In St. Barth, buyers are looking up
Hillside retreats are increasing in popularity on this Caribbean jewel.
By Susmita BaralSynonymous with decadence, Saint Barthélemy (“St. Barth”) is a premier destination for beach lovers and luxury enthusiasts alike with its world-class beaches and European sophistication. A typical day on the chic island — known as the French Riviera of the Caribbean — can be spent on a beach, trying the latest fashions, nibbling on world-class food, admiring unparalleled views or scuba diving and windsurfing.
Property on the ritzy island is in such demand that, despite a general decline in the housing market seen worldwide, St. Barth’s high-end waterfront real estate remains relatively immune. The evidence lies in the numbers: In 2009, amidst the economic downturn, a record sale of 70 waterfront acres was made for $90 million. In the current market, a 7-bedroom, 6-bath oceanfront villa would have an asking price of $9 million.
Though the entire island is equally in demand, Tom Smyth of St. Barth Properties Sotheby’s International Realty notes that certain waterfront properties may be more appealing based on their ambience and fame. Smyth recommends the more well-known beaches (Flamands, St. Jean and Lorient) for the buyer looking for a trendy beach with mass appeal and advises beaches such as Anse des Cayes and Marigot Bay for the buyer looking for more privacy.
Encompassing merely 21 square kilometers, the island is limited in the number of waterfront properties available, making a waterfront villa an exclusive sought-after commodity. Pascale Minarro-Baudouin, director of St. Barth Properties Sotheby’s International Realty, reveals a rising trend and alternative to a waterfront property. “There are now some other properties on the market located up on the hillside with tremendous views, which are gaining on the beachfront ones,” explains Minarro-Baudouin.
Who are the buyers of the luxe villas? In short: foreigners. Christian Wattiau, owner and manager of Sibarth Real Estate, reports that European and American buyers dominate the market, but also notes that he has seen a spike in interest in the past few years from others, including Eastern Europeans, South Americans, Greeks and Russians.
The island’s ability to draw in such a diverse and elite clientele lies in the opportunities and incentives the island promises. Smyth explains that St. Barth offers visitors a unique experience and ambience with its European flair, friendly people and an upscale, relaxed environment. An added incentive is that the housing market is a reliable investment.
“As the real estate is a finite commodity and St. Barth makes a conscience effort in its development plans, the values are well protected and the savvy investors understand that their purchase will continue to gain value,” says Smyth.
Wattiau explains that the island’s overall appeal is reinforced by the security it offers its visitors and residents. “The island is safe and you can go anywhere at night or day. People appreciate that they can leave their house without any risk,” he explains.
With the island’s safety, ritzy restaurants and spectacular beaches, it’s no surprise that St. Barth gets a stamp of approval from jet-setting celebrities, international billionaires and A-listers worldwide.
[...] In St. Barth, Buyers Are Looking Up Hillside retreats are increasing in popularity on this Caribbean jewel. By Susmita Baral [...]