Data Accuracy: A Crucial Issue for Real Estate Market Health
In the luxury real estate sector in Saint Barthélemy, a recent controversy highlights a fundamental problem affecting the entire market: data reliability. Zarek Honneysett, CEO of Sibarth Real Estate, reacted strongly to the publication of articles citing vastly overestimated prices on the island. At the heart of this controversy lies a major issue for all players in the sector: how to guarantee the transparency and accuracy of information communicated to the public. The manipulation or distortion of real estate data is not simply a technical disagreement between professionals, it poses a serious threat to the balance of the market. As Zarek Honneysett clearly states, “Providing distorted data is very dangerous for the market".
Read the full article by T.F. of Zarek's interview in page 2 of the Journal de Saint-Barth transcribed below:
Like other real estate professionals on Saint-Barthélemy, Zarek Honneysett jumped at the chance to read a series of recent articles in the press about property prices on the island. For example, the article published on November 5 by our confrères de la 1ère (which reproduces elements of an article published on the Capital website on November 2), based solely on figures announced by the Kretz Real Estate agency in a press release. It states that the average value of transactions varies between 12 and 20 million euros, while the price per square meter can rise, again on average, from 40 to 50,000 euros "in the most sought-after districts such as the port of Gustavia". In addition, another statistic, also sourced from the Kretz Real Estate press release, states that "99% of properties for sale escape the public market". According to Zarek Honneysett, Managing Director of Sibarth Real Estate, these figures in no way reflect reality. Providing distorted data is very dangerous for the market," he says. It creates a distortion of reality that can lead owners to believe they can sell at prices that turn out to be far too high."
A fluctuating average price per square meter
To back up his point, Zarek Honneysett refers to data collected by his agency since 2017. We account for all transactions carried out in Saint-Barthélemy," he explains. We have a team dedicated to this work, which enables us to produce global statistical data. "The data is collected for villa and land transactions, and includes pre-emptions carried out by the Collectivité territoriale. Apartment sales are not included in these data, which JSB was able to consult.
They show land prices well below those quoted in recent articles. In 2024, the average price per square meter is 1,990 euros," explains Zarek Honneysett. It fluctuates every year. From around 1,000 euros in 2017, it rose to 1,400 in 2018, 2,100 in 2019 before rising to almost 3,000 euros, again on average, in 2022. You always have to bear in mind that a few good transactions can affect the average price. "For two other real estate agents in Saint-Barth, the current average is between 2,000 and 3,000 euros for a plot of land. A third confirms the trend closer to 2,000 euros.
An average of 6 million euros
Of course, the director of Sibarth Real Estate has noted a strong upward trend in the average price of villa sales over the last ten years. But nothing approaching an average of between 12 and 20 million. In 2024, the average selling price will be 6 million," says Zarek Honneysett. In 2021, Saint-Barth saw a historic surge in real estate activity. Buoyed by global post-pandemic liquidity and strong demand for safe, exclusive destinations, the local market recorded 113 transactions for a total of over 500 million euros. An absolute record in terms of both volume and value. "This exceptional year was followed by a gradual slowdown (95 transactions in 2022, then 70 in 2023). In 2024, Zarek Honneysett points to a "renewed stability" in the market, with 83 transactions recorded.
As for the claim that "99% of sales" are made "off-market", here again, the Managing Director of Sibarth Real Estate is astonished. Some owners entrust us with a mandate without us advertising it," he explains. So it doesn't show up on the Internet. At Sibarth Real Estate, we consider this to be off-market. But we have mandates for all the properties we sell, and 70% of our transactions are public sales."
Gustavia, the most sought-after
As for Gustavia's attraction for buyers, Zarek Honneysett confirms this. With a nuance, however, on the price per square meter. "We're talking about an average transaction price of between 20 and 30,000 euros per square meter", he assures us. This is confirmed by other real estate agents on the island, who also point out that some exceptional transactions in Gustavia can be very high, with prices per square meter sometimes exceeding 60,000 euros. "It can indeed go up to 40 or 50,000 euros", confirms a local real estate professional. "For top-of-the-range properties," he adds: "For the built, it's a price that can be found in different parts of the island. "
Furthermore, as this data is not collected by Sibarth Real Estate, a consultation of several Gustavia apartment sales sheets reveals prices per square meter sometimes in excess of 20 or 30,000 euros.
Finally, on the profile of buyers, Zarek Honneysett also disputes the fact that 80% of them are American. "Over the years, their profile has remained relatively stable, with around 55% of transactions involving customers from the European Union and the UK, 35% from the USA and the remaining 10% from various origins. "
According to the director of Sibarth Real Estate, four sales of villas worth more than €25 million were recorded in 2025.
* Translation of article written by T.F. on the Journal de Saint Barth (journaldesaintbarth.com).
