Mention the Caribbean, and its sun, sea and laidback lifestyle, and most people immediately think of Barbados. After more than 30 years of development, this former British colonial outpost has become a well-established favourite with the international jet set, from Jemima Khan and Hugh Grant to Michael Vaughan, the England cricketer, and Ian Woosnam, the golfer.

But with more than 7,000 islands, islets, reefs and cays to choose from, there is far more to the Caribbean than Barbados. As the economic importance of the once mighty sugar industry fades, tourism is becoming essential across the region — and estate agents and property developers are already hard at work. So where should you buy if you can’t afford Barbados or simply want somewhere different? St Lucia, one of the larger Windward Islands, has long been described as “the next big thing”. Prices are 60% lower than Barbados but rising fast, making for good potential capital gains. A further boost should come from this spring’s cricket World Cup: St Lucia will host all England’s group-stage matches at its Beausejour stadium. But critics say development is proceeding with little clear strategy.

An interesting alternative is Grenada, which at 133 square miles is the largest of the Grenadine chain and benefits from frequent scheduled flights to Britain. “It has everything you need,” says John Albanie, a British-born journalist turned estate agent who moved there in 1986. “Not just the beaches, sun and sea, but waterfalls, rainforest, greenery and the most fertile soil virtually anywhere.

“For those people who are going to be looking at Barbados, or indeed any of the other islands, and saying, ‘It’s all very well but it’s a little bit cluttered’, I think we have something to offer.”

At 12 degrees north, Grenada is technically out of the hurricane zone, but they do hit, and building standards and regulations are correspondingly tight. In 2004, Hurricane Ivan caused £500m worth of damage but, surprisingly, had little effect on the property market: undamaged rental properties were scarce, so rents remained high; a building materials shortage and reconstruction costs meant the sales market also remained steady. Nor are there many obvious reminders of the 1983 US invasion that ended the country’s brief flirtation with Marxism.

Albanie, whose company Caribbean Enterprises also runs property-investment seminars, says waterfront homes in the south are now hard to find. In established areas, such as Westerhall Point, Fort Jeudy, Prickly Bay and True Blue Bay, prices range from US$80,000- $240,000 (about £40,000-£120,000) for a half-acre lot. Away from the south, vacant plots sell for far less, but access is problematic: there aren’t many roads.

High-end residential schemes are looming. Peter de Savary, the British entrepreneur, is regenerating the lagoon adjacent to St George’s, the capital: he plans a 350-berth marina, a hotel, shops and private residences. His hotel/residential resort at Grand Anse beach, one of the region’s most beautiful stretches of sand, will have private condominiums and flats.

Here, too, the World Cup is expected to stimulate tourism — and highlight the shortage of hotel beds. Mike Pemberton, a Barbados developer, and his business partner, Robin Paterson, have begun to build a five-star complex on 550 acres at Hog Island in the south; the 117-bed hotel and 44 private villas will be operated by Four Seasons.

In the southeast, Property Frontiers and Napier International are developing Bacolet Bay, a 40-acre residential resort. Paul Clark, a financial-services sales director from Wapping, east London, has bought a one-bedroom and a two-bedroom villa there, paying about £180,000 for each. Both were discounted ahead of the official release later this month: a two-bed villa is now selling for £330,000.

Clark has never visited Grenada but maintains he has done his homework. “The main motivation is a capital growth opportunity — this is an island that is yet to be developed,” he says. “I think it’s a good proposition: there are a lot of rich Americans out there.”

Those who really want to get away from it all could try St Kitts and Nevis, an Eastern Caribbean federation of about 44,000 people. In the north of St Kitts, the larger of the two islands, Rawlins, a boutique hotel, is building 65 plantation-style, two-bedroom cottages, costing from £350,750; when owners aren’t using them, they can lease them to the hotel.

Nearby will be Kittitian Heights, a residential/hotel resort, with a golf course designed by Woosnam and an “artists’ village” It is being built by Premier Resorts and prices in the first phase of 66 villa plots and villas start at £173,000. Ocean’s Edge Resort, being developed by Newfound Property International, in the southeast is even bigger, with 32 one-bedroom and 82 two-bedroom flats, 48 two-bedroom cottages and 23 villa plots. Prices start at £160,000.

St Kitts, which measures 68 square miles, is a port of call for cruise ships, and several holiday home developments are underway. But building is costly, and there is only one direct flight a week from Britain: an eight-hour service from Gatwick on XL.com. The rest of the week you have to change in Antigua.

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers