Investors Look to Capitalize on Caribbean Real Estate Following Damage Caused by Hurricane Irma
Saint Barth Attorney Sees Spike in Interest to Go Along with Real Estate Price Reductions
Emmanuel Jacques, Managing Attorney, Emmanuel Jacques Almosnino Law Firm (EJA), says that, in the months since Hurricane Irma hit Saint Barth, the island has now seen a resurgence. He has seen residents and businesses bounce back from one of the worst natural disasters ever to hit the island. Further, he says, now is the time to invest in Saint Barth real estate, with some properties available at deeply discounted prices.
On September 6, Hurricane Irma hit the Caribbean — including the island of Saint Barth — with sustained winds of 185 miles per hour and gusts of up to 218 miles per hour. Ten percent of the residences on Saint Barth were destroyed and many hotels, including the famous Eden Rock hotel, sustained significant damage, as did major infrastructures of the island. Since then, life has returned to normal with utilities restored within several weeks, as property owners affected by the hurricane have filed insurance claims and have begun the process of rebuilding.
While this winter’s tourism industry will certainly feel the aftereffects of the storm, the island’s prospect for recovery is very strong. Nevertheless, recent events have created opportunities for investors who are looking to purchase damaged or otherwise distressed properties with the purpose of holding onto their investment for long-term gains. In fact, Saint Barth’s tax structure encourages long-term investment, since investors are not subject to the income tax on rentals while owning their properties and reduced capital gains on property held for at least eight years.
Since the storm, one of the island’s leading attorneys has seen increased interest from investors looking to capitalize on the uncertainty caused by the storm. In one transaction, Mr. Jacques negotiated the sale of a three-bedroom villa with an ocean view and an excellent location with a pre-hurricane price of $10.8 million. After the hurricane hit, Mr. Jacques was able to negotiate a $1.4 million discount in order to complete the sale on behalf of a buyer.
For more than 20 years, EJA has successfully negotiated the structuring, financing and purchases of estates valued up to $60 million. Mr. Jacques, a highly skilled negotiator trained at Harvard, has an extensive knowledge of the Saint Barth real estate market and is one of a select few attorneys who is well-versed in International Finance, International Relations and Management. He has earned a Ph.D. in Law from Paris University of Law and earned his Master’s degree in Corporate Finance at HEC Paris, the highest-ranked business school in Europe. He also received his diploma in International Relations and Diplomacy from CEDS.
“Things are getting back to normal on Saint Barth,” Mr. Jacques said. “We believe now is a great time for those who are looking to purchase properties on the island. In addition, considering the island’s valuable view of long-term investments, investors can make a healthy profit if they hold onto the property.”
To purchase a property in Saint Barth, or to schedule a consultation, call +590 590 29 17 10 or email firstname.lastname@example.org. For more information, visit www.eja-lawfirm.com.