US Virgin Islands

Three main islands, each with its own character. St Thomas has the airport, the cruise harbour and the densest housing. St Croix is larger, flatter in parts, with an industrial past and a slower pace. St John is mostly national park, which caps how much can ever be built there and keeps its housing scarce.

Who buys here

Americans, mainly — people who want warm water and a familiar system at the same time. Mainland habits carry over: US title practice, US banks, US contracts, and a shorter flight than most of the region. Houses, villas and condominiums all trade, with hillside houses looking down at the water being the classic form.

The trade-offs

Hurricanes are the defining risk, and the worst recent season is still visible in the building stock and in insurance terms. Electricity is among the most expensive anywhere under the US flag, which makes solar and cistern water common rather than luxurious. The terrain is steep, so access roads, retaining walls and drainage deserve as much attention as the house. Prices are not territorial bargains — the familiarity is priced in.