The Caribbean island of Barbados has long been a popular destination for overseas property buyers, particularly those from the UK. Its property market is known as one of the best and most developed in the region, and many UK buyers have purchased holiday or retirement property on the island. It is also very popular with celebrities and the wealthy, and there are many high-priced and exclusive properties. The recent economic crisis has seen a drop in prices on Barbados, but it is still the place to buy for many.
According to estate agents Savills, Brits make up approximately 36 percent of the buyers on Barbados. Richard Eames of Savills estimates that 95 percent of his clients are from the UK, and was recently quoted in Thismoney.co.uk as saying “The market is like the South-East of England. The high end, which is for properties above 3.2 million, is still active, though prices have come down by about 25-30%. That’s mainly because ours is a predominantly UK market, which has been affected by the drop in the pound against the dollar as well as the global downturn.”
The island’s only residential marina is being developed at Port St. Charles. This is a development based around a lagoon that has villas and apartments for sale or rent as well as exclusive hotels on the beach and lagoon. The marina is just outside of the popular destination of Speightstown along the northwest coast. Prices for one bedroom apartments start at £469,000 and can reach £1.15 million for three bedrooms.
Other developments and properties include The Merricks in St. Philip, along the southeast coast of the island. This resort has a combination of villas and flats with prices beginning at £200,000. The Vuemont is near Port St. Charles and has 77 villas and apartments, beginning at £233,000. Wherever you look on this beautiful island, you can find amazing property and some great deals as well.
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