Tourism continues to be a key driver in all aspects of Barbados’ economy and has formed a principle component in our Red Book content. This year we present a collection of useful reference statistics about the industry, including total stay over arrivals, a deeper dive into some key markets and a more nuanced look at the arrival numbers.
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.
Beachfront land has always had great appeal to persons wanting to own a piece of paradise. In Barbados, beachfront development has ranged from as far north as Port St. Charles, all the way down to The Crane Private Residences in the South-East of the island. Over the years, this range has seen increasing prices as the supply of land, villas and condos declines.
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.
Anna Lee Warren, Real Estate Agent
If you are looking for a beautiful neighbourhood to call home - one that truly retains its Barbadian flavour - look no further than Gibbs.
The residential area of Gibbs, St Peter is popular with local residents and visitors for many reasons, but mainly thanks to its naturally lush vegetation and many mature trees, its peacefulness, its authentic charm and, of course, the beautiful Gibbs Beach. Subdivided in the early 1900s, the present residential areas at Gibbs - which encompass Gibbs Beach, Gibbs Glade, Gibbs, Gibbs Hill and Piedmont - occupy lands that were formerly part of the Gibbs Plantation.
A fetching voice, and interesting journey and a penchant for making a lasting impression - this is the essence of the man of the moment. His name is Kevan Sahai, and it is a brand that has already preceded the man and is on its way to joining an esteemed list of self-taught masters of the art - a rare and privileged breed that have been naturally gifted by the omnipotent.With a passion and a guitar, a 16-year-old Kevan decided to make music his calling. Three years later, he made a decision that would be considered taboo by the average Barbadian youngster.
There is never a dull moment when it comes to dining in Barbados. With a diverse offering of restaurants that rivals the allure of its gorgeous beaches, introducing Barbados as the culinary capital of the Caribbean is no understatement. The island is home to a plethora of culinary experiences that are steeped in a blended heritage with a dash of international decadence, and the foodie paradise continues to raise the bar every year! From colourful cocktails to five courses of pure ambrosia, there is always something new instore for food lovers in Barbados.
The team at Terra Luxury has recorded another success through their partnership with the K9 Friends Barbados Charity as sponsors of a cause aimed at funding and facilitating all local canine welfare organizations.
Opening to great anticipation, Barbados’ furry friends took the spotlight at the K9 Friends Barbados Charity auction on December 23, at the lovely Apes Hill Country Club. The evening was a grand showing of spirit and humanity as over 300 persons - both visitors and locals - came together for the charitable cause.
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!
The launch of Hugo’s Restaurant in the picturesque town of Speightstown is akin to manna from heaven! Touted as “ Something HUGE is coming to Barbados” the modern beachfront eatery did not disappoint. From start to finish, the experience was simply magical! Hugo’s officially opened their doors on December 22 but invited guests were welcomed for a much-appreciated pre launch.
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.
Yes, Barbados is a popular vacation destination. But, the tiny nation has a deeper relevance for over 280,000 persons who have the birthright to call the island their native home. Each November, this national pride shines through, and a uniquely Barbadian showmanship gets underway in celebration of the island’s Independence.
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.
In today’s market in Barbados property looking back over the last two months and looking forward to the next two months:
Photo compliments visitbarbados.org
It will be culinary Christmas for all local and visiting foodies this November when the sights, sounds, tastes and aromas of the Barbados Food & Rum Festival fill the air! To read more, click to see full blog on our Terra Caribbean website.
Lisa Coyle, Real Estate Agent
The only thing that is constant in life is change and the Real Estate industry is not foreign to this concept.
Located within the most revered gated golfing community on the island, the Royal Apartments are a modern addition to the traditional residences that have become the signature of the Royal Westmoreland estate.
Luxurious properties are what we do best, and this September, the team at Terra Luxury has decided to pull together the top ten luxury homes for the season. Browse our list below and view properties ranging from extraordinary homes with exquisite views of the west coast, to modern homes with views of stunning rolling greens flowing through the island’s top golf courses. We just can’t stop talking about these properties for September!
