Buying a Home in Antigua & Barbuda

Antigua and Barbuda, a twin-island country in the Eastern Caribbean, is a popular destination for expats due to its stunning beaches, tropical climate, and friendly locals. Buying a home here can be a rewarding investment, but it's essential to understand the local real estate market, legal requirements, and potential challenges. This guide will provide you with key information to help you navigate the process of buying a home in Antigua and Barbuda.

How do I find houses for sale in Antigua & Barbuda?

There are several ways to find houses for sale in Antigua and Barbuda. Online property portals and real estate agencies are the most common methods. Websites like Antigua Estates, Stanley's Estate Agents, and Luxury Locations offer a wide range of properties. Local newspapers also list properties for sale. It's advisable to visit the islands and meet with local real estate agents who can provide valuable insights into the market and arrange property viewings.

Are there restrictions on foreigners owning property in Antigua & Barbuda?

Yes, there are restrictions on foreigners owning property in Antigua and Barbuda. Non-nationals are required to obtain a Non-Citizen Land Holding License (NCLHL) before purchasing property. This process can take up to several months and involves a fee of 5% of the property value. However, if you buy property in a government-approved development, you can bypass this requirement. These developments are typically part of the country's Citizenship by Investment Program (CIP).

Does Antigua & Barbuda have an MLS type system?

Antigua and Barbuda does not have a Multiple Listing Service (MLS) like in the United States. Therefore, it's crucial to work with a reputable real estate agent who has access to a wide range of properties and can guide you through the buying process.

Do brokers have licenses and how do I know if they are licensed?

Real estate brokers in Antigua and Barbuda are required to be licensed. You can verify a broker's license by checking with the Antigua and Barbuda Real Estate Association (ABREA). It's important to work with a licensed broker to ensure that all transactions are conducted legally and ethically.

What documents are required when buying a home?

When buying a home in Antigua and Barbuda, you'll need to provide several documents. These include a valid passport, proof of address, a bank reference letter, and a personal reference letter. If you're applying for a Non-Citizen Land Holding License, you'll also need to provide a police clearance certificate and a detailed development plan if the property is undeveloped.

Do I need a lawyer when buying a home in Antigua & Barbuda?

Yes, it's highly recommended to hire a lawyer when buying a home in Antigua and Barbuda. A lawyer will conduct a title search, prepare the sales agreement, apply for the Non-Citizen Land Holding License if necessary, and ensure that all legal requirements are met. Legal fees typically range from 1% to 2% of the property value.

Do people typically buy a property with all cash or take out a mortgage?

Both options are common in Antigua and Barbuda. Some buyers choose to pay in cash, especially for lower-priced properties. However, mortgages are available for both residents and non-residents. Non-resident buyers can typically borrow up to 50% of the property value from local banks.

Are there inspections that take place, and if so what is that process like?

Yes, property inspections are a standard part of the home buying process in Antigua and Barbuda. A professional surveyor will assess the property's condition and provide a report. This helps buyers avoid unexpected repair costs and negotiate the price if necessary. It's also a requirement for obtaining a mortgage.

What are some of the pitfalls to avoid when buying property in Antigua & Barbuda?

One of the main pitfalls to avoid is rushing into a purchase without conducting thorough research. It's important to understand the local market, consider the property's location and potential for appreciation, and ensure that all legal requirements are met. Working with a reputable real estate agent and lawyer can help you avoid these pitfalls and ensure a smooth buying process.