Courtesy of Island Real Estate
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2013, the former president of the United States, Donald J. Trump, purchased an 11-bedroom beachfront estate on the French side. Love him or hate him, Trump is someone who attracts media attention wherever he goes. When he listed his property for sale, the international media took notice. The exposure of such a highprofile listing on the island has helped shine a global spotlight on the luxury segment of the local real estate market and has added even more credibility to the allure of owning property on this island. There are no restrictions against foreigners owning property in St. Maarten/ St. Martin, and the easy accessibility from many major cities in the United States, Canada and Europe has helped to make this island a preferred destination for second home buyers. Both sides of the island have a wide variety of real estate offerings, with pricing starting at around US$100,000 and going up into multimillion-dollar figures. Several property owners have established a solid track record of income from the vacation rental market. This is often a great way to offset carrying costs and maintenance fees. For some, this approach has even turned into a lucrative business. On the Dutch side, there are no annual real estate taxes (rental income is subject to tax) and no capital gains taxes when the property is sold. On both sides of the island, transfer of ownership is executed via a civil law notary who serves as a neutral party between buyer and seller and essentially guarantees a free and clear title. Overall, the process of buying and selling
real estate in St. Maarten/St. Martin is very easy and safe. The general stability of the local real estate market has been a key factor for the island’s economic recovery. As the island moves toward reinventing itself, several new real estate developments have started construction and, in many cases, buyers have responded with confidence. Probably the most noticeable success story of the new projects currently being built is the Mullet Bay Fourteen development, which consists of two towers that will feature 22 stories of luxury condos. This project is still a year away from completion but is completely sold out. The success of this development is a great testimony to the resilience of the local real estate market and its ability to consistently attract international buyers. There are several other exciting projects that are currently under construction or in the planning stages. At present, the luxury segment of the island is still a buyers’ market, but it’s possible this might shift if trends continue the way they did in 2021. Timing is everything. Arun Jagtiani is the owner/broker of Island Real Estate Team and IRE Vacations. He has been serving the local real estate market for nearly 20 years. During this time, he has been quoted in various publications such as USA Today, Forbes and The Washington Post as a local expert. He has also been featured on several TV shows such as NBC’s Open House, HGTV’s House Hunters International and Caribbean Life. For more information, visit www.ireteam.com.
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