Living in Barbados means waking up to warming sunshine, deep breaths of fresh island air and lovely views. But, the island is also known for its enticing food scene, something which has been recognized enough for the island to earn the title of culinary capital of the Caribbean. From Indian, Brazilian and Thai cuisine to Greek and some of the most scrumptious sushi dishes, Barbados is a melting pot of flavours that are sure to woo any foodie.
Understanding market trends when investing in Barbados real estate is key. It’s one of the reasons we developed the Barbados Condo Price Index (BCPI) in 2015. It is the first-ever real estate index published in Barbados, providing you with year-over-year values on beachfront condominiums on the island’s famed West Coast and bustling South Coast.
If the unveiling of its gorgeous Country Club house in February was not enough, the Apes Hill community has now revealed its latest additions to its community portfolio - the country club cottages!
Featured: Porters Great House
Barbados has earned a reputation of offering prospective home owners not only stunning properties with incomparable landscapes and views but also sound investments with boundless possibilities. But according to Andrew Guy, one of the most understated benefits of owning a property in Barbados is the island's unique charm.
Our top condos of the week allow for the best type of living arrangement. They provide you with other amenities and facilities outside of the actual condo and give you the privacy and freedom that comes with living in a home. It offers a certain level of security giving you the chance to travel easily without worrying about your home.
The 2016/17 winter season has been a challenging one for our UK buyers due to the low rate of Sterling against the US dollar. That said, this challenge has opened the doors for some great opportunities, and our sellers have responded to new market trends in a post Brexit market.
Buyers are fortunate to have an Oliver Messel home offered for sale in Barbados. These homes don’t come on the market very often, the last one was Fustic House and that sold in 2013; the asking price was US$15.75M, for the 7 bedroom home on 10 acres of land, located on a ridge front in St Lucy with beautiful ocean views.
Charms from the old world and a flair of modernity marry beautifully to create the experience known distinctly as Pollards Mill. Nestled away from the hustle and bustle of urban island life, the journey to this cozy 2.47-acre former plantation estate traverses the rural south-eastern part of the island and stops short not far from the border between St. Philip and St. John.
We are looking forward to welcoming the iconic Nikki Beach brand to Barbados’ shores. It will be another wonderful place to play on our island’s renowned West Coast and yet another fantastic reason to live or holiday in Barbados. Global luxury lifestyle and hospitality brand Nikki Beach Worldwide is set to open its 14th location in Port Ferdinand, Barbados at the end of 2017.
With twelve down, the world’s most popular name in beachside opulence has arrived in the Caribbean-beach lovers’ paradise, and some would argue that there will never be a more natural fit than Barbados and Nikki Beach!
Spring, Polo and Dining
The winter season has taken lovers of Barbados on a fun filled journey from the historic raceday at the Garrison Savannah to the legendary grounds of Kensington Oval. But, as spring approaches, Barbados blossoms to its prime offering a lively cocktail of its staple beautiful beaches, and a hearty dash of exciting polo action and sumptuous plantation-style dinners.
“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 we publish this 10th edition we cannot ignore that it falls at a time in the 50th year of independence of our small island state. As a nation we have all been struggling to focus on what we can be proud of when there is so much that is not meeting the high standards that we set for ourselves 50 years ago. From a real estate perspective I choose to focus on the words and meaning in the the chorus of our national anthem:
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.
Dear Clients and Friends,
Terra Luxury represents some of the best properties on the market, so it only seems fitting to present them on one of the best websites in the market. Some months ago we set out to build such a website with our efforts centred around three defining pillars: 1) to provide you with a superior online viewing experience, 2) to deliver a bespoke presentation of flagship properties, and 3) most importantly, to give our sellers more of what they deserve – one-click access to data and knowledge throughout the sale of their property.
