So you’re ready to buy a home. It’s a common misconception that to start the process, all is needed is the initial 10% down payment. While this is your personal investment, buying a home is an involved process which requires the assistance of many stakeholders within the Real Estate ecosystem. From valuing to financing the asset, and insuring the property to officially transferring the property and all the legal paperwork in between, the costs of buying a home add up quickly.
Hence, in addition to the 10% of the agreed price of the property, there are cash expenses just to finalize a house sale. What’s the real cost of buying a home?
What’s selling in T&T in 2022?
In early 2021, due to the pandemic and the sudden shift in properties actually being purchased, we took a closer look at the movement in the market and highlighted some residential trends for 2021.
Now that we’re fully out of lockdown, and activity seems to be returning to almost pre-COVID norms, we delved in again to see which trends stayed and which trends did not.
Considering listing your property for sale? Now is a great time to list both residential and commercial properties. There are qualified buyers looking, and good, well priced listings are being snatched up quickly. So, if you are considering selling a property, contact Terra Caribbean, we are here to answer all your questions, guide you through the process and get your property sold.
From the economy to technological advances and how we do business, Real Estate in Trinidad and Tobago has evolved from the 1960’s to today. The cyclical nature of T&T’s economy post-Independence has spurred waves of development, which have in turn stimulated a flourishing industry to what it is today.
Purchasing a home is one of the biggest financial decisions that anyone can make. We at Terra Caribbean will continuously ensure that our clients feel comfortable and confident to make that informed decision.
Living in Barbados may be your dream, and it doesn’t have to be just a dream any longer. Take a look at the differences between living in Barbados and America.
The ownership of residential property is an investment. Whether the primary objective is generating income, increasing its capital value or the enjoyment of occupying it, owners will want to be sure that their investment is managed effectively.
Being prepared for the weather is half the battle when it comes to traveling somewhere new. Delve into what you can expect from Barbados all year round.
Land sales continue to be the dominant sales in terms of volume in the Grenada real estate market. Let’s look at brief overview of land sales in Grenada in 2021.
Terra Caribbean Grenada, the most well-established real estate provider in Grenada, released its third publication of The Red Book on Thursday 31st March 2022.
With many land developments and listings at various price points on the market right now, purchasing land could be a quick and easy option to get into investing. But, when it comes to unimproved property (land), prospective buyers like to understand the basis for pricing and what their money can buy.
Based on price per square foot and multiplied by the land area, the total land price of one parcel can sometimes scare prospective buyers into sticker shock. Hence, we delved into various aspects that contribute to the price per square foot of land.
One thing the Coronavirus pandemic has done in the last two years is shift our focus from the hustle and bustle outside of home to our work and recreational space at home. As we close a second year of remote work and homeschooling, quality of life has become paramount to most. For some, a lush environment, more floor area, or a further distance away from the rush is worth moving outside the West.
What does this mean for Real Estate?
It’s been a rough two years and you’ve finally decided to downsize your Real Estate portfolio as soon as possible. You’ve done your due diligence, spoken to a few Real Estate agents, even paid for a valuation report, and determined a fair asking price.
After a few weeks of market exposure, your agent calls with an offer below asking, but you’re torn between accepting a lower-than-expected price and chancing receiving a better offer.
Clients often ask for rental properties in St. Lucia that are within a gated community. There are a few gated communities on island, many of which are located in the north of the island, and each differ depending on their location, amenities and views.
Today I want to share with you one that offers you all the comforts of being in a gated community, while allowing you to enjoy all the perks of a resort - The Landing Resort & Spa.
Getting the keys to your first apartment can be a huge accomplishment for some. The idea of freedom, independence and the unknown will cause excitement and to an extent, suspense. However, there are several things that needs consideration before even starting this journey. Here are 5 crucial tips for first-time renters.
It’s no secret that men and women think, act, and prioritize differently. The same goes when searching for homes. Believe it or not, when it comes to buying homes, men and women differ on the questions they ask, their motivation for buying and what they ultimately base their decisions on. We asked our agents, “What are the buying styles of men vs. women?” and the responses were telling.
While men fixate on price and the bare bones of the home, women tend to focus on safety, livability, and future plans - all equally important. Though the questions below are not exhaustive or exclusive to either male or female, it is an abstract of the contrast between men and women and how they make their property decisions.
A few months ago, we discussed the difference between price and value and how the perception of both concepts affect transactions. Additionally, the last year and a half during the pandemic has changed the already shifting T&T Real Estate market. Now, with all the talk of Property Tax and Land Valuations, we realized that there are many misconceptions surrounding Property Prices.
Therefore, we delved into some of our sold transactions over the past 18 months from our database to understand what money can buy today at different price ranges. This is not a definitive guide but an insight to illustrate what the market has dictated over the last year and a half. The aim is to help both property searchers and vendors navigate the real estate market and show what’s selling and for how much.
Whether you’re a first-time homebuyer or a pro, buying a property is a big undertaking. It’s easy to fall so in love with a property that you lose sight of the more practical considerations. Therefore, we urge you to ask us these questions before even viewing the property.
Whether it’s for personal use or development, land is favoured by many as a quick and easy way to get into investing. As it is considered unimproved property, a land sale is a fairly straight-forward transaction. But, before you make that down payment, there are few things you should look out for to ensure it is a sound investment!
Tips on how to improve the value of your home
Wondering how to add value to your home? If you want to know how to add value to your home it’s important to tick all the right boxes so you are actually adding value without spending a fortune. Thankfully there are lots of brilliant ways to add value and boost the appeal of your home.
Certain projects are quick and easy and will add instant interior appeal while others may be larger extensions that will give you curb appeal or help your house sell for the right price on the property market. Here are 4 tips which will help add value:
From May 2021 to now, Trinidad & Tobago entered a second, stricter lockdown and a State of Emergency following a spike in COVID-19 cases. Similar to the first lockdown in April and May 2020, businesses except for essential services either closed or had their staff work remotely. In July 2020, in an effort to understand how working remotely changed attitudes of office employees, the Terra Caribbean Group built and circulated an attitudes survey to their host countries; Barbados, Grenada, St. Lucia and Trinidad & Tobago.
Therefore, to understand how attitudes may have changed over the last year and how employees feel about the office in the future, Terra Caribbean Trinidad circulated another survey as an updated, comprehensive view of the Trinidadian employee.
Here at Terra Caribbean Grenada we advise our clients to carefully review the covenants of a property, and consideration must be given to whether the covenants create a benefit or impose a burden to you prior to purchasing it, based on the purchaser’s intended use for the property.
With significant levels of vacancy across the City Centre of Bridgetown, we sought to explore the notion of re-introducing Residential Living as an added usage by conducting a brief survey.
We’re taking a break from talking about Real Estate trends to discuss the real topic at hand: COVID fatigue. Here we are a year later, and to our surprise, we are still in a pandemic and in another lockdown. However, the consensus is that this lockdown is stressful and more difficult, for varied reasons.
While numerous businesses have managed to pivot over the last year, making their operations digital and getting websites ready for e-commerce, some of us are still navigating how to pivot on a personal level; battling mental health challenges amid concerns of job loss, decreases in business revenue or the health of our loved ones. In honour of Mental Health Awareness month, we’re examining COVID fatigue and how to cope during these times.
Understanding the intricacies of IBCs in St. Lucia can be overwhelming. Terra Caribbean's helpful overview seeks to shed light on this important topic.
This is not a Sales Pitch! Despite the current economic climate and the pandemic, the Real Estate market is active and has been since June 2020. We recapped the property trends here and can safely say that Real Estate in T&T in 2021 is a sound investment.
Why? Here are 5 reasons:
Let’s get practical for a minute!
With all the conversation about price reductions in recent months and valuations in a pandemic year, most people have been using the words “price” and “value” interchangeably. What really is the difference between price and value? Furthermore, what determines both factors?
If you've missed Time with Terra Radio Edition, here's a recap! Here are 6 staging tips Sherma-Ann Roberts Joseph - Real Estate Agent- advises for property owners thinking of selling their home.
What a whirlwind this last year has been! COVID erupted, sanitizer and face masks became the new norm and nearly everything was cancelled; including long awaited holidays to Barbados.
There's much to consider when deciding where to build a tropical home. Our guide to the best Caribbean islands to invest in real estate will help you choose.
Carolyn and Tyler like many others decided to accept the invitation of our Prime Minister Mia Mottley. They moved to Barbados on our Welcome Stamp visa for 1 year. When I asked them why they chose Barbados they said, “Barbados chose us!” They both grew up in Seattle and then moved to Arizona and Las Vegas before moving to Barbados. In speaking with them I was intrigued by how much they had learned about Barbados and the degree to which they had already embraced our culture. I decided to ask them a few questions about their experiences in Barbados and especially how they adapted during our ‘Pause’.
