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.
How has Covid-19 affected the real estate market so far?
The number one question that real estate agents get “how is the market?” has suddenly become a very loaded question. “Corona Virus”, “Covid-19” and “Covid” has left us all startled, like a deer in headlights wondering what the heck has happened and what the next best step is, not only for our businesses but for our personal lives. How do we navigate this without any semblance of a guide book and no one to turn to for advice? My answer to this, is to pay close attention to the changes occurring in our market and also aim to understand how changes in regional and international markets can/will affect our local market, plus that is what Terra Caribbean is here for!!
Let’s start by looking at the changes that have already begun in Grenada’s market.
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.