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The value of property transactions in Jersey’s Public Registry peaked at £920million last year – an increase of more than a quarter of a billion compared with five years ago.
2016 saw £924million of property transactions pass through the Island’s registry, a rise of more than £80million in comparison to 2015, and £267million more than in 2011.
The nine-figure sum was the highest level of property transactions – not including those bequeathed in Deeds of Gift or Wills – in the Registry in recent years.
Total stamp duty collected in 2016 amounted to nearly £25million. £3.16million was attributable to judicial hypothecs - a slight rise on 2015 when they totalled £3.13million – and duty collected on Contracts and Wills slightly falling to £21.7million, down from £22.2million the previous year.
The value of last year’s transactions, which stood at nearly £1bn for the first time, may have been pushed up an influx of super-rich new islanders, who migrated to the Island under Locate Jersey’s high value residency scheme.
Pictured: Speaking earlier this year, the Minister with responsibility for the Locate Jersey scheme, Senator Lyndon Farnham, said he was "delighted" with its progress and that the individuals' investment into Jersey would "diversify and grow" the economy.
Figures for 2016 showed that the new arrivals bought property exceeding more than £100million for the first time in 2016.
119 high value residency queries were received, with 17 permissions granted in total. That resulted in 14 relocations, which is expected to generate an additional income tax yield of £1.75million.
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