Demand for property in Barbados rises as prices fall
A leading estate agent has reported a ‘noticeable increase’ in demand for luxury homes in Barbados at the start of 2012. The increase has been attributed to a fall in house prices on the island.
Experts are also predicting a buoyant market for property in Barbados in 2012. Are you considering buying a Caribbean property? If so, keep reading to find out why Barbados could be the perfect place.
Property market in Barbados set to stabilise in 2012
Knight Frank’s Barbados Residential Insight report assessed the property market over the past year. Christian de Meillac, head of Knight Frank's Caribbean desk, said: “Last year saw prices fall by between 5% and 10% on the island with the average price for a prime property now around $900 (£570) per square foot.”
Property Wire reports that ‘this downward trend in prices can largely be attributed to those vendors who, keen to sell, were more realistic ahead of the traditional selling season.’
And, it is luxury homes on the island that are seeing the most interest. Buyers tend to look for established homes on the island rather than undertaking renovations or buying off plan.
Barbados: the perfect place for British buyers
Experts are therefore upbeat about the prospects for property in Barbados in 2012. De Meillac added: “Momentum in the market is improving as buyers are reacting to price corrections and supply remains limited.
“If we add to this the island's tax friendly regime for High Net Worth Individuals and the quality of the homes on offer, I believe prices will stabilise and possibly start to rise again in the most desirable locations.”
Nick Marr, director of property website Homes Go Fast, agrees. He said: “Barbados is an excellent choice for British buyers. As well as some superb homes it also boasts some wonderful beaches and resorts. And, there are plenty of international flights from the UK.”