On a recent trip to Barbados, Cathy Hawker speaks of her experience and how she sees the Barbados property market shaping up for the UK investor. Download the attached PDF for the full story, or visit Homes & Property via this link to see the whole issue: http://es.homesandproperty.co.uk/handp/media/Binder1_10021.
American playwright Tennessee Williams once said, “Time is the longest distance between two places.” This time last year we were apprehensive about what 2009 held for us as the major economies of the world virtually crashed and burned. We were counseled that a flight to quality would leave Barbados in a relatively good position when the economic smoke cleared. The time has inched by and The Red Book 2010 reflects that the distance between economic chaos and normalcy is growing shorter, even if incrementally. In anticipation of The Red Book 2010, we take a look at the views of some of this year’s writers, business professionals with interests spanning real estate, construction, insurance, finance and history.
There have been so many great clichés knocked around in the last year that I thought I would start by listing my favorites. I am sure that they should be attributed to the authors but I know not who they are. “When the tide comes in all ships float.” “A great deal of intelligence can be invested in ignorance when the need for illusion is deep.” And my favorite: “When the wind blows strong you see who is wearing knickers.
As we near our 43rd anniversary of Independence in what has been a very challenging year, we thought it a good time to reflect on our small island’s resilience. Just a year ago the world seemed to have stood still as international giants Lehman Brothers, Bear Sterns and AIG (to name a few) all but imploded and caused mass economic turmoil around the globe. Regionally, CLICO announced its financial instability bringing the problems of the world even closer to home. As expected tourist arrivals slowed and direct foreign investments all but ground to a halt.
BY February next year Barbadians and visitors to the island should have a new shopping centre to frequent on the South Coast, and it is expected that this would raise the profile of this part of the island. The Lanterns at Hastings is a two level, upscale shopping centre owned by Windsor Plaza Limited, located on the site of the old Windsor Hotel in Hastings Christ Church, and will be the home of a full range of retail establishments, such as jewellers, pharmacies, spas, designer clothing and swim wear outlets, salons, restaurants, financial institutions, and more. Last Friday, the developers of the project and representatives of their real estate agents Terra Caribbean, spoke to the Business Monday about the project that got underway in April of last year. Andrew Laquis, one of the Windsor Plaza Limited’s directors and principal investors, stated that they had experienced a few delays that resulted in the completion of the project being bushed back from next month to February. “The reason why we had some delays along the way is that we wanted to make sure that we delivered a very high end project on the market.
THE new Lanterns at Hastings shopping mall slated to be opened next February is being heralded as a welcome development considering the volume of other developments being seen on the South Coast of the island. According to Hayden Hutton, Director of Brokerage at Terra Caribbean, the real estate agents for the new mall, there have been, and are going to be a number of residential developments on the South Coast, and as a result, there needs to be an equal amount of development in the area retail and service provision. “We are going to be delivering somewhere around 300 new condominium units on the South Coast in the next six to nine months, these being Palm Beach, Sapphire Beach, Ocean Two, and Silver Point. There has got to be an increase in the sort of site services and amenities that are available to these folks”, he said. As a result, the new mall, which will be open from nine in the morning to nine at night, with the food court being open on Sundays, and the possibility of other shops being open as well, is a step in the right direction.
Timing the market is a concept most often applied to stock market investing, but one of my friends keeps joking with me whenever I ask for advice he always says “Buy low, sell high.” On the other hand my father tells me “Buy right and hold for the long term”. Another person (not my friend) tells me that I should “Buy high and sell higher!” That simple statement seems to highlight the different risk profiles that can be adopted when it comes to investing.
In recent years, residential investors have sought out beachfront product on Barbados largely with the intention of holding for a period and eventually cashing in the capital gain on resale. By and large the same can be said for off-beach residential investors, whether in a local residential neighbourhood or a branded or themed development. Once running costs and some element of debt service were looked after, the anticipation of double-digit appreciation took precedence over the cash or operating return. With a focus on the overall yield as opposed to the cash return in isolation, an investor was generally content with the performance of this asset class. As the market continues to change and as some segments experience slowing in absorption (and in some cases oversupply), many residential investors are looking more carefully at the cash or operational side of the equation.
Business Monday - The Barbados Advocate - Monday 8th June, 2009 Barbados will once again distinguish itself as the Caribbean’s premier venue for world-class events when the Barbados Sailing Association hosts the 2009 International One Metre (IOM) World Championship from June 20-27, 2009. During the official media launch at Wispers Restaurant on Wednesday June 3, planning committee members, Senator Peter Gilkes, who is also a board member at the Barbados Tourism Authority (BTA), expressed his satisfaction with the tremendous confidence that the international community has in Barbados’ ability to produce high quality, first-class events. “Recently, we held an event which attracted people from the international sailing community, who came and saw and realised that Barbados has great sailing conditions and organisational skills. “We submitted a bid to host this championship and in December 2008 we were given the event. Most countries are given two years to plan, but our confirmation came with a lot less time to secure sponsorship and so in.