A commercial space with road visbility, accessibility and close proximity to Rodney Bay & IGY Marina.
We can all agree that the Commercial Real Estate (CRE) sector has been one of the sectors affected the most in this Pandemic. From the hotels, malls, multi-family buildings, offices, retail and such. However, let us step back a bit before the pandemic. Some of these sectors were already struggling. Each sector had different challenges however, this was a sign to look at different approaches to achieve a different result. As Albert Einstein was quoted saying, “Insanity is doing the same thing over and over again and expecting different results.
Post lock down 2020, the Real Estate outlook for the rest of 2020 was dismal. With the phased reopening of Trinidad & Tobago in June 2020, many businesses contracted or closed their doors, leading to widespread job loss, diminished spending power and decreased economic activity. We were preparing for the worst.
However, in our May 2020 article, we highlighted a few drivers of the industry and how buyers may make their next property decisions. Nine months later, a closer look at the residential segment shows some concrete trends that have sustained through to 2021, that we did not anticipate.
Buying land can be a lengthy process, however, we're here to help. As we know, this is one of the largest investments most people will make in their lifetime; therefore ensuring that you're making the right decision is key.
If you've missed Time With Terra Radio Edition on Tuesday, here's a recap!This checklist from Renee Charles - Real Estate Agent - will help ensure you are on the right path to making your purchase is a success!
Barbados is the perfect spot to purchase land for investment or build your dream home. Consider some tips on how to buy property in Barbados to get started.
The Welcome Stamp was the first digital nomad visa offering qualified individuals and families the opportunity to live and work in Barbados for up to 12 months.
Barbados property owners who don’t regularly inspect their holdings risk claims under adverse possession law. Learn about the risks of allowing squatters here.
We have broken down the real estate sales market for Grenada for Q1 - Q3 of 2020 and made comparisons with 2019 sales within the same period to examine the total number and value of sale transactions, sales performance by parish and by prime residential neighborhoods. We have also reviewed number and value of sales by property types and classifications.
Every year, the population waits anxiously to hear if taxes will increase, the price of food or gas will skyrocket, or the general cost of living will climb. This year was a different one; waiting amid a pandemic, on how the Budget for the next fiscal year would stimulate the suffocating economy. While we have seen continued activity in the residential segment post-lockdown, the Real Estate sector did contract this year. However, we are hopeful that the concessions and tax exemptions across Housing, Construction and Real Estate will jumpstart the sector for the next fiscal year.
Spacious, Maranatha is a lovely open-plan home in Durants. Perfect for entertaining.
After many surveys searching for the effect of the pandemic on Work from Home trends, the market outlook, and the real estate sector, we decided to look internally at our post lockdown closed transactions. With nine months of the year effectively gone and the COVID-19 pandemic still an active threat to our economy, we decided to get to the root of buyers’ behaviour at this time to differentiate between normal demand and pandemic demand. Additionally, while the commercial real estate market has seen a downturn, the residential market remained buoyant.
After a quick analysis, we discovered that while 50% of our post lockdown closed transactions (both sales and rentals) were normal demand, the other 50% were decisions, directly or indirectly, influenced by the current situation.
Our Welcome Stamp has answered the call for many people who are willing to take advantage of our ‘Work from Home’ initiative.
Looking to relocate to Barbados? With the introduction of the 12 Month Barbados Welcome Stamp, you can work remotely for up to a year in one of our properties. Choose from a wide selection of villas, houses, apartments, and townhouses across the island.
Visit our bespoke website: www.welcomestampbarbados.com
Understanding the Barbados property market helps you determine a realistic value for your home when selling and a fair price when buying property in Barbados.
A reputable leader in the market and experts in Barbados long-term rentals, The Terra Group, comprising of Terra Caribbean, Terra Luxury, and Blue Sky Luxury have launched a comprehensive relocation guide suited to non-nationals looking to work remotely for up to a year on island.
Who would have thought that after we were under lockdown conditions during COVID and the world was at a standstill that the Barbadian residential rental market would not only pick back up but propel itself past anyone’s expectations?
Over the years, there has been a growing global trend towards the Working From Home (WFH) concept. However, to date this trend has not been widely embraced in St. Lucia or the wider Caribbean. Due to Covid-19, at the end of March, 2020 with little to no notice, companies were all thrust into having to mobilize their teams to work remotely. With the phased reopening of Caribbean economies in June, we thought it would be interesting to have a greater understanding of people’s attitudes towards WFH. As such, over 500 office workers were surveyed across the region - Barbados, Grenada, St. Lucia and Trinidad.
During the Corona Virus (COVID-19) pandemic of early 2020, Trinidad and Tobago was placed on a stay at home order for April and May 2020. Consequently, all businesses except for essential services either closed for the duration of two months or had their staff work remotely. Across the Caribbean, other countries were faced with similar stay at home orders for the months of April and May 2020. With the phased reopening of most countries in June 2020, staff has expressed their willingness to continue working from home.
Therefore, in an effort to understand how working remotely has changed attitudes of office employees, the Terra Caribbean Group built and circulated an attitudes survey to their host countries; Barbados, Grenada, St. Lucia and Trinidad & Tobago.
Click here to view the full report.
A fantastic 3 bedroom family home offering one of the best views on the island.
Primo Bistro & Bar reopened this month under new ownership with a fresh vibe. Set in an iconic location on the ocean’s edge in the calm bay of St. Lawrence Gap, this location has been featured in more magazines and tourist travel blogs than anyone can count. The combination of serene sea views, delicious and affordable menu, and friendly staff make this new restaurant ideal for casual dining or tapas & cocktails.
On March 28th 2020 we were all given the mandate to stay at home. Many businesses closed their physical doors and opened for business virtually.
In June with most of the Caribbean economies reopening for business, we surveyed over 500 office workers across Barbados, Grenada, St. Lucia and Trinidad to better understand attitudes towards Working From Home (WFH).
In our last blog, we looked at what the current water zones are across the island, and the restrictions in development as outlined in the Barbados Physical Development Plan (Amended) 2003. The Draft 2017 Physical Development Plan, outlines an update to the Groundwater Protection Act to reflect a refined approach to defining Groundwater Protection Areas and the delineation of new zones of protection.
Our agent, Huanna Leon, shares some tips on getting a mortgage!
YES!! We haven’t stopped working for you – we have been working remotely and now are back in the office. We have had to adapt to the new norm but we are excited to still be working with you. Email us, call us or check out our social media pages!
How do we breach the conversation on rental rates with our current landlords and tenants?
One of the biggest questions we face recently, as a real estate firm is the effect of the two month lock down on the real estate market and how business and prices may change within this new normal. While no one can predict the future of Real Estate in Trinidad and Tobago given this lock down, we have seen unique patterns appear through our data.
We have all experienced a very interesting period of our existence over the last few months, where we were all required to take residence in our homes for our own protection. As the airlines canceled flights and borders began to close many visitors made a last-minute attempt to cancel their vacation plans to be safe in their own countries of residence. However, a few choose to ride out the lockdown period here with us in Barbados!
The Hotel School, Cornell SC Johnson College of Business held a webinar with US industry experts to discuss the current state of the hospitality industry and what the future might look like. While the North American and Caribbean Markets differ in their offerings and customer base, Lisanne our Leader of Advisory highlights 5 key takeaways which are also relevant to the Caribbean region.
When it comes to buying or selling a home, there are a few factors that one should always take into consideration as it relates to pricing. The buyer wants a great deal and the seller wants as much as they can get for their property. In the end, both should feel that they got a good and fair deal. To help you (whether you are the buyer or seller or both) make informed decisions and have a realistic approach to the potential current value of a home, we have highlighted some basic characteristics that affect the value of properties.
The COVID 19 global pandemic has had a profound impact on the business environment giving rise to unprecedented consequences. The Prime Minister announced a phased reopening of certain businesses from May 4, but we cannot yet determine when our economy will fully emerge from this crisis, particularly as Barbados still has a few active COVID-19 cases. To successfully navigate the “new normal” will require business leaders to consider a number of things.
During these challenging and uncertain “covidious” times landlord and tenant negotiations have been at the forefront of many conversations in both the commercial and residential contexts. The reality is at the core of this conversation and negotiation is that these relationships are controlled by landlord and tenant law but flexibility on the part of both landlords and tenants is key to achieving an optimal outcome. Having to wear both hats during this time as well as act as a mediator or middle man in some instances has provided a unique and informed perspective as it relates to the various ways these negotiations can proceed.
