The housing market in Barbados is showing remarkable resilience driven by overseas buyers determined to be a part of the Bajan property market. House prices have seen a reduction of an estimated 15% however property experts predict that 2011 may see strengthening prices.
The Island largest overseas buyers come from the UK and it appears that the severe winter has made the Caribbean destination even more popular. Combined with a buyers market Barbados is set to have a buoyant property market.
Kieran Kelly of Cluttons Barbados. ââ¬ËWe 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.
The firm has particularly seen an increase in sales at entry level, with properties between US$300,00 – $600,000 doing particularly well. All 45 apartments in its new Weston St James development on the island’s west coast, launched last March, have now sold.
