Happy New Year one and all!
It’s a new year - and a good year - for considering property prospects in Barbados. As 2018 gives way to 2019, the buyers’ market trend persists, making for the perfect time to work towards your real estate resolution.
Island living is irresistibly sweet on its own; but when paired with the interiors, amenities, and views of these 5 amazing properties, it becomes that much more decadent.
We’re excited to welcome Edward de Mallet Morgan from our affiliate Knight Frank to Barbados ahead of the upcoming winter season. He will be meeting with our agents, checking out our newest luxury listings and planning for the upcoming season.
Condo living really is the new chic, and the picturesque views, modern designs and contemporary décor that have become synonymous with condos makes it hard to deny. While detached homes are still en vogue, there is just something about the charm of living within an exclusive community of like-minded persons that is highly appealing to prospective buyers. So, we’re continuing our September tradition by presenting to our readers and clients the top ten condos of the month!
The Terra Luxury property market caters to the niche luxury property market in Barbados. A continued partnership with leading global property firm, Knight Frank, strengthens Terra Luxury’s international reach, reinforcing the exclusivity of its clients’ luxury homes and extending its services to discerning clients worldwide who aspire to own an exquisite property in Barbados. This week, we share with you our Top 5 Listings for the week, with valuable agents insight on just what makes each luxury property, perfect in its own way!
The Special Development Areas Act sets out the designation of special development areas and provides relief for approved developers constructing or improving a building or structure in those areas and to persons financing such work (other than a commercial bank).
Building starts provide an accurate method in determining the level of economic activity in the construction industry.
Within the context of real estate, Barbados is steeped in a history of sugar cane estates and a style of countryside living that served as an ode to mother nature. The signature of luxurious living was defined as stately homes trimmed by towering palm trees and other lush vegetation, while the structures themselves bore an appearance in-keeping with the soul of Georgian-, Jacobean- and Victorian-era architecture and the Palladian style. In addition, the interiors were often very spacious, with a dominance of coral stone and wooden trims and accents.
Rachel Edwards, Sales Manager
As the Winter Season rolls into 2018, it seems timely to share empirical insight on what $1M can buy. There has never been a better time than the current real estate market to purchase a home in Barbados.
Real estate market trends reveal that homes listed for at least 2 to 3 seasons, with no successful buyers, has caused sellers to rethink their property prices for an advantageous sale. To accommodate this, motivated sellers may be willing to work out a mutually beneficial deal with an attractive offer or adjust their properties’ prices to snag the right buyer. For west coast buyers this is excellent news as that exclusive market now has the best property prices that it has seen in the past 10 years!”
So, that said, what can $1M get you? Luxury. West Coast Living and yes… Beachfront property!
Betty Cathrow, Real Estate Agent
Clients invest in real estate for a variety of reasons. Today we meet more and more clients who want a second home where they can holiday each year, whilst not having to worry about declines in value, or additional cash outlays for annual running costs. In a similar vein, we also meet local clients who are looking for alternatives to cash investments, which can earn a return. The good news is that there are some opportunities out there and, with the right advice, both of these buyers can fulfill their vision.
Karyn Fakoory, Real Estate Agent
Choosing a second home is an exciting prospect, but for some it may be equally overwhelming. Through years of experience and client feedback, our agent Karyn Fakoory has found that it may be helpful for homebuyers to outline key "must-haves" before they start their search. She has come up with a detailed checklist, and invites all prospective homeowners to use it as a key tool to assist in the decision-making process.
Nestled within the beautiful private community of Sugar Hill is the ridge-front beauty that is Coral Sundown. Its location and grandiose nature is befitting of a king, and it is no surprise that this property has been the ‘beloved holiday home’ of musical royalty - Sir Cliff Richard.
“Real Estate values in Barbados never go down.” Seems hard to believe but just ten years ago, this was the signature adage about the Barbados real estate market. The view was that property values generally increased, levelled off at times, and then increased again.
One of a kind.
The best residence in Barbados.
Warm and welcoming.
Barbados is home to a number of absolutely amazing villas that really are truly special in the unrefined sense of the word. And, despite all that’s been going on in the global arena, we have seen a few sales of mega-luxury properties that tell us there is still confidence and interest in that segment of the market. Moreover, recent years have also seen the island record increases in luxury travel, something which has always been considered a positive indicator for the market.
As is expected, we real estate practitioners in Barbados have been speculating and trying to forecast the short- to long-term effects associated with the fact that the citizens of the United Kingdom have voted to leave the European Union. The possibilities coming out of the so-called Brexit have ranged from scenarios of depression and out-right doom and gloom, to frenzied optimism. However, we sit with bated breath as it remains to be seen how the chips will truly fall.
Nestled on over 750 acres of rolling landscaped lawns, broken up by dramatic colours and tropical oases you will find the ultra exclusive Royal Westmoreland, one of Barbados’ finest luxury communities.
The global financial crisis in 2009 had a profound impact on Barbados’ tourism industry. Arrivals dipped sharply, and after a recovery in 2011 failed to be sustained, 2013 saw the lowest long stay visitor arrivals since 2002. Since then stakeholders have implemented a revamp of the government support structures for the industry, and along with increased confidence in the global economy, arrivals have gone from strength to strength. Total arrivals were up by 13.7% in 2015 and nearly 17% from the low in 2013.
The Apes Hill Golf and Polo community is one of Barbados’ newest luxury developments, set high on a ridge with rolling country and coastal views, tropical charm and perfect privacy.
Elevated at an impressive 1000 feet above sea level it enjoys sweeping views of the Caribbean Sea to the West and in many locations the wild Atlantic Ocean to the East, a truly unique vantage point and one of its many draws for those looking to put down their roots in an island valued for its privacy.
Real Estate is complex, and for that reason, clients require the property valuation experts to provide Market Valuation reports for their various purposes. The interest you hold in a property heavily influences your perception of the property’s value. During this recessionary period it has been particularly challenging reconciling market reality with perceptions, given the general fall-off in market prices.
The six-year period leading up to the peak of the market in 2006 is widely regarded as a period of unprecedented growth in the Barbados market. This boom period saw compound annual growth in some market segments of 12% and staggering prices being achieved for property in some areas of the West Coast. The reality is that this growth cycle paled in comparison with the island’s first property boom, which occurred much earlier in our history.