As the real estate industry is impacted by the current crisis, and with other sectors of the economy continuing to struggle, several people are starting to pay attention to sustainability, diversity, food security and products we can export. We can all point fingers at who is responsible and what should have been done in the past to boost agriculture, but ‘Hindsight is 20/20’. This simply means that it's easy to know the right thing to do after something has happened. This blog post is not to put blame on anyone; frankly, we should aim to move forward by developing proper plans and solutions.
Water is vital to everyday living and we are constantly advised to do our best not to pollute our water sources, and ensure we drink as much as we can. But did you also know that water can significantly impact where you can build? Did you know that Barbados has been classified by the UN as the 15th most water-scarce country in the World, or that the majority of water-scarce nations on the UN list are located in the Middle East and the Caribbean?
In a market that has no “playbook”, no “SOP” on how to handle this type of situation, how do you advise your clients?
Located on the south coast of the island, just steps away from Freight’s Bay you’ll find The Palisades. An intimate townhouse community surrounded by several amenities.
It’s day 5 of the 24-hr curfew and I feel as though the world is now rotating at a quarter of her normal speed and the stillness all around asks “is creation is holding its breath."
Tucked away within the quiet neighbourhood of Fairway Gardens, this attractive home is within walking distance to Accra beach and features two apartments which have been recently upgraded. The property can either be used as two separate apartments or as a single dwelling as an internal staircase joins the ground and first floor.
Finding your dream home isn’t easy. Everyone has particular tastes and preferences, so you may not find your dream home already on the market for sale. If you want to have your dream home, you will have to build it, like many others have done. This means you have to first find the land; that is, if you’re not lucky enough to have inherited some.
Given the current COVID-19 pandemic that has swept across the world and touched down in our sister isle of T&T in the last couple weeks, working from home is no longer the exception but the rule. In the past, as a Terra Caribbean agent, we’ve always had the option to either work via remote access or come into the office and use the space there.
But with current conditions, we were strongly advised to stay home to do our part in flattening the curve. I could use some curve flattening! I welcomed the nearly mandatory work from home directive and thought, this should be fine, a walk in the park. But a week and a half in, this proved not to be exactly so. Here’s how I changed 5 woes into wins that may change my office life forever.
The Parish of St. Philip or "St. Farlip" as it is affectionately known is the largest and most easterly parish in Barbados. Its main hub is known as Six Roads. This unique hub received its name because six roads extend from the roundabout, making it an easy connection point to Christ Church, St. George and St. John. Six Roads is a hive of activity offering many amenities such as restaurants, a gas station, a school, Emerald City shopping complex which includes a large supermarket, bank, credit union, post office and a few retail stores.
It’s that time of year again, and I don’t mean Christmas! Land tax bills will soon be issued, and the 2020-2021 year is a revaluation year. What this means, is that the Barbados Revenue Authority (BRA), will have completed their triennial revaluation process and while only the tax rates changed last year, the assessed site value (for vacant properties) or improved value (for built properties), may change on the land tax bills for this year resulting in an increase in tax due.
Your family home, your prized possession, your piece of heaven that may have taken years to complete; but now, for one reason or another, your humble abode is up for sale. Most people have an idea of what their home is worth, however it’s easy for that financial investment to turn into a sentimental dollar value that may differ from what’s actually obtainable on the market. Therefore, before you list your dream home with a wish price, it’s best to consult with a professional who may know a thing or two about the market to advise on the value of your home.
Like many a sailor in years past, here is your opportunity to “discover” Marigot Bay, a picturesque waterside community on our west coast, between the city of Castries and the town of Soufriere. It has been described by the prolific American novelist James A. Michener as “The Most Beautiful Bay in the Caribbean". Marigot Bay holds a certain allure that is unique in the world, with a mixture of lush green mountains, turquoise reefs and beaches, and a choice of varied accommodations.
2020 will be one to remember as we launch a year-long campaign celebrating our island, culture and values. Our Prime Minister, the Right Honourable Mia Amor Mottley, Q.C.M.P announced her vision for the all-inclusive Barbadian homecoming last year at the nation’s Independence Day Parade. Inviting all Barbadians, and even those who just adore Barbados to return home and come together participating in activities and rebuilding the nation’s sense of community.
I feel like I just witnessed the close of 2019 and yet here I am galloping towards the end of February already. This year has opened with a feeling of optimism. The team is exceptionally busy and we sense a shift in the market. As always, my analytical side wants to know what do the numbers say? Is that gut feeling that things are improving right?
Why should you list with Terra Caribbean; a shorter blog would be Why WOULDN’T you list with Terra Caribbean. From an internal perspective knowing what we know of ourselves and others in the market the list of benefits and advantages go on almost indefinitely but for the purpose of this blog and to make sure I do not drag on losing you, the reader, in the melee of proven facts with biased opinion as the icing I will stick to just the Top 3 reasons for consideration.
Key to the approach of any property valuation is to first obtain a clear understanding of the intended use for the report being requested. This is important as the use of the report guides the Valuer in determining which approach(es) should be performed and relied upon when concluding an opinion of value. Most times, a current market value is required, but there are times when a value is requested for other purposes such as obtaining and/or renewing the insurance on a property. The differences between a market value report and an insurance value report are explored below.
“What do you mean he’s dead?” I blurted out with the most dumbfounded look on my face.
“Sweet girl, he has been dead for more than 10 years, but his grandson lives in the green chattel house down the gap by the corner that has the empty lot with the black belly sheep”. I sighed and thanked the elderly man but knew that this wild goose chase seemed far from over. Let me explain…
You’ve found your dream property, or parcel of land with spectacular views and now have to source the funds to pay for it. Your Bank advised that you need to get a Market Valuation Report to support your lending application and after deep thought you’ve selected a Valuer from the approved list… so what’s next? After formally engaging the Valuer and arranging for them to get access to the property, providing the following information is very helpful and can reduce the time taken to complete the report and get you a step closer to moving in.
Every year, we clean our homes from top to bottom, change curtains and purchase new appliances and furniture, so how can we use these Christmas preparations or our Bajan ‘spring cleaning’ as a way of maintaining our homes yearly?
When it comes to residential property, what do short, mid and long-term rentals mean and how do they impact rental rates?
Property Transactions can be stressful and one of the biggest decisions of your life. If you are looking to buy, sell or lease - whether a residential house or apartment, commercial office, warehouse or retail store - we can help!
Corbyn or the Caribbean? And by Caribbean, I mean Barbados!
With the threat of Corbyn becoming the new Prime Minister for the UK, you may be looking to move assets overseas.
As we live in the digital age, social media is necessary. Hence, our marketing team dared the entire company to a 10 day social media challenge to encourage the team to make social media a social habit. As Real Estate agents, we're constantly encouraged to use social media to network with our circles as well as advertise ourselves.
Monique Aleong, Terra agent and social media newbie gives us her take on how she handled this challenge!
If we were to mention the ‘R’ word 10 years ago, most Barbadians would have run for cover. The thought of retirement (the ‘R’ word) was associated with being on your death bed. Ten years later and with increased knowledge of life balance and living a more active and healthier lifestyle, the thought of retirement has become a lot more palatable.
Before making my recent transition to Real Estate, I worked as a Facility Manager for eight years. I wondered how my prior experience would benefit my clients, and happy to say I’ve been pleasantly surprised!
You’re buying land to build your dream home… Sounds awesome! But do you know what percentage you can build on or what some of the ‘foreign’ language means? Have I lost you? Keep reading…
In our first edition of The Red Book Trinidad & Tobago 2019, we highlighted in our Residential Sale Insights that demand in the middle to lower Residential Sale segment remained stable over the period 2014 to 2018, while the high-end property segment decreased during the same period.
As we near the end of 2019, we asked the same question “What’s selling this year in T&T?” A closer look at the Residential Sale segment for the first 10 months of this year showed a similar trend in composition and price ranges of residential sales so far.
You call me - your go-to agent at Terra Caribbean - and explain that you’re thinking about listing your property for sale. Eeek! This is an exciting time for you as you anticipate my guided opinion on pricing.
Purchasing a home can be exciting yet daunting for most. As agents our ideal is to ensure that wonderous feeling of excitement remains throughout the process, regardless of the hurdles we are sure to encounter along the way - trust me there are always hurdles or as the title would have it loops and turns.
When someone asks and they do quite often, I pause and think do they really wish to know the truth the whole truth and nothing but the truth?
This one goes out especially to my millennial allies who left the fort or to those who are thinking about it… have a read, this might be a useful one for you!
Why your facility manager could also be (or perhaps should be) your next project manager.
The Villages at Coverly, Barbados was the dream of a committed team that has become a reality. Here, we look back at The Villages at Coverly then and now.
