The property market in St Barts, naturally, took a hit as a result of Hurricane Irma, but the news of the sale of a trophy asset suggests demand is returning.
As St Barts Life reported, a property, previously owned by a billionaire hedge fund manager, sold for $67 million at the end of 2017. The villa has its own coconut grove, private beach and two separate villas on its 7½ acre stretch of land.
“For a property of this scale to sell in St Barts is a sure sign that the market is gaining momentum,” commented Hugh Wade-Jones, Managing Director of Enness, an independently owned, and completely impartial, large mortgage brokerage in Central London.
“In support of this, we are seeing an increased appetite to lend on property in St Barts, with French banks particularly motivated. These banks are also willing to be somewhat flexible on their criteria in the hope of stimulating a challenging market, so it really is a great time to consider purchasing on the island.”
Stating that private banks which don’t usually finance St Barts real estate will do so for an existing client, Mr Wade-Jones added, “We had a client recently who wanted to buy in St Barts, and while his bank does not offer loans of this nature under normal circumstances, it agreed to finance the purchase.”
With nearly 70 in offices in Mayfair, West Hampstead, Dubai and Monaco, Enness has access to one of the largest networks of lenders in the industry. “Overall, we believe the market will continue gaining momentum, and its appeal to buyers of luxury overseas property will return apace.”