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Property Prices In Barbados Look Set To Rise This Year

News Posted On: 15 February 2012

According to a report from Knight Frank, demand for property in Barbados has increased since the beginning of the year. Prices on the island fell between 5% and 10% last year, and the average price for a prime property is around $900 a square foot. Experts are attributing this fall to keen sellers being more realistic over pricing.

Buyers have reacted favourably towards these price corrections, and there is only a limited supply of homes. The island is popular amongst high net worth individuals as it is very tax friendly, and the quality of homes on offer tends to be high. These factors are expected to help prices to stabilise and even increase in the most sought-after locations.

Barbados has always been popular with international buyers due to its beautiful beaches, laid-back lifestyle and well-established resorts. The island also receives 20 international flights a day, with two being from the UK. The majority of prime property on the island is purchased by nationals from the UK, the US, Ireland, France and Canada, with most looking for a long-term investment and a second home. Some even choose to make

Barbados their main residence due to its favourable tax conditions. The most popular properties are those in excellent condition which are ready to move into. Most buyers don't want to purchase properties which need renovations, and a few buy land to self-build, or buy off plan. Not surprisingly the most popular properties are beachfront or golf properties which not only offer an excellent lifestyle but also good rental opportunities.

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