For first time homeowners, waiting for the right time to buy can be a lesson in patience. Between shopping for the best mortgage rates, scanning social media for affordable homes in the right location and getting all your ducks in a row, the entire task can take a while. But during this buying season before the Christmas holidays, we normally see quick sales occurring and an increase in property transactions. As the old saying goes “strike while the iron is hot.” As real estate agents interacting and transacting with the market every day, we can safely say, now is the time to buy.
Recently started work with Terra Caribbean, Barbados’ leading Real Estate institution, and being a Business Development professional I am always keen on looking to see where old processes can be refreshed and new ideas injected. Little did I know, and I must say was pleasantly surprised to find out, Real Estate is very much at the forefront of commercial digitization. Who would think that one of the world’s oldest industries would overtake some of the newest industries in the adoption of digitization? In a culture and economy where even our leading financial institutions are playing catch up, Real Estate has already capitalized and is positioned to continue to capitalize on this revolution.
People often ask me how the market is performing. Rather than sharing how I think the market is performing, I prefer to share the facts. In this month’s market report, I seek to answer the questions – “Is demand for real estate increasing?”, “Where is the highest demand?” and “What are some of the key trends?”
You have found your dream home or plot of land and have advised your agent of the amount you wish to offer. What happens next...?
Every year for Grenada’s carnival there must be one song that is a hip trend. For 2019 we have the song from Khalifah and Melo ‘Grand Anse, Grand Anse’. To most people the song is catchy and hilarious. In real estate terms ‘Grand Anse, Grand Anse’ is also trending as we see more and more companies in the city, St. George’s, move their offices to or open additional offices in the sub city Grand Anse.
If you are interested in leasing commercial space, here’s a smidgen of information to get you started.
There’s a time in everyone’s life when they take the next step and move out of their home. Are you ready? Here are some aspects you need to consider…
We are now past the half-year mark for 2019. How did that happen so fast? I wanted to take a moment to reflect on the last 6-months and share some insights into the residential long-term rental market so far for the year.
Terra Caribbean Trinidad is proud to launch their first edition of The Red Book Trinidad & Tobago! This launch coincides with the company’s 20 year celebration in Trinidad and 20 years of Knowledge, Experience and Regional Reach.
Borne out of the knowledge culture of the Terra Caribbean Group, the Red Book is a reference guide in each territory of Terra Caribbean - Barbados, Grenada and St. Lucia. As such, Trinidad & Tobago’s first edition includes salient articles and insights on the current property market of T&T in its 128 pages and is the first real estate specific publication of its kind in the country.
Crop Over is truly sweet fuh days!
For two months - from June to the first week in August - Barbados is the most magical, energetic and friendly place you will ever visit.
I lost. It’s hard for me to admit that, let alone write an article about it. I’m competitive by nature and I have channeled that through my love for sport and my work. I seek the thrill and adrenaline; challenge excites me, and complacency is boring. Enabling client satisfaction and achieving a new milestone for them, keeps me focused and driven. So, as you can see, I don’t like to fail.
Terra Heart is a campaign geared towards giving back (whether through voluntary assistance, monetary donations, etc.) to the community. To commence this year’s Terra Heart, we focused on ‘Education.’
Click here to view.
The Estates at St. George offers the chance to live life independently in an elegantly appointed apartment situated inside a secure gated community. Surrounded by a wealth of amenities, life at the Estates promises to be active and indulgent.
Learn more about life in the parish of St.Philip through the eyes and expertise of our agent Sue Armfield.
It is our pleasure to welcome you all to the first of many Terra Tip Clips. This series will be dedicated to providing informative and essential tips in the world of real estate.
Click here to view the first episode.
Most people think of Terra Caribbean as just a commercial real estate brokerage firm but we actually do so much more than that. For almost 20 years now, Terra Caribbean Trinidad has facilitated the rental and sale of both commercial and residential properties throughout the country. So why choose Terra Caribbean? Our CEO, Jean-Paul de Meillac tells you why in this episode of Be in the Know! with Terra Caribbean Trinidad. Enjoy!
Land tax bills for the 2019-2020 period have now been issued with the implementation of the new rates proposed by the Prime Minister in her March 2019 budget speech. While improved values may not have changed, the tax due may have increased as a result of the change in rates.
Are you ready to invest in your own little piece of the rock? Our agent, Annalisa Sealy hopes to make the decision of whether to buy or build easier by shedding some light on a few first-timer concerns.
Terra Caribbean Grenada, the most well-established real estate provider in Grenada, released its second biennial edition of The Red Book on June 3rd, 2019. This well-received and highly anticipated publication, first published by Terra Caribbean Barbados in 2008, is a comprehensive review of the real estate market, filled with insightful articles for guiding and assisting clients in making informed decisions. The Red Book Grenada 2019 successfully highlights the various real estate infrastructures and opportunities that the Isle of Spice has to offer. Once again, the publication is filled with a variety of property listings including those in Prime Locations, Grenadian Classics, Developments, Vacant Land, and Commercial Sales and Rentals.
Why live in Christ Church? Why wouldn’t you? Christ Church is the parish that has everything! It could be nicknamed the parish that never sleeps as there is always something going on.
Join our agent Lisa Coyle as she pledges to enact easy at home "going green" steps.
Our Sales Manager, Rachel Edwards gives you a brief overview of what the month of April looked like for her.
Terra Caribbean’s highly anticipated Red Book is filled with insightful, well researched and written pieces from some of the industry’s most reputable practitioners and experts.
The 140-page real estate reference guide is brimming with must-read articles on industry predictions, trends, analyses, along with advice for the investor, homeowner, developer, purchaser, vendor, and even the mere trend watcher.
The southern coast of the island is abuzz with preparation as the 42nd annual Oistins Fish Festival gets ready to kick into high gear. The festival, which predates many Barbadians, first took place in 1977 as a joint effort by the leaders of community groups in the Christ Church area.
Our Leader of Advisory, Lisanne Graham weighs in on the heavily discussed topic, Land Tax. Read more to find out how these newly proposed implications may impact you.
In this weeks' edition of "Agent Facts", our Real Estate Agent Betty Cathrow provides the answer to a question she is frequently faced with - “What do I do if I bought a property before I was married, and now want to sell it, but have changed my name?”
Often times when purchasing land or property, there are covenants which are attached to the said land or property. Covenants are binding legal obligations which are set out in the deed of a property by the vendor. They govern how the land or property can be used.
Many people think they KNOW what they want when buying a home… until it’s actually time to decide. What's on your wish list? Let our agent Andrea Barry help you determine what you want in this episode of Be in the Know! with Terra Caribbean Trinidad.
Stay tuned for more Be in the Know!
Nestled almost perfectly north-north east along the island’s Atlantic coast, St. Nicholas Abbey has recently heralded some exciting news that has noticeably boosted its ‘must-see’ status.
In Episode 4 of ‘A Real Estate Minute’ our Real Estate Agent Betty Cathrow provides possible solutions to the often-sought-after question “Can I rent this property to cover my running costs.”
Watch the video to learn more!
The South Coast of Barbados is now more appealing than ever. Click "Read More" to find you why!
For 2019, the Terra team has renewed their vow to give continued expert guidance and knowledge to all clients in their real estate endeavors. This keen outlook to 2019 is all thanks to the momentum gathered in 2018.
Click "Reade More" to find out a few of our favourite 2018 moments!
We’re two weeks into the New Year and while we’re still reeling from 2018 and the challenges that came with it, we are hoping for a brighter 2019.
Therefore, we’re urging all our clients and customers to start their property planning now if you haven’t already started. Whether you’re a first time homeowner, putting your house on the market to upgrade or in the commercial market, we advise everyone to have a goal for this year and an action plan to achieve it!
So what’s your Real Estate Resolution for 2019?
Located on the Hastings boardwalk, the Blue Pineapple brings a totally different vibe to the South Coast.
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 now the perfect time to sit and work towards your real estate resolution.
Exciting news for British travelers flying with Virgin Holidays to Barbados this winter season!
Virgin, one of the main British holiday- provider’s to the island has decided to pioneer a revolutionary idea. "Departure Beach" as coined by the group is essentially a super-cool Virgin Holidays' lounge but on the beach!
Barbados is looking more inviting than ever for 2019 and with great leadership, we are seeing positive results.
Christmas isn’t Christmas without the K9 Friends Barbados Charity Auction! The charity, which is synonymous with the festive season, continues to benefit the island’s furry residents by epitomizing the spirit of the season as locals and visitors patronize in the spirit of giving!
Terra Heart is a campaign created by Terra Caribbean Grenada, geared towards giving back (whether through voluntary assistance, monetary donations, etc.) to the community in the various parishes of Grenada, Carriacou & Petite Martinique. We truly believe that our assistance can help motivate and improve the lives of those in need. This Christmas our campaign was dedicated to the Programme for Adolescent Mothers, GSPCA Animal Shelter, The Queen Elizabeth Home for Children and the Grand Anse Home for the Aged.
