Property for sale in Barbados
Barbados is an Eastern Caribbean island and an independent Commonwealth nation. Bridgetown, the capital, is a naval port with buildings from the colonial era, where there is also the synagogue Nidhe Israel, founded in 1654. On the island there are also the typical plantation houses of the seventeenth century.
The prospects for market growth over the next 12 months are far and minimal in this 2018.
Two things to take into account would be the value of the British pound against the US dollar and local economic growth, which is well below 2%.
Earlier this month, Central Bank Governor Cleviston Haynes delivered a less favourable report for the first quarter of this year, noting that the economy contracted by 0.7%, expecting a growth of -0, 25% and 0.25% this year.
With an unlikely growth in 2018 and an excess of excess supply, the price is fundamental in the new market. Those sellers with properties for sale in Barbados that sit on the market for long periods would be well served to mark prices on the market or to get comfortable over the long run.
Last year there was a decline of 0.1% in the volume of real estate sales of property for sale in Barbados, with the result that Barbados recorded its lowest sales volume in 25 years.
According to the data, 50% of the properties sold have been listed on the market for 12 months or less, 72% for 24 months or less and about 90% for 36 months or less. This is evident when considering the impressive volume of inventory of property for sale in Barbados that has remained on the market for over five years and in some cases for 10 years or more.
With the considerable amount of inventory on the market, perhaps the time has come for sellers to come together to universally accept that the old market has disappeared and that the new market is here to stay, at least for the foreseeable future.
The real estate market in Barbados remains weak, despite improved economic conditions and registration of tourist arrivals. The prices of residential properties for sale in Barbados, especially in the high-end market, are still about 29% below the maximum levels seen before the global crisis. Transactions are at historic lows.
In the famous West Coast, which caters primarily to super-wealthy foreigners, beachfront condominium prices have increased 5% in 2018 compared to a year earlier. However, this figure can be misleading given the extremely low sales volume during the year.
There are generally no restrictions on foreign ownership in Barbados, except for a formality: non-residents must obtain permission from the Central Bank of Barbados if they wish to acquire property for sale in Barbados. This is pro forma, but do not do it will cancel your purchase.
The real estate market is very dependent on foreign buyers.
Barbados attract many buyers of foreign homes. The properties of St. James and St. Peter are appreciated by British buyers, while the properties in the parish Christ Church of South Coast attract Americans and Canadians.