Are you looking to sell luxury villas or apartments in Barbados? Then you will find the information given here pretty useful. There’s much to admire about Barbados, the most prosperous of all Caribbean islands. Barbados has a very stable real estate market that was in trouble for a while following the global economic recession of 2008, but has since recovered greatly.
The housing market scenario in Barbados looks quite good as we move towards 2016, but we are still a long way to go before we get back to how things were in 2007. The greatest thing about Barbados is that is a part of the Caribbean. Owning a second home or vacation home in the Caribbean is a sign of success in our world, which shows that you’ve made it. That’s why there will always be a demand for homes for sale in Barbados from rich individuals around the world.
Some of the richest men and women in the world own property here in Barbados. Sir Richard Branson was one of the first to see the potential in owning property in the Caribbean. Since then, many others have bought second homes in Barbados and in other Caribbean Islands. Since Barbados has better infrastructure and law & order than the other islands in the Caribbean, it is often the first choice of investors.
So what makes Barbados so popular with international investors? James Burdess, who works with the international real estate firm Savills attempts an answer: "Barbados a very stable place - economically and politically - it has a familiarity to it for British buyers with low crime, good roads, hospitals and schools and excellent communication from US and Europe. It has a depth of culture which means buyers can winter there without going crazy."
This is absolutely true. Barbados is easily the most impressive island in the Caribbean. In fact, prices of luxury real estate in Barbados dropped by just 5% from their highs in 2007. A beachfront house in Barbados could fetch up to $4 million to $10 million – which is really quite remarkable.
There has always been a strong interest in Barbados property from rich Americans, Britons and Canadians. But today, real estate brokers from Barbados have reported a strong increase in the number of enquiries from Eastern Europe, Middle East and China. If you’re looking to sell luxury villas in Barbados, you should probably look to reach property investors from China and Russia – that’s where your best chances are.
That’s why it is essential to hire UK estate agents with excellent ties in China, Russia and the Middle East, who are capable of reaching out to the rich investors in these countries. It is also important to ensure that your property is in good shape before putting it on the market. You must create a good first impression on potential property buyers.
While selling your property in Barbados, you will be required to pay a property transfer tax of 2.5% and legal fees of around 1% of the price of the property. There is also a stamp duty to be paid, which amounts to 1% of the selling price, as well as a 17.5% Value Added Tax (VAT). Be sure to have all the necessary documents with you before putting up the property for sale. Usually, it takes a couple of months for the sale to happen once the property has been put on the market.