Click here to view full video.
As we tick down to the last days of 2018, we take a look back at this year in the real estate industry.
This industry has seen spates of profitable periods over the last decade, but has steadily declined from 2016 to today. It is undeniable that while 2017 was a tremor, 2018 was an all-out earthquake, and we’re still feeling the aftershocks.
With shifts and changes in the macro environment in the past calendar year, the ripple effects cannot be ignored. While we’re hopeful of an upturn in the market in 2019 due to oil exploration and likely reinjection of government spending, we thought we’d analyze the considerable and critical external elements and how they affected the Real Estate industry in 2018.
When preparing for your future build, one key factor takes precedence - location. The Adam’s Castle Estate development near Sheraton Mall is certainly one to be considered if central accessibility is high on your priority list.
There is an abundance of choice for businesses looking to rent commercial space these days in Barbados. Although there is a lot of choices, when it comes down to it, clients seem to struggle with finding the perfect office without compromising too much on their ideal requirements.
What’s your favourite number? Why you might ask? Well this year, Barbados’ favourite number is 52 and here’s why - on November 30, as the clocks strike midnight, Barbados’ 52nd year of Independence will officially begin! This month, the most Barbadian of Barbadian sights, tastes and sounds are on display across the island, culminating with an extravaganza of activities on the last day! Let’s take a look at the day’s events as we invite you to participate in whatever your heart desires!
Whether it be dinner for two, cocktails at the bar or a good old Sunday Lunch, Lone Star will never disappoint. It is one of my favourite weekend spots on the West Coast of Barbados to meet friends. Positioned right on the water, I love admiring the stunning scenery – it never gets old. As you arrive, valet parking is offered and walking down the steps into Lone Star you can immediately feel the buzz in the atmosphere. The décor exudes tropical chic. Greeted by the friendly staff you can choose a table in the main restaurant or out on the covered deck, a step away from the white sandy beach.
Terra Caribbean invites you to view our new video series, Be in the Know!, where we discuss information on everything property related.
Owning your first home comes with so many mixed feelings of excitement, anxiety and uncertainty, that it’s quite easy to forget the smaller but important things. We realized most people are misinformed about the process of buying a property, beginning with the most important factor…the money!
Our agent Sasha Anton breaks down all the cash you need upfront when buying a home in this episode of Be in the Know! with Terra Caribbean Trinidad.
Ever wondered what's this pre-qualification that bankers and mortgage officers speak about?
Our agent Aleicia Mendoza explains the pre-qualification process and the importance of it. Find out more about it in this episode of Be in the Know! with Terra Caribbean Trinidad.
Stay tuned for more Be in the Know!
In Episode 3 of ‘A Real Estate Minute’ our Real Estate Agent Andrea Chase answers her most frequently asked question “I’m ready to purchase a property. What’s my next step?” Join Andrea, a veteran in the Barbados real estate market with over a decade experience in commercial, residential and multi-million dollar development sales! Watch the video to learn more. Look out for more of these videos coming soon!
If you have any questions for our agents, simply let us know!
One of the latest additions to the kaleidoscope of south coast charm is the Ocean Reef condominium development. Before we get to the amazing things that make Ocean Reef great, let us give you a crash course on all the possibilities and perks that come along with owning a home here.
We're excited to launch The Red List! This is our latest brochure that showcases key property listings, highlights some of the newest listings to hit the market and provides data on some of the most notable sales that have happened recently.
This year, the Barbados Tourism Marketing Inc. will stage its prestigious Barbados Food & Rum Festival a month early on October 18 - 21 - a move which has been reportedly received with delight by many who have been unable to participate in the festival in previous years. In addition to the date change, another novelty of this year’s event is its month-long run - yes, the whole month of October will be a celebration of food, with several pop-up events, food truck crawls, restaurant specials on the Dine Around programme as well as many other food festivities.
Since its establishment in the 1600s, Bridgetown has always been the central business hub of the whole island. While other business districts and estates have joined the island’s landscape over the years, Bridgetown still offers the perfect environment for setting up or relocating your business. From its proximity to the main goods port and varying financial and other services to easy public transport and road access, Bridgetown is without a doubt optimized for business.
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).
Join our Real Estate Agent Lisa Coyle in Episode 2 of ‘A Real Estate Minute’ - as she answers one of the most frequently asked questions from clients: ‘How's the Market?’ Gain more insight on why this is a popular FAQ and get a few tips on property investment. Watch the video to learn more!
Look out for more of these videos coming soon! If you have any questions for our agents, simply let us know!
Trinidad is known as the business hub of the Caribbean, so it’s only natural that we have an extensive commercial market.
This market segment has seen many shifts and movements over the last two decades.
It leads us to question, what exactly are the drivers of this market?
To kick off our new series ‘A Real Estate Minute’ - our agent Susan Armfield answers one of the most asked questions she gets from clients: ‘How do I know how much to offer?’ Watch the video for more insight!
Look out for more of these videos coming soon! If you have any questions for our agents, simply let us know!
This year is the third time we have published the Terra Caribbean Land Price Index (TCLPI) and with each iteration, we refine the process for information gathered and add to the volume of information in the analysis set. We continue to operate in a market with imperfection information, and as such, this data that we curate and maintain grows in value with each successive year. It is a live data set with additions constantly being made to the most recent periods as well as to historic periods as new information becomes available.
Welcome to our second episode of Time with Terra; our web series dedicated to keeping you in the know. This episode features Mrs. Renee Charles, our Brokerage Manager, along with two of Grenada’s banking industry experts: Mr. Musa Jasat, Country Manager of the RBTT Bank Grenada Ltd. and Mrs. Florence Williams, Executive Manager-Loans & Credit Administration of the Ariza Credit Union Ltd. Click to view the full episode.
The effect of the global recession on the local market has been significant, characterized by substantial reductions in transaction volume and demonstrably longer exposure periods across all property segments.
Join us on Saturday, July 14th 2018 from 9am-2pm for an Open Day at South View!
It has been an unusual last few seasons for Barbados and indeed an unusual last few seasons for the wider Caribbean. The world is changing, economies evolve and develop and Barbados has seen a big adjustment.
Workspace is changing. Now more than ever, the demand for flexible and shared office space is on the rise. As of 2017, there were more than 14,000 co-working offices worldwide with 1.2 million people having secured shared office space at some point (2017 Global Co-working Survey).
Once again another month in 2018 draws closer to its end but this one is a little different to Motorsport fans. It’s not just the usual end of month. The end of May marks the beginning of Barbados’ premier rally event, Sol Rally Barbados 2018!
Indoor air quality is one of the first attributes noticed by building occupants. Today’s office buildings are predominantly reliant upon a/c systems to satisfy internal temperature requirements. It is therefore imperative that special emphasis be placed on ensuring that these systems are proactively maintained so as to minimize any negative impact on indoor air quality and mitigate against potential adverse
Once a year the global facilities management community comes together to celebrate Facility Management on World FM Day and as the leaders of Facility Management in Barbados, our FM Team celebrated as well.
How much longer can we continue to be romantic about the glory days of 2008? Property values have changed substantially since then, however property ‘prices’ have not necessarily followed suit.
The Terra Group, a well-established and reputable real estate leader in Barbados serving all market segments through its brands Terra Caribbean, Terra Luxury and Blue Sky Luxury, today announced the release of its annual Barbados real estate insights publication, The Red Book 2018â.
Common area maintenance (CAM) fees, also referred to as ‘Service Charge’ in some commercial leases, refer to the costs associated with operating and maintaining the space shared by the tenants within a facility, and is charged in addition to the base rent.
As a property owner in Barbados, it’s important that you’re aware of Barbados beachfront property and the high watermark. Click here to learn more.
Buying a property is a big investment. And as a first-time home buyer, you have much to consider: getting pre-approved for a bank loan, deciding what type of property fits your lifestyle, figuring out where you want to live, finding a qualified agent, and then navigating all the steps from the initial offer to the closing.
Often market commentators are heard speaking about the Caribbean as if it is a single market for real estate investment. That is like going to the Olympics to watch sports. There is everything from a sprint to a marathon, from horse riding to the hammer throw, and everything in between. Pick a sport please – they are not all the same. From my seat I get to see the southern Caribbean real estate market from both the helicopter, and in the trenches. While there are similarities it's the differences that provide the insight.
Sue Armfield, Real Estate Agent
We know there are several aspects of our day-to-day where we interface with you, but today, I am here to give you further insight into the behind-the-scenes of our pricing practice - where we aim to achieve the best results for you! So, keep reading as I present to you five nuggets of insight into de-mystifying our process of assessing and providing professional advice on pricing and setting rental rates.
