Why is property in Jersey so expensive?

[sprayingtheperfume]

I’ve been on holiday to Jersey many times and love it. When I was younger it was my dream to one day live there. However the property prices are so expensive! Does anyone know why this is?

When I have mentioned Jersey to people before they have said things like that’s where the millionaires live.

It's a tax haven and attracts wealthy people who can afford those prices.

I think there are strict rules about buying property on Jersey. Only available to residents, those who've lived there 10 years or something - many hoops to jump through, plus yes it's a tax haven.

I can imagine if those rules weren't in place, it would soon turn into another holiday island with an abundance of holiday lets like certain areas of Devon & Cornwall.

It’s also due to size and supply/demand. There’s only so much housing and that inevitably pushes prices up
There is a 2 tier housing system also - qualified and non. The non is a lot more expensive

I spent a couple of years living there on a work secondment, it was a long time ago now but I seem to remember there were different prices depending on your residential status. So if you were born in Jersey you could buy property much more cheaply than if you'd decided to move there to retire (and quite rightly so IMO).

I have a friend there... real shortage of affordable housing. Many residents lived all there life having to leave as they can't afford to live there any more.

It's a desirable location with only so many properties. If you are a native or marry a native you can live there. Similarly if you are rich you can live there. Prob a bit more to it but it means ordinary people aren't forced off the island.

I'm from Jersey...left when I was 18, many moons ago.

It's a beautiful place to live, good weather, idyllic countryside...it bores me to death back then but as I'm getting older it ironically appeals to me more.

My mum and dad have a very ordinary small 3 bed semi. It's worth 600k. Boggles my mind.

@edwinbear

I spent a couple of years living there on a work secondment, it was a long time ago now but I seem to remember there were different prices depending on your residential status. So if you were born in Jersey you could buy property much more cheaply than if you'd decided to move there to retire (and quite rightly so IMO).

I don't know how well the two tier system works to make it possible for Jersey natives to buy hones on the island but I hope it does. I think it is very sad when people who are born and brought up in a desirable location are then forced away because everything is bought up by rich outsiders. Maybe the two tier system should be applied more in certain parts of the UK to protect communities and prevent the honey pots from turning in to holiday villages only.

Although I suppose it is possible if you are born in a small community you can't wait to get away? I know that was the case for me, brought up in a small village in a rural location, albeit not one that is ever likely to turn in to a popular tourist destination. No jobs, nothing happening and everyone noing your business - no thanks not for me. I never lived there again permanently after I left for Uni. I know someone who felt the same about the Isle of Wight

You have to live here and rent for 10 years before you 'qualify' to buy property. It's also possible to buy your way in if you're very high net worth but that's restricted to a handful per year and there has to be proof of the tax you'll pay locally per year exceeding a certain amount (100k I think).

Very occasionally a property will come up that's available to purchase by anyone, but they're usually about double market price.

I was extraordinarily lucky to inherit enough, and at the right time, to allow me to buy here. My 'bijou' 1 bedroom flat was recently valued at £365k

The prices are so high because as above, there's only so many can be built in the available space and the place is absolutely riddled with BTL investors and professional landlords buying up property and charging outrageous rents - average 1 bedroom flat is about £1400 per month.

We are hoping to sell soon and I've advised our estate agent I don't want it shown to investors and will not accept offers from investors.

I don't know how well the two tier system works to make it possible for Jersey natives to buy hones on the island but I hope it does. I think it is very sad when people who are born and brought up in a desirable location are then forced away because everything is bought up by rich outsiders. Maybe the two tier system should be applied more in certain parts of the UK to protect communities and prevent the honey pots from turning in to holiday villages only.

i get why people think schemes like this are a good idea, but what happens if you grew up in [insert name of very run down undesirable town].

where you can buy shouldn’t be dictated by where you were born.

in any event, the scheme doesn’t seem to have worked for Jersey if prices are still completely unaffordable for ordinary people.