How is the Barbados Real Estate Market faring?
Platinum Life asked Kieran Kelly, Chairman of leading Barbados estate agent Chesterton to sum up 2012 and to ask what he thinks 2013 has in store.
"Barbados has remained strong through the world’s woes and home buyers have realised that owning property in Barbados is both great as a holiday home in paradise as well as a savvy investment. We are moving towards property prices growing (capital appreciation) and rental yields remain strong at approximately 6-8%, which is considerably more than is achievable if your money was held in a savings account.
2012 has been a great year for sales and it is clear that more and more people want to be in Barbados. I think people are suffering from "Recession Fatigue" and are now making the decision to buy a home in Barbados, as it’s usually a lifestyle choice for the entire family to enjoy. We are looking forward to our winter season where the wealthy and famous visit Barbados to enjoy the very best beaches and restaurants.
Larger luxury homes with 4 - 6 bedrooms, with private gardens and their own swimming pools, priced between $1m - $5m, are very popular this year, usually within a luxury gated community such as Royal Westmoreland. It includes all the very best amenities you could wish for such as beach facilities, numerous resort swimming pools, gym, spa, bars, restaurant and one of the best championship golf courses in the world.
Elections are due in January. Currently the Democratic Labour Party are in power however it seems that the Barbados Labour Party are gathering good momentum and could possibly win the government of Barbados. The Barbados Labour Party has indicated that they are looking forward to attracting new international investment and also advertising Barbados as one of the most exclusive and stable countries in the world.
There are huge advantages to purchasing a home or property in Barbados as there are no taxes when buying and no inheritance or capital gains tax. There are also no restrictions to foreign buyers and property is owned freehold. Our laws in Barbados are primarily based on UK law so it makes the process very simple.”