Bridgetown is the capital of the island, and for centuries has served as the epicenter of all commercial activities across the island. Although several other commercial districts have appeared on the landscape over the years - such as Warrens - Bridgetown stays true to its mercantile roots. The British settlers disembarked in a sparse - and nameless - Bridgetown in 1628, where the most predominant feature of the desolate area was a primitive bridge believed to be erected by the island’s natives over its main waterway. Two name changes later, Bridgetown was born, and over the ensuing decades, its streets would be the scene of trade and social convergence.
Down payment? Check.
So, you’ve decided to take this big step to buy a home (and it is a very big step indeed), probably the single largest investment you’ll ever make. Owning your first home comes with so many mixed feelings of excitement, anxiety and uncertainty, that it’s quite easy to forget the smaller but important things.
Hence, we’ve compiled a comprehensive guide to help you along the way, from all the unsaid costs to general tips, from an Agent’s as well as a buyer’s perspective.
Are you ready to buy your first home?
We are proud to announce the release of the first episode of our web series entitled ‘Time with Terra.’ These episodes will be dedicated to providing you with relevant market data, trends, rental and selling tips, and property management and valuation advice. Click to view the full episode.
The sound of hooves on the turf at the Garrison Savannah are getting closer as the 2018 Sandy Lane Gold Cup is just around the corner! On Saturday March 3, the six-furlong track will see trainers, jockeys and their formidable thoroughbreds from around the world grace its grounds to take the coveted champion’s cup - the Gold Cup - from their local rivals.
Laura Rotchell, Real Estate Agent
Recently, I’d met with a couple that had relocated to Barbados and previously rented with us - an interaction that lead to finding their forever home and created a friendship with them. Therefore, I would like to share Mr. Ye’s story in his own words after becoming the proud owner of Margate.
One of the best ways to form a lasting impression with your clients and staff is having an office space that reflects all the tenets of your brand. When choosing an office space, many internal and external factors arise, but in the case of a business that has outgrown its old home, the new space must be an obvious improvement. So, in addition to finalizing the moving contract and doing an assets inventory, the following points must also be hashed out to ensure the perfect fit.
There aren’t many things that can trump the internet, but within the real estate industry, our agents are the true champions.
The Internet has revolutionized the way in which information is brokered, and homeowners rely on various websites to guide them on their property-related journeys. But, it is a proven fact that although these options are right at our fingertips, the knowledge and expertise of a team of agents can never be supplemented.
This time last year, with a declining economy, we examined what $2m bought for the years 2007 to 2016.
As 2017 progressed, with a further contracting economy and a minor but impactful depreciation of the TT dollar, we look back at how these radical changes affected the Residential Sale market, with a snapshot of What $2m can buy today in different parts of the country.
With a New Year ahead, a slower market than 2016 and a depreciating currency, many of our clients ask us:
What can money buy these days?
To truly understand the buying power of $2m today and the time value of money, we first reviewed what $2m bought in past years. In our realistic analysis, we took into consideration, location and condition of these listings, our fluctuating inflation rate and stayed within a range of $1.8m to $2m.
Join our Real Estate Agents Lisa Coyle and Emma Hutson on CBC TV’s Property Matters as they give you a guided tour at Les Fleurs Morning Glory, Fort George Heights No 17 and Moonshine 303. The agents join host Cassandra Samuel for a lovely inside view of these affordable properties for sale in Barbados. View the full tour here.
Emma Hutson, Real Estate Agent
Barbados… the most Easterly gem in the Caribbean Sea, 30’C all year round and over 70 miles of white, sandy beaches. Why wouldn’t you move? Beats rainy city life! 166 square miles of paradise… you can enjoy the hustle and bustle in Bridgetown, surf at Freights Bay, hike the East Coast or enjoy a rum punch watching the sunset on the West Coast.
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.
Read more on our Terra Luxury blog here
Janelle Chandler, Assistant Manager Bsc Eng. MSc FM
In today’s tough economic times many companies have sought to reduce their footprint by optimizing their operations. This has subsequently reduced the demand for commercial office space across the island.
As a result, landlords are now forced to think outside the box and revamp their offering to attract the budget conscious, modern day commercial tenant who is looking for value for money when selecting their ideal office environment.
Our team was happy to work with the Caribbean Broadcasting Corporation on their new show ‘Property Matters’. Click to take a walk through some great St. Philip properties with our agents Annalisa and Sue!
Laura Rotchell, Real Estate Agent
Typically, young professionals are looking for a well-maintained property, with lots of entertaining and/or outdoor space. They’re also looking for amenities, such as a pool, and somewhere located within walking distance of the beach and public transport. They prefer being part of a gated community or with close, neighbouring properties. The location proves to be almost just as important as the property itself, ideally positioned where all the action is happening, either on the south or west coast of Barbados.
Considered the culinary capital of the Caribbean, Barbados offers a fixed menu of international cuisine, local delicacies and quite frequently, a gorgeous medley of both. Now, as we prepare to celebrate Independence, the traditional dishes and their bold flavours come to the fore, and finally locals - both at home and abroad - as well as all lovers of Barbados can finally have their yearly cravings satisfied! So, celebrate this Independence by indulging in our top favourite dishes that truly embody the tastes of Barbados!
Fully Functional warehouse and office space for use today!
December in Barbados will open with the exciting Run Barbados Marathon Weekend - the Caribbean’s most highly anticipated road race event that is an annual staple with the local, regional and international road racing fraternity. This decades'-old running tradition has grown exponentially over the years, and is now in its 34th year, promises to be even more exciting than ever.
Toni Jones, Real Estate Agent
When faced with the choice of deciding amongst properties, prospective homeowners usually ask: 'what makes this home unique?' Our agent Toni Jones has tasked herself with answering this question by highlighting some of our top listings with signature styles. Let us know how you feel about these unique features!
The best way to achieve the perfect home is to build it. This provides a blank canvas to achieve your personal blend of fine details that you may sacrifice when considering an existing home. But in addition to creating your perfectly customised kitchen or one-of-a-kind wrap-around staircase, there is also the step of deciding on the perfect plot to complete your building story.
While Port of Spain is the business centre for much of the country and is an important financial services hub for the Caribbean, the commercial density has resulted in challenges in parking, traffic and office space availability.
Consequently, the traffic challenges and overpopulation in the Central Business District of Port of Spain have driven some organizations, local and international, to consolidate their offices from around the country to one of the developing commercial hubs/districts.
Terra Caribbean now has four offices operating across the region. We are looking for an energetic and enthusiastic individual to strengthen the bond between the offices in St. Lucia, Grenada, Barbados and Trinidad in the capacity of Regional Coordinator.
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!
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.
You may have recently received your land tax bill(s) for the 2017-2018 financial year and noted some changes:
Firstly, the bill looks a little different as it is now a combination of the former Property Valuation Notice, and the previous Land Tax Bill. The new document includes the owner information, details on the property which was valued, the site value and the improved value of the property. It also displays billing information such as the tax due, the discounted amount and the discount deadline dates. The back of the documents contains guidance on the process for filing an objection and how payments can be made.
Over the course of the last 10 years, the development and growth of Warrens as a Central Business District (CBD) has been substantial. Now in 2017, this area which was originally cane fields before the construction of the ABC Highway is now one of the island’s largest CBDs .
Terra Caribbean Grenada has proudly released its first edition of The Red Book. Backed by a talented team of individuals from both the Grenada and Barbados offices, The Red Book Grenada 2017 successfully highlights the various real estate infrastructures and opportunities that the isle of spice has to offer, along with articles written by experts in different fields such as real estate, investment corporations, insurance, financial services, statutory and government establishments.
With all the noise in the market, from BREXIT to the recent budget and NSRL to elections on the horizon, we thought this would be an opportune time to look at investor attitudes and the general Barbados market sentiment.
We sent a short questionnaire to a number of corporate/investor clients to gather their views on a few specific areas of the market. The results were notable and offer some interesting insights into the investors’ mindset in 2017.
Below is a guide to buying, selling and owning property in Barbados. There are no restrictions on the purchase of property in Barbados by persons who are non-nationals or permanent residents. There are no capital gains or inheritance taxes in Barbados.
Despite the old Trini colloquialism of “God is a Trini”, this year’s ongoing hurricane season, violent and tumultuous at best, has caused concern even in us laidback Trinis. With recent Hurricane Irma, ripping through countries of the Leeward Islands and South Florida and leaving death and millions of dollars of destruction in her wake, we ask ourselves, “Is T&T Hurricane ready?”
