The Insider's Guide to Buying Property in Martinique
Welcome to the 7th Heaven Properties guide to buying property in Martinique, your essential companion for navigating this Gallic island in the heart of the Caribbean.
Famed for its gorgeous beaches, beautiful bays, bustling towns and cosmopolitan atmosphere, Martinique is a haven for property buyers seeking their dream home or a rewarding investment in paradise.
Discover the beauty of this incredible French Caribbean island, find out why property buyers are investing in real estate in Martinique and delve into the real estate market with a showcase of property listings and blog posts highlighting the island’s unique charm and advantages.
From the ins and outs of buying property in Martinique to an essential overview of relevant taxes, this is your ultimate go-to resource.
Overview - The Martinique Real Estate Market
Officially defined as an overseas “departement” (region) of the French Republic located in the heart of the Caribbean, Martinique effortlessly fuses the French way of life with its tropical location.
Much like fellow French Caribbean islands St Barts, St Martin and Guadeloupe, the official language is French and the official currency is the Euro.
The Creole cuisine for which Martinique is so famous also has an unmistakably Gallic influence.
However, Martinique, the “Isle of Flowers”, also boasts all the hallmark features of a classic Caribbean paradise islans: Endless beaches such as Les Salines, cascading waterfalls and a lush rainforest-covered interior, fascinating colonial ruins, quiet fishing villages and a colorful underwater world ideal for scuba diving and snorkeling.
The Martinique real estate market is relatively traditional with property for sale ranging from Creole-style cottages to villas overlooking the island’s beautiful bays in locations such as Fort de France, Les Trois-Ilets and Le Diamant.
“The Martinique real estate market is relatively traditional with property for sale ranging from Creole-style cottages to villas overlooking the island’s beautiful bays in locations such as Fort de France, Les Trois-Ilets and Le Diamant”
Buying Process, Fees & Taxes
- Can foreigners buy property in Martinique?
Yes, foreigners can buy property in Martinique and investment from overseas buyers is welcomed. As in France, there are no restrictions on foreign buyers acquiring real estate in Martinique.
- Buying process
When searching for homes for sale in Martinique it is important to understand how properties are classified. When looking at property descriptions, you may well ask yourself, “what do the categories T1, T2, T3 refer to?” Martinique uses the same real estate classifications as used in France. The “T” refers to the number of “pièces” (main rooms excluding the kitchen and bathroom which are assumed). Therefore, classifications have the following meanings:
- T1 = Studio apartment
- T2 = 1 bedroom apartment
- T3 = 2 bedroom apartment
Buying property in Martinique is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Once you have found a property you like and made an offer, a Purchase and Sales Agreement will be prepared by a notaire (notary).
- Once signed, you will be required to pay a deposit of at least 10% which will be held in escrow by the notaire.
- Sales are normally closed in 1-3 months, at which time a Deed of Sale will be officially registered.
- Pay all required taxes and fees.
- Fees & taxes
There are 2 types of property tax in Martinique – the taxe d’habitation paid by the resident and the taxe foncière based on the land and building.
Latest Real Estate Listings in Martinique
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Residency & Citizenship
- How long can a foreign citizen stay in Martinique?
While Martinique is an overseas department of France, it is not part of the Schengen Zone and Martinique has its own visa policy. Citizens of the EU and the EEA are permitted to remain in Martinique for an unlimited period without a visa. Citizens of the USA, Canada and many countries in the Caribbean and Latin America are permitted to remain on the island for a holiday for up to 3 months without a visa.
- How do you become a resident of Martinique?
Individuals who would like to stay longer in Martinique should apply for a long-stay visa at a French consulate in their country of residence. Applicants must be able to demonstrate that they have sufficient funds to support themselves during their stay in Martinique or, in the case of retirees and pensioners, provide proof of income from a pension or retirement plan. Applicants will be required to attend an interview in person and decisions are typically made within 30 days.
Individuals who have lawfully resided in Martinique for 5 years can apply for French permanent residence permit (carte de resident) which is valid for 10 years and can be renewed.
- How do you become a citizen of Martinique?
Individuals who have resided lawfully in Martinique for 5 years and who can demonstrate a good knowledge of the French language and culture can apply for French citizenship by naturalization.
Mortgages in Martinique
Looking for financing to fund the purchase of property in Martinique?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Martinique real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in Martinique.
For more information, see our page on: Caribbean mortgages.
How to Get There
There are direct flights to Martinique’s Aime Cesaire International Airport from Europe, the USA and Canada.
From North America, fly direct to Martinique from Miami with American Airlines or with Air Canada from Montreal.
From Europe. Fly with Air France from Paris to Martinique or fly to Miami and take a connecting flight.
Alternatively fly to St Lucia and take a connecting flight to Martinique with LIAT.
- Miami to Martinique 3h 30m
- Montreal to Martinique 5h 10m
- Paris to Martinique 8h 35m
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