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Barbados property market report
Country: Barbados, Carribean; Caribbean
Barbados Property Market ReportNovember 2009 Over the past twelve months, the effects of the economic downturn around the world have washed onto the shores of Barbados and have, especially over the past six months, made their presence known in the Barbados property market. The 2009 Barbados real estate market can be described to date as thin—the total number of transactions has been reduced across the board: luxury, residential, property investment have all been affected by the changes in lending practices and the changes to the buyer profile. We are seeing first time buyers who have been left out of the booming market until recently approaching cautiously, with the majority of the local demand coming for small plots of land or single family homes.
The characteristics of those looking to purchase property in Barbados have changed. The buyer is now less spontaneous, more opportunistic, more specific on what they are looking for and how much they are willing to spend, and are demonstrating a higher level of due diligence before they purchase. In general vendors are showing themselves to be moderately responsive, with those who own leveraged properties obviously the most willing to bargain. The Luxury Barbados Property MarketProperty prices in the luxury residential side of the market have discounted on average by 25-30% against 2008. Buyers who rely on mortgages for luxury purchases are no longer buying as a result of changes to banks’ lending practices. The low value of the pound (relative to the USD and BBD) throughout the earlier part of the year was also a major factor for the buyer to consider. Beachfront Barbados PropertiesThere is significant inventory of apartments, so buying opportunities favour those who are looking for beachfront investments of this type. The Market for Residential Property in BarbadosThe residential market is also experiencing discounting, but less than what is being reported for the luxury end of the market. Banks have lowered their residential mortgage rates by 1-2% over the past year. The decrease in interest rates, coupled with the discount in property prices, makes this an opportune time for buyers—especially in cases where the sellers may be distressed and looking for a quick sale. Barbados Property InvestmentMajor Caribbean banks have reduced the lending limits for real estate loans and in some cases have eliminated real estate loads for the time being. The current lending limit does not allow for any new developments to take place, unless they are fully funded. Forecast for 2010:
We anticipate that with a strong pound, low interest rates, Europe coming out of recession, Canada standing on strong footing and Barbados being the choice destination that the number of property transactions should increase throughout 2010. The Grove, Barbados:
The new development we have in mind is ‘The Grove’ - the new townhouses adjacent to the planned Limegrove Lifestyle Centre in Holetown, St James.
The residential component of the Lifestyle Centre is The Grove. The first 8 hillside villas (townhouses influenced by loft living) have just been launched - the show home has not yet been completed and we have sold 2 units and have an offer on a 3rd. The list price is US$1.325m. The show home we expect to be open to the public in the first quarter of the 2010 calendar year. These units are very spacious with 3,433sqft of living space - including a private patio pool on the ground level.
The Limegrove Lifestyle Centre is the most exciting development in Barbados at this time- it is the first ever mixed use development: live/work/entertainment. Many major brands have already committed to the retail aspect of the project including: Louis Vuitton, Ralph Lauren & Cartier.
There's also a range of articles for you to read about buying property in Caribbean:
As well as our overseas news stories affecting the property market in Barbados .
Or view our range of property for sale in Barbados.
See Also: Aylesford International, Barbados property market report
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Some properties in Barbados, Carribean
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Price: £246,558
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Type: Apartment
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Bedrooms: 2
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There are four buildings in total, which surround the large, free-form swimming pool, and these accomodate a mix of two and three bedroom condominiums, plus eight large penthouses.
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Price: £281,329
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Type: New Home
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Bedrooms: 1
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Springcourt is a residential oasis in Rockley New Road, Barbados. These superb Condominiums are located on the North side of Rockley Resort in this sought after area.
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Price: £281,329
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Type: New Home
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Bedrooms: 1
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Springcourt is a residential oasis in Rockley New Road, Barbados. These superb Condominiums are located on the North side of Rockley Resort in this sought after area.
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Price: £281,329
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Type: New Home
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Springcourt is a residential oasis in Rockley New Road, Barbados. These superb Condominiums are located on the North side of Rockley Resort in this sought after area.
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View details | Enquire further
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Price: £292,392
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Type: Villa
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Bedrooms: 3
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This magnificent home is set in a peaceful south-eastern community, with amazing sea views from the upper patio. The large rooms add to its open feel, with many modern finishes.
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Price: £306,617
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Type: Villa
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Bedrooms: 3
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The property is located in one of Barbados's exclusive gates resort communities, featuring stunning views over the Caribbean. Located in the parish of St James, the community's Colonial style clubhouse has its own 200 sq.
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Price: £312,939
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Type: Villa
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Bedrooms: 3
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A fabulous opportunity to acquire this charming three bedroom, 2 bathroom townhouse, one of four within a fuly enclosed, gated community, tucked away in the serene residential area of Porters, St. James.
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Price: £347,710
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Type: Apartment
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An award winning 5* development set in Grenada and managed by a premier international hotel operator, offering a 8 years rental guarantee & priced at below RICs valuation
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Price: £350,871
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Type: Villa
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Bedrooms: 3
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With just a few of the original 28 townhouses still available, this new residential development in St James, is perfectly positioned to take full advantage of the stunning beaches on the island's west coast, as well as the amenities at nearby
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