In 2008, the British Virgin Islands, like most of the world, faced plenty of challenges, as the global economy slid into a crisis. Here, tourist bookings dropped, while development slowed and, in some cases, stalled entirely.
Still, there were many positive steps forward. The territory’s 21st national park opened this year, after the estate of the late Laurance Rockefeller transferred Sandy Cay to the VI government. Also, the VI became a Category One ship registry, the Elmore Stoutt High School graduated a record number of honour students, and prosecutors confiscated a landmark $45 million after a successful prosecution of the Bermuda-based IPOC International Growth Fund.
Meanwhile, controversy continued over how to tackle rising crime, development challenges, and impending economic woes.
I know it’s been a tough year, but let’s be optimistic for 2009. I just came back from the airport at Beef Island, Tortola and I counted 18 private jets sitting there! And apparently there were more than 30 mega-yachts anchored in North Sound, Virgin Gorda, all set to party on New Year’s Eve. So clearly there is a population not affected by the downturn in the worldwide economy. Somebody still has some money and it seems a disproportionate amount is still finding its way to the British Virgin IsIands!
Primarily due to a lack of suitable inventory (although if you check our website, we’ve picked up some interesting new listings in the past month) and plenty of demand, real estate prices in the BVI are not falling. So perhaps the BVI is a safe and secure place to invest in these times of turmoil.
Give us a call or send an email. We’re pretty sold on real estate in the British Virgin Islands!