To hear the words Barbados, birdie and eagle in the same sentence may seem odd but mundane; but, to the pert ears of those in-tune with the sport, it undoubtedly screams golf. Beyond the bewitching beaches that coerce you to stay waterside when in Barbados, there is another world lying in wait that presents grandiose greens, fantastic fairways and pesky bunkers. There isn’t a truer case of this than on the western seaboard in the parish of St. James, where tee time is any time at three of the most prestigious golf spots on the island - Sandy Lane, Royal Westmoreland and Apes Hill.
It’s one of the buzz phrases heard around the real estate and tourism industries. But whether we are speaking about an investment property or a luxury condo, do homeowners know what it takes to make Holiday Rentals a successful venture?
Kathy Dawn Burke, of Blue Sky Luxury, the holiday rental and property management brand, (and our sister company) explains the process in detail.
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.
Estimated Read Time 2 min & 30 sec
For discerning investors looking to lay down their roots in Barbados, one of the ultimate ‘zip codes’ would be the Sandy Lane Estate. Quiet and serene, exclusively private and centrally located along the Platinum Coast of the West, these homes are the epitome of island luxury.
What began as the brainchild of Sir Ronald Tree, a British politician who built the wonderfully Palladian home of Heron Bay (now famously owned by Lord and Lady Bamford), is now one of the most sought after pieces of real estate in the Caribbean. When Sir Ronald established the Sandy Lane Hotel in 1961 he was ‘protecting’ his much beloved West Coast neighbourhood from the inevitable influx of travelers that the new jet-set age would bring to our shores. He secured the 375 acres of the Sandy Lane Sugar Plantation for his development of a luxury upscale hotel and exclusive residential community with a private golf course. His legacy has weathered every economic challenge over the past 55 years and the Sandy Lane Hotel and homes in the estate have remained iconic symbols of wealth and status, attracting visitors and investors from all over the world who dream of owning the ultimate Caribbean address.
Living a stone’s throw away from pristine white sand beaches and any-time ocean dips is a luxury almost everyone craves. After all, let’s face it; with one look at those turquoise Caribbean Sea views, it’s hard not to sink into relaxation mode. Luckily in Barbados, we’re spoilt with an endless selection of beaches from the more tucked-away spots ideal for seclusion to the activity-packed shores bursting with family fun.
In February 1961 and with just 52 rooms, the Sandy Lane Hotel opened its doors to welcome its first guests. The establishment of the hotel was the brainchild of Sir Ronald Tree, a British politician who built a magnificent Palladian home on 20 acres on the West Coast known as Heron Bay. Cognisant of the burgeoning travel numbers to the Caribbean enabled by the jet age, Sir Ronald was concerned that his beloved Heron Bay would soon be surrounded by flashy resorts and middle-income retirees. His vision was to pre-empt this by establishing a luxury hotel and community with a golf course, and he determined that the Sandy Lane sugar plantation was the ideal location. Permission was sought from then Prime Minister Sir Grantley Adams to convert the estate out of sugar production into a building estate and to relocate the main highway that ran directly through what eventually became the main restaurant and bar. With financing arranged out of the UK, Sir Ronald and his colleagues (including names like Rothschild and Kindersley) formed the development company West Coast Limited. They purchased the estate from the Barbados Shipping & Trading and the hotel broke ground in mid-1958.
Racing fans have long hailed Barbados as THE premier destination for the ultimate race experience. The sun, sea and sand make it the perfect holiday destination for the family, while the exciting off-road and islandwide rally events keep the racing enthusiasts energized with thrills, spills and lots of action. With the recent completion of the world class circuit at Bushy Park and the highly publicized addition of internationally acclaimed events such as the Top Gear Festival, Race of Champions and Global Rally Cross, the island can definitely congratulate itself for bringing the world of racing to a whole new cross-section of visitors. (Sun-worshippers and golf enthusiasts, we’re talking to you!) This is the adrenalin rush you never knew you needed!
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.
Barbados is well-known for its polo events and polo communities with a seasoned programme of tournaments spanning January through to April. For instance, Apes Hill Club is a highly sought-after community which features many luxury properties for sales and rent with the convenience of nearby polo and golf amenities. One of the recent polo highlights in Barbados was the UNNA and ICBL Cheshire Polo Tour.