Property Introduction
In recent years, the Island’s healthy economy has gone hand in hand with steady population growth. This change was anticipated by the development and construction industries, with the effect that the Island has no shortage of new residential opportunities, from executive apartments to family dwellings.
Potential buyers will also find an extremely wide variety of properties to rent or buy on the Island, from traditional Manx cottages to Victorian townhouses and modern bungalows.
The highest concentration of residential property is to be found in the capital, Douglas. Housing developments have expanded the town outskirts while in the centre, the quayside and promenade areas have been regenerated by the conversion of former guest houses and commercial sites into apartment buildings.
Unsurprisingly, Douglas also has the greatest number of commercial premises available. These range from both offices (in both modern and period buildings) in the town’s financial centre, to units in business parks and industrial estates (of which there are a smaller number dotted around the Island).
While property prices vary around the Isle of Man, its compact size and modern infrastructure means that no settlement is especially isolated.
As throughout the UK, Isle of Man property values have increased considerably in the last ten years, representing excellent opportunities for the personal or business investor.
The dramatic slow-down in the UK market has not been seen to any similar degree on the Isle of Man; local estate agents report a relatively buoyant market.
For those considering relocation to the Isle of Man, it is worth noting the large number of associated services and trades, from financial advisors to removal firms to building companies.