As the hurricane season falls between June and November, we’ve compiled some easy to read tips from our expert Facility Managers to ensure your commercial property is well-prepared. These tips are extremely helpful in securing your commercial property in the event of adverse weather conditions. Our Facility Managers not only focus on preparedness but also provide tips on what to do during the hurricane and in the aftermath.
So, you want to purchase a property and have been advised to request a Market Valuation report. Your report has arrived, but how was the Market Value derived? In this blog we will first define Market Value, and then walk you through the main methodologies/ approaches for valuing real estate, to give you some insight into the process.
Interested in buying a condo? We have pulled together some useful information on what you need to know before you buy. These are the questions to ask yourself so that you and your agent can select the best options in your search for the perfect condo.
In our last edition of The Red Book, we acknowledged the fact that the rural landscape of the island has now become the focus for local and overseas investors - and the most noticeable case of this is the parish of St. Philip. Now, the quiet, south-eastern countryside of Barbados is beaconing with residential and other developmental opportunities, positioning it firmly as one of the most desirable parishes to live in on the island.
My name is Andrea Chase and I am the lead agent for The Grove development. Officially launched mid last year, The Grove land development has proven to be a success story having sold approximately half of the 158 lots to date.
Terra Caribbean Trinidad has collated data from over forty buildings and produced the Commercial Rental Rate Study for ten years, 2007 – 2017.
In 3 short years, 2014 to now, the commercial office rental real estate market has taken a steep nosedive into near stagnation. Within the last two years (2015-2017), as large corporations of the petrochemical industry have downsized operations globally, as well as in Trinidad, in response to a worldwide decrease in the demand for oil and by-products of oil, space in A Class and B Class commercial buildings have become available, resulting in a vacancy rate of approximately 20% - 25% in the private office rental market.
Managing Director at Apes Hill, Donovan Bagwell, recently sat down with the Terra Luxury team to give an update and some insight into one of the most prestigious communities on the island.
Looking for a great new home or the perfect spot to build your family home? Our agents are ready and able to match you with the perfect property!
In just a couple short decades, technology has changed the landscape of real estate, both locally and internationally. In Trinidad and Tobago, with over 900 active real estate agents or agencies, the business of real estate is no longer dictated by a rolodex and a phone, or a FOR SALE sign and a classified ad. The advent of expansive websites, social media, and instant messaging apps has transformed the speed and accessibility of information for end-users - the buyers and sellers that generate this market. The industry has matured and is now a grown adult in the T&T economy.
Terra Caribbean Trinidad was a proud sponsor of the Queen's Park Cricket Club's Members Golf Tournament 2017. This tournament which is held at the St. Andrew's Golf Club in Moka, Maraval is a staple on the Terra Caribbean Trinidad calendar every year.
And it’s a wrap! Rally Barbados 2017 was truly action packed and all the rally teams showed true grit!
With another exciting year of pulsating action and a growing number of international competitors, the 2017 versions of the island’s most anticipated motorsports event kicked off from the weekend of May 28 through to the weekend of June 2, taking competitors and spectators to several exciting stages across the landscape.
Here’s to a great June and start of the second quarter of 2017!
Fashions change, but principles tend not to, so a man/woman’s home is still their Castle.
Most of us do not have enough savings or collateral to qualify for a mortgage or land loan before we are in our late 20’s or later.
We're excited to announce the release of a selection of condos for sale at the Ocean Reef development in Worthing. The five-storey development offers the most stunning views of Worthing Bay, private access to Sandy Beach and an excellent location near St. Lawrence Gap.
Located in the expansive neighbourhood of Santa Rosa, Arima, Phase 3 of Bhagwansingh’s at The Crossings is a welcome respite for young professionals, their families and investors alike.
Going the financing route for your property purchase? Ensure you take this necessary first step…
So you’ve made the decision to buy your first home, apartment or piece of land to build your dream home. You see the advertisements offering various mortgage options with low interest rates, so it’s a logical decision – time to buy.
The epitome of country living is summed up at the 2-plus acre gem Pollards Mill. This stately property dates to the 18th-century, and includes a main dwelling, a cottage and villa, as well as beautiful gardens that double as the perfect venue for tying the knot!
So you've decided that 2017 will be the year you purchase your very first home or piece of land to build your dream home but you aren't sure about financing nor the process for purchasing property. Come take advantage of some expert advice from Republic Bank and our experienced Real Estate agents this Saturday at the Republic Bank Mortgage Fair!
Making a property ready for the rental market is largely straightforward, the property must be clean, well maintained and ideally in a desirable area. Clients in the corporate rental sector are often diplomats or workers in the international business corporations and have housing included in their employment package. These requirements while not essential for the general rental market may be necessary for a property to be considered suitable for some of these clients. Some examples of common requirements can be seen below.
Ownership of property, whether as an investment or for occupation, is nothing to take lightly. When making the step towards such a purchase, one of the first things typically done is to obtain a valuation of the property. For peace of mind and protection, every buyer should ensure they select a qualified Valuer from a Firm “Regulated by the RICS”.
Andrew Mallalieu is a man of many facets. Locally, his face and name are pegged to the role of Chief Executive of real estate conglomerate The Terra Group, but it is his lesser known title that resonates across one of the biggest global sporting fraternities...
The Grove is a cleverly master-planned land development with convenient access to all of the amenities on the South Coast. With land lots averaging 5,700 sq. ft and starting at just BDS$750* per month.
The Association of Real Estate Agents (AREA) hosted a Media Conference on Tuesday, 14th February, 2017 with the theme “AREA Supports the Fight Against Money Laundering and Financing Terrorism”. at The Government Campus Plaza Auditorium, Port of Spain.
In the height of the Carnival 2017 season, Terra Caribbean Trinidad launched the new website at Buzz Bar, One Woodbrook Place on Thursday 9th February. The first launch of Terra Caribbean’s new website, a cocktail event, was held at Apes Hill Country Club, Barbados on Thursday December 15, 2016 and was a huge success.
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:
Thursday December 15 was a night to remember for the Terra Caribbean team: the venue, the newly finished and amazingly stunning Apes Hill Club House; the occasion, a cocktail reception officially launching our new Terra Caribbean website.
This Independence, create your own milestone by owning a piece of the rock! Join us at The Grove Open Day this Saturday November 19th from 9am-2pm to reserve your very own land lot with an extra special financing offer from Scotia Bank!
Barbados is a special place for surf, and we have seen an increase in surf tourism and the demand for holiday rental properties that are close to surf breaks. Even the most recent WSL World Champion Jon Florence, and surfing legend Kelly Slater have visited and spoken highly of surfing in Barbados. So, there is no better month than Barbados’ independence month to embrace the Independence Pro.
The National Realtors Association of Grenada hosted a launch cocktail for their members and specially invited guests. This event created a favourable atmosphere for networking and socializing.
The old Barbadian adage ‘owning a piece of the rock’ is as relevant today as it has ever been. Developments such as The Grove ensure that Barbadians have the chance to keep the tradition alive, while enjoying peace of mind knowing that they have secured a sound, lucrative investment.
Barbados’ economic stability, plus a growing and constant demand, makes land one of the most sound investments on the island. This is even more pertinent given the depressed present state of the industry, where land prices have declined over the past six years and the prospect for good appreciation is at last in sight. This has re-kindled buyers’ interest and has given trend followers good reason to anticipate significant land value appreciation in the coming four-to-six years. Such appreciation will likely outstrip interest on most other available investment options. But, before making the final decision on a land investment, it is crucial to have an overall appreciation of the market, and be acquainted with the benefits of investing in our ‘Rock’.
St. Lawrence Gap is renewing its cool, trendy status one hot spot at a time! Right now, perched on the corner of the liveliest gap in the south is Cocktail Kitchen, the latest addition to the menu of Gap restaurants and bars.
The allure of the beachfront holiday rentals is unmistakable, and its sustained - and growing - demand is widely credited for the success of Airbnb as well as continued big business for Terra Group’s Blue Sky Luxury arm. Prospective owners looking to invest in a holiday rental in Barbados are faced with options ranging from inland hideaways to stately homes and bold, modern villas. In reality, the determining factor sometimes comes down to basic personal preference, but on an island nation like Barbados, the experience of seaside living is the proverbial jewel in the crown. To sway this argument in favour of a rental on the beach even more, here are three reasons to keep in mind when looking to invest in a holiday rental property.
Over the past five decades, Barbados has offered investors a climate of steady appreciation on property values thanks to a resilient economic standing. This steady appreciation, doubled with economic factors, saw land values in some areas of the island go from $0.12 per square foot to $100 per square foot in more recent times. For several investors, this value served as a direct reflection of physical and perceived value of their investment, and would be made official through a solid valuation provided by a qualified, trusted valuer.
