Statistics from the Ministry of Finance indicate the property market on Nevis is thriving, according to Hon. Mark Brantley, Premier of Nevis, at his recent press conference, while reporting on the status of revenue generated from various taxes including Stamp Duty and collected by the Inland Revenue Department (IRD).
“We have also seen an increase in Stamp Duties from $3.9 million to $4.8 million, a 23 percent increase thus far [for the year]…Four Seasons Resort Estates (FSRE) had announced they were having the most sales ever. They were selling at a very prodigious rate…these very expensive villas. Well each villa that is sold…there is a transfer Tax Stamp Duty paid, so we are now seeing in our revenue collection the effect of that.
“So, when there are property sales and the property market is doing well, it means that the government gets some taxes from it and so we are very happy to see that… There are a lot of other sales that are coming through and…we hope that that number is going to continue to trend upwards but it also again indicates that the property market is doing well,” he said.
Premier Brantley stated the real estate market is recovering from many years of some depression and buyers are returning to purchase high end homes, villas and land.
“I have seen values of US $5 million to US $6 million; people are purchasing homes for that amount in Nevis. So, it’s good news all around for the market. Good news for the realtors, good news for the government and the good people at Inland Revenue,” he said.