications for taxes

Serviced apartments are eligible for the same tax deductions as rented units.

Types of Houses in St Lucia

St Lucia Vacation Homes & Rentals

Characteristics in general

Investing in a weekend or vacation property has been increasingly popular in recent years. With increasing disposable revenues, people are able to buy more than one house, especially in a region that will function as a vacation home for yearly family holidays.

Earning potential vacation rentals in St Lucia

One of the key benefits of investing in vacation homes is that you may increase your rental income. During the peak season of that area, vacation houses in ideal locations tend to attract a large number of visitors and tourists. Rental revenue can be utilised to cover the mortgage and other property-related costs.

Implications for taxes

The tourism authority in St Lucia implemented income tax on rent from the second home on all online platforms.

Different Types Of Properties in St Lucia Caribbean
Article Name
Different Types Of Properties in St Lucia Caribbean
Apartments are becoming the most commonly available housing type in St Lucia communities. Their popularity may be ascribed to a variety of factors, including but not limited to their modern appearance, modern facilities, and improved security.
Publisher Name
Realty St. Lucia
Publisher Logo

Compare listings