Barbados Overseas Property Market Update 2016


Barbados Overseas Property Market Update 2016

 Things look good in Barbados as well as elsewhere in the Caribbean in 2016 as far as the residential property market situation is concerned; so it’s probably the right time to sell property Barbados online. It’s easy to see why.

2015 was a record breaking year for tourism in Barbados. Tourism is, of course, the biggest source of income in Barbados, as well as in the other Caribbean islands. The government has helped as well by investing billions of dollars in the infrastructure, building new airports, highways and marinas. Luxury real estate sales in Barbados are today better than at any time in the past.

The vast improvement in the Barbados property market can be attributed to its growing attraction to wealthy international investors not just from traditional markets such as the UK, USA and Canada, but also from China, Hong Kong, Brazil, Russia and Ukraine. Barbados is considered by many to be one of the hottest overseas property destinations.

Walter Zephirin, Managing Director of 7th Heaven Properties explains, "Several Caribbean destinations enjoyed a very positive increase in luxury real estate sales in 2015. We anticipate that this growth will be maintained in 2016, as international property buyers continue to be drawn to the region's consistent offer of year-round sun, sea, sand, stability and style of living."
 
Mr. Zephirin adds "While economic uncertainty looms in many parts of the world, growth in the USA and a recovery in markets such as the UK and parts of the Euro Area are providing prospective buyers with the confidence to invest in the Caribbean real estate sector." 

Foreign nationals are protected in Barbados by the property laws which are the same as those in Britain. All homeowners – foreign and domestic – are guaranteed the same private property rights in Barbados. So, there is a guarantee that their investment will always be safe.

The health care system is as good as it gets, and there are direct flights to Barbados from virtually every major city in the West. Also, there is no such thing as a capital gains tax on sale of property in Barbados – which is a big advantage for overseas buyers.

As Jeanie Mahon, an analyst who works for Knight Frank explains in a report, “We are anticipating a good season as demand for property has increased this year and we predict this will continue next year, especially amongst the British who account for the majority of our international sales. The $10million-plus market continues to prove steady and there are no signs of this abating. Prices will stay where they are and grow for premium properties looking forward.”

“There have been a number of apartment schemes in development over the last few years that are now completed, and as that stock comes onto the market to be rented out to visitors, the apartment resorts will start giving the hotels a run for their money,” Ms. Mahon added.

Barbados is one of the safest countries in the world, with excellent law and order and a relatively low crime rate. It is a stable democracy with one of the oldest parliamentary systems in the world. There are plenty of opportunities for entertainment such as shopping, golf, horse racing, auto racing, and performance arts in Barbados.

Real estate experts have projected residential property prices to rise by 3 to 5 percent in Barbados in 2016, with the highest demand coming for properties in the range of $1.5 million to $10 million, i.e., luxury properties. Generally, demand is expected to be steady in Barbados and prices should stabilize in the second half of 2016.

 




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