• Home
  • Blog
  • The Real Estate Market - Quarters 1 & 2 - 2023
The Real Estate Market - Quarters 1 & 2 - 2023

There were two significant actions taken by the government of St. Kitts and Nevis which resulted in a decline of real estate sales for the first quarter and most of the second quarter for 2023.

On Nevis, the waiver of the Alien Land Holder License fee of 10% ended on December 31, 2022, which resulted in higher acquisition costs for buyers. On St. Kitts, the roll out of the 2023 Citizenship by Investment regulations was not smooth and left many of the service providers confused. Fortunately, there is ongoing communication between the private sector, government, and Citizenship by Investment Unit to resolve lingering issues. 

The most current information on the Citizenship by Investment Program can be found on Nevis Style Realty’s CBI webpage.

However, there is an encouraging trend. At the tail end of the second quarter and continuing in the third quarter, sales have picked up. In June (NSR stats only), there were five properties that went under offer. One closed within a month of the signed contract. In July, two more properties were placed under offer. These properties consist of condominiums, homes, and villas. Land sales continue to be sluggish.

Our outlook? It is likely that investors will find the CBI program uncertain in the short term. However, it will get back on track as it is too important to the local economy. Also, St. Kitts and Nevis continues to be a preferred destination for lifestyle buyers.

We are ready to make a strong fourth quarter push. So, contact us if you require buying or selling services.