shortage of executive-style accommodation and sent rents skyrocketing.

As a result a local developer is moving quickly to build 12 luxury condominiums -- for which he received planning permission several years ago -- next to the upmarket Mizzentop condo-complex on Harbour Road.

In the last six months, company executives and their families have been arriving on the Island in droves, according to the agent for Mizzentop South.

"Agents are falling all over each other to try and find accommodation for them,'' Ms Cris Dapena said. "Not a day goes by when there isn't an ad in the newspaper seeking executive accommodation.'' The shortage has led real estate agents to make tempting offers to local families to vacate their homes for a few years.

And the homes are now going for almost double the rents they did a year ago, Ms Dapena said.

Usually with a pool, bedroom en suite with bathroom and modern kitchen and air conditioning system, they can fetch anywhere from $4,000-$20,000-a-month.

Luxury home owners could cover their entire mortgage payments and still have money left over by renting out in the current market, Ms Dapena noted.

She believed the influx of foreign businessmen was a "long-term phenomenon''.

She cited higher taxes imposed by the Clinton Administration for Americans making salaries of more than $100,000 as one reason for it.

She felt the other reason was the success and steady growth of exempted companies based here.

Businessmen were coming to form exempted companies to escape high taxes. Or they were transferring to the Island or being hired by expanding exempted companies. "Some companies are just growing and growing,'' she said.

Ms Dapena felt there was a market for both executive houses and condominiums.

There were currently not enough condos on the market, she said.

Once built, the semi-detached Mizzentop South units are expected to go for $600,000 to $1.2 million, offering patios, wooden floors, a pool and grass tennis court.

They are being developed by Mr. Sandy Frith-Brown and have nothing to do with Mizzentop next door on Longford Hill in Warwick.

Mr. Thomas Moss, head of the Chamber of Commerce real estate division, also felt there was a shortage of executive accommodation.

But he was not convinced another executive-style condo complex was needed.

"The inquiries I have been getting are for private houses, not condominiums,'' he said. "I think there are enough executive units out there.'' However, in an effort to find out exactly what housing is available, the division is currently conducting a survey of real estate agents and hopes to update it regularly.