Guernsey and Jersey have long attracted individuals from the UK and beyond who seek a high quality of life in a business-friendly environment.
Both islands have regulations in place on who can buy and occupy property. In Guernsey, 1,600 properties, or 6% of the island’s housing stock, are classed as ‘Open Market’ and available for any UK or EU national to buy. The rest are for those born locally or those with an employment license.
In Jersey, those who are not locally born may qualify under the High Value Residency system, which requires a minimum annual tax contribution of £145,000. In addition, Jersey has a system in place for non-locals deemed essentially employed.
Thanks to a strong, high-value economic base, the islands’ residential markets proved resilient during the global financial crisis. Prices in Jersey, grew quickly to a peak in 2008, and remained at a high plateau. Prices in Guernsey rose steadily to a peak in early 2015. Performance in the two islands has since diverged (see Figure 11).