Barbados’ most intricate sector is its tourism industry, and for property investors, this offers an attractive holiday rentals market. It encompasses several sub-sectors which feed what is considered the foremost driver of the island’s economy.
Whether you are an entrepreneur, businessman or woman, attorney, doctor, restaurateur, barber or retailer, at some point you will need commercial space. This space has to first suit your budget and it also has to be the ideal location for your clients. Typically, your choice of commercial space will fall under the general term of either A, B or C class rental space. A class - being the most prestigious premier office space with rents at the top end of the scale. Whilst, B & C spaces compete for a wide range of users with rents in the middle to lower end of the spectrum.
If you haven’t had the chance to dine at Primo, the new culinary hotspot on the South Coast of Barbados, it’s a must. Tucked away in a secluded beachfront location just as you enter the St-Lawrence Gap, this two-level restaurant not only serves up some sumptuous meals, but also delivers on those must-capture sunset views. But don’t just expect to snap beautiful pics over a delicious meal. Primo is the latest venture for the owners of Cin Cin located on the West Coast of Barbados, so here’s the best spoiler alert you’ll ever get: it’s a completely luxurious experience from start to finish.
NEW LAND DEVELOPMENT! JUST RELEASED!
Don't delay your plans to build your dream home any longer! With a welcoming countryside feel and convenient access to the bustling South Coast, this development is perfect for busy professionals, young couples or growing families.
BARBADOS (April 5, 2016) – The Terra Group of Companies, a well-established and reputable real estate leader in Barbados and the Eastern Caribbean serving all market segments through its brands Terra Caribbean, Terra Luxury and Blue Sky Luxury, today announced the release of its annual Barbados real estate insights publication, The Red Book 2016â. This year’s release marks the ninth edition of the Red Bookâ, which features a revamped internal layout focusing on detailed insights for each segment of the real estate market in Barbados.
You never get a second chance at a first impression. This saying is true whether we are meeting someone for the first time or when showing a property to a potential tenant. Whether the tenant walks away with a decision already made that ‘this home isn’t for me’ or ‘maybe I’ll shortlist this one’, is entirely based on the impact of the first viewing.
The recent budgetary proposals tabled by the Minister of Finance the Hon. Chris Sinckler, included a number of amendments to the land tax rates for all categories of properties. The amendments included a reduction in the residential value bands and an increase in the non-residential and unimproved land rates.
Corporate Rental experts Jeanie Mahon and Patrice Gill answer some vital questions for this key segment of the real estate market. Some of this information can be found in the Corporate Rentals E-book and right here on our blog.
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.
Why do we publish The Red Book? The truth is that we think it is a showcase for our culture. Specifically our culture of knowledge. All firms have a DNA and ours certainly is a strong mix of knowledge, innovation, integrity, excellence, caring and fun. Let’s not forget fun. We like our clients, we like what we do, and we have a great deal of fun doing it – sometimes too much!
"Market conditions are key in determining value. To a large extent, the value of the home is currently driven by what the average purchaser is willing to pay for a property, rather than what we would consider a ‘bricks and mortar’ or replacement cost value."
-Annalisa Sealy, Real Estate Agent
You are invited to an Open House at South View, this Saturday, February 7th from 10 a.m. - 2 p.m. This is your opportunity to get a guided tour of the development, including the individual land lots available for sale and the modern, well-designed South View 222!
Sue Armfield - Real Estate Agent
"With the start of a fresh new year, it’s a good time to take a holistic look at the changing demands and trends in office leasing - in order to plan and to budget more effectively, to make adjustments where indicated and, to generate prosperity for landlords, developers, tenants and agents alike."
Karyn Fakoory - Real Estate Agent
"Making improvements come with the territory of owning a home. Whether this is done for the homeowner’s benefit, or for a return on investment of the improvement when preparing to sell the property, sometimes a little bit can go a long way. And sometimes it does not."
While storm clouds in varying shades of grey hover over a number of International Financial Centres (IFCs), the sunlight continues to shine on Barbados. The island forges ahead with progressive initiatives to develop programmes and policies aimed at making it more appealing to discerning, international investors. Barbados has always differentiated itself from other IFCs by strategically expanding its growing network of double taxation and bilateral investment treaties while twinning that strategy with the high-quality lifestyle available - to attract investors.
The reaction to a price quote for home insurance in Barbados is often disbelief: “But my home in (the United Kingdom, Canada etc.) is worth so much more and I am only paying a few hundred pounds/ dollars...for broader coverage!”
One of the significant costs for homeowners in Barbados is insurance against the risks of fire, weather, natural disasters etc.that comes at a higher rate than for the equivalent or better cover internationally.
Lucky enough to relocate to Barbados on business?
Currently living in Barbados but looking for another home to rent?
Looking for rental property on behalf of someone?
A current landlord/landlady?
If any or all of the above fit your circumstance, then this article is for you.
In Barbados’ current economic environment, individuals and companies are faced with the question of what to do with their excess cash.
There is a choice, even with exchange controls and limitations on available investment options. Available opportunities include: bank deposits, government bonds, corporate bonds, mutual funds, savings products provided by insurance companies, a limited pool of equities and of course, real estate. All of these options have their own inherent risk and return payoffs.
What is the Municipal Solid Waste Tax?
A tax charged, levied and collected on the site value portion of improved property. Therefore, all property that includes any structures is subject to pay this tax. However, the tax is calculated on the site value only. This tax was deemed operational on September 01, 2013.
We Know Property Management. Do you? We are looking to recruit an individual to help lead our Commercial Property Management division. If you know property management and want to build a career with a fun and innovative firm - let's talk!
It has been a thrilling and unforgettable month of motorsport here in Barbados! With the unveiling of the brand new Bushy Park Circuit in St. Philip, the mega production of Top Gear Festival Barbados, as well as the non-stop action at Sol Rally Barbados 2014, May was nothing short of epic!
It’s seven year itch time! Yes, this is the seventh edition of The Red Book. The challenge each year is to make it better, and by ‘better’ we mean more relevant to you the reader. This year we have added more statistics, more professional articles and we have even done some “ancient history” research with Hayden interviewing the two agents responsible for the sales at Sandy Lane Estate in the 1960s. I think you will find that article both informative and entertaining.
Apes Hill Club announced this week that construction on the new Clubhouse will begin this year. Renowned local Architect Larry Warren has been appointed for this project and the preliminary design is progressing well.
Part of our monthly analyses for each of our properties clearly breaks down the running costs of the properties that we manage. The largest costs are salaries and wages, which make up a minimum of 30% of total running costs, but are very much based on owner preferences. Building repairs generally come next, but fluctuate wildly depending on the design and type of construction, age of the property and what the owner wishes to upgrade. The third largest cost is electricity, which provides us with the opportunity to implement energy-saving equipment and policies, without affecting ambiance or service.
Terra Caribbean is now regulated by the Royal Institution of Chartered Surveyors (RICS); a world-renowned and respected professional body that monitors, guides and assists firms to comply with rules, regulations and ethical standards.
Some years ago I wrote about the role of real estate agents in “leading their clients in abandonment”. This was a concept I borrowed from a lecture I attended at Harvard some years earlier. The way we applied it in our business was to provide our clients with current market information so that they could make an informed decision, meaning they had to abandon old views of market value.
I think we have done a good job in leading our clients in understanding this new market – but have we as an industry done the same? I think not, and this year’s article is therefore going to be focused on leading our industry peers in abandoning the old business model that may have served them well in the past.
In the early 1930s a land economist by the name of Homer Hoyt established a now famous theory known as the “The Great 18-year Cycle”. The theory held that, in the absence of significant world events (wars etc.), real estate cycles generally follow a predictable 18-year cycle. Hoyt cites considerable empirical evidence dating back to the early 1800s illustrating an almost perfect 18-year cycle. More recently, Prof. Fred E. Foldvary used this principle to predict the recession of 2008, writing about it ten years earlier. Obviously real estate cycles present themselves in different shapes and sizes, but perhaps Hoyt’s theory provides some context to a discussion about where we are in the cycle today and when the market is likely to enter the recovery phase.
The annual event of writing an introduction for The Red Book is always filled with trepidation for me. I do not want to over build expectations and then disappoint, nor do I want to fail to introduce the articles in an exciting way. What to do? Risk behind every door. But that is our world today. Every time I think the market has found a direction, there seems to be a further shift. Recently I read that an engineer does not see the glass as half full like the optimist, nor half empty like the pessimist, but rather as a design that is twice as big as it needed to be. I learnt from this that I need to adjust my expectations and face the reality of our market. The half full glass tells us nothing of our future but only of our present. So that is what I hope we will do for you – provide you with an accurate picture of the real estate market in Barbados at present. Whether you are the optimist, the pessimist or the engineer, you will have the data that you need to reach a conclusion.