A Brief Look at the 2021 Barbados Real Estate Market
If you’re curious about purchasing, investing in, or selling property in the Caribbean, this brief look at the 2021 real estate market in Barbados will fill you in on how the island’s market has coped with the effects of the pandemic.
Emerging From 2020
2020 started out looking like it would be a promising year—but then the global pandemic struck, and it had a huge impact on everyone, including the people of Barbados. However, after nearly a decade of gradually improving performance, the Barbados housing market thrived through 2020. Houses sold for higher amounts than before, and high rental demand was converting into a desire to purchase a home there.
Renting Versus Loans
With locations available on every coast, rentals continue to be a significant draw for visitors. Currently, tourists even prefer long-term rental agreements compared to taking on high-interest loans. Still, the existing infrastructure and standard of living put Barbados high on the list of places to migrate to in the winter. Certain coasts are difficult to find rentals on during peak tourism season, pointing the people looking to travel post-pandemic towards other options on the island.
Considering that many renters are making the choice to buy or build permanent residences for themselves in Barbados, the outlook for property sales is still a good one in spite of currently high rental rates. With added emotional value, recent changes in both the global workforce structure, and initiatives by the Barbados government, there are still great opportunities in the Barbados real estate market.
Traveling for Remote Work
Barbados recently implemented a 12-month visa called the Barbados Welcome Stamp, incentivizing remote workers from abroad to spend a year on the island, earning money and contributing to the local economy. This arrangement is perfect for the growing populations of remote workers in the US and UK that are also getting vaccinated in preparation for travel. Boasting high-speed internet, luxury locations, and a lack of Barbados Income Tax, the Welcome Stamp is bringing those with travel withdrawal to the Caribbean.
Though the market continues to adjust to a changing global landscape, the 2021 real estate market in Barbados is staying strong. Because it’s open to remote workers and has ever-lasting beauty, incredible communities, and luxury coasts, Barbados will continue to be a destination worth investing in. Our real estate agents in Barbados at Terra Luxury can assist you in bringing your luxury coastal home to market at the best price and in finding your next idyllic island property.