Last year, Cluttons said that the buzz was returning to Barbados and that property sales and rental activity was picking up. This year they can confirm that Barbados is clearly back on track.
Cluttons Barbados has had a successful year with an increase of approximately 70% in sales completed versus 2009. As Barbados enters its winter peak buying months, it is obvious that buyers are now returning to the Barbados property market. Villas, hotels and flights are booked up and it is even becoming harder to secure a table at the top restaurants, which is a glimmer of pre – recession times.
Although property prices have reduced by up to 15% since mid 2008, Barbados has proven its strength. Over the last few years, Barbados was competing with long haul destinations such as Dubai and it is clear that Barbados is a prime location on the world map as many buyers are attracted by the strength of the Barbados property market. If anything, the worldwide financial crisis has placed Barbados in a better position as competing and alternative destinations have faltered quite dramatically.
Kieran Kelly of Cluttons Barbados said: “We do expect an increase in property values during the next 12 months, however this still remains an extremely good time for purchasers to negotiate. Home buyers are attracted by the potential to negotiate a discounted price with high expectations of rental and capital growth. This is based on the stability of the economy, currency exchange rates, location and the quality of properties that Barbados has to offer.”
He continued: “During an economic downturn or market swing, it is always the exclusive locations that win through first. For buyers and for good reason, there is a certain comfort level attached to securing a good deal or discount on a property in prime locations such as Central London or Barbados! Those buying now will do well, as Barbados has an exciting future ahead.”
See Also: Overseas Property (0), Barbados (0)
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