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.
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!
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.
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 choice, 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.
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!
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.
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.
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.
Beachfront land has always had great appeal to persons wanting to own a piece of paradise. In Barbados, beachfront development has ranged from as far north as Port St. Charles, all the way down to The Crane Private Residences in the South-East of the island. Over the years, this range has seen increasing prices as the supply of land, villas and condos declines.
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.
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.
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.
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!
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.
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 .
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.
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.
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!
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.
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.
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 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’.
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.
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.
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."
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.
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.
Heritage in its broadest sense refers both to the tangible objects produced by past generations that have survived the ravages of time as well as the physical world around us, the natural landscape with its geological and biological features. Heritage therefore is not fixed or fossilised but rather, an ongoing, dynamic tapestry.
The term “green” in recent times has taken on a whole new light when associated with any kind of physical land development. Today it is not only part of a colour palette being used, but a term that measures the level of sustainability of a project from its design through to its construction. It also takes into account the project’s operation and maintenance over its projected life cycle.
Relocating to a new country can be both exciting and challenging. There’s the initial thrill of exploring a new country but there’s also the anxiety of leaving friends and family for an unfamiliar location. Choosing the right home is a key decision for successfully transitioning from one country to another.
After nearly forty years in the insurance business, it is very difficult to avoid the topic. Invariably, the cocktail party discussion begins with....”Oh, so you’re that insurance guy (awkward silence).. well (heavy emphasis here), last year after ‘Tomas’.....” by now, others are listening, and the tales of woe begin to flow.
The International Business and Financial Services sector contributes nearly US $500 million (BDS $1 billion) to the Barbados economy. The greatest portion of this spend does not emanate from direct taxes paid to the Barbados Government but from indirect spending in the Barbados economy. Real estate in particular, with earnings of just over US $15 million (BDS $30 million) in 2010 is one of the primary beneficiaries of this sector.
Real estate in Barbados has taken many turns in the last eighty years. My personal experience in real estate tracks back to 1972 when I invested in my first project, a small shopping centre. Three friends and I purchased the land and constructed the building with borrowed money. The shopping centre was relatively successful but after a few years we were only covering interest costs so we sold it for the grand sum of BDS $350,000, with which we just about broke even. Recently a real estate agent offered me the same property for BDS $5 million not realising that I had previously owned it.
Our children want many things that we have to decline for any number of reasons; maybe they have too much already, or maybe what they want is not good for them. But sometimes, our children know best. And sometimes the simplicity of their requests should be considered.
I found that to be the case during a vacation in 2006. My family was in Barbados, and one of my children asked, “Dad, can we live here?”
Having decided to buy property, the question that is frequently posed by our Private Clients is how they should pay for it - should they finance or use cash?
In answering this question, I find myself torn between two mindsets. My family upbringing wants to blurt out that cash is king and that you should never borrow if you don’t need to, but the banker in me is almost legally bound to say “Why finance, of course. How much do you need?” Here’s why my banker alter-ego is actually right this time around.
Last year I opened the Pink Pages by speaking to uncertainty in the market. This year I thought I would provide you with “miscellaneous ramblings” of what we have seen in the market and what we are likely to see. While it is probably impossible to predict with complete certainty the direction of the market in every segment, I hope that from these perspectives you will have an indication of the direction that the market is likely to take. (Please do not skip to the conclusion as it may make no sense without following the progression in thought.)
Valley View is the island’s newest neighbourhood. Located in Vaucluse, St. Thomas, adjacent to the desirable Countryside neighbourhood, the development features 37 architecturally styled and designed homes set in a cool, convenient location with gorgeous country views. This development is one of the most compelling offers on the market today! Here’s why:
Globally the residential markets continue to underwhelm with only a handful of markets demonstrating year on year price growth. A recent Business Week article appropriately characterised the sector as ‘limping into 2012.’ The Irish and Spanish markets continue to lead the underperforming category, while conversely the Canadian and French markets have experienced up to 5% inflation-adjusted YOY price growth. In addition to the obvious fundamentals, this growth is underpinned largely by a tighter supply and a considerably more sensible approach to underwriting residential mortgages.
This morning several Barbadian real estate agents had the opportunity to view the island's latest property released to the market ... Valley View. A new 37-home community in Vaucluse, St. Thomas, priced from BBD $722,000 (including house and land), this new development demonstrates one of the most compelling options for middle-income homes in Barbados.
The 36th annual Holetown Festival kicks off this weekend in celebration of 80 English Settlers that landed in 1627, sometime between February 17th and 20th. Each year the island marks this occasion with a week of festivities.
Back then accomodations would have been non-existant, but now as we all know, the areas surrounding Holetown boast some of the finest homes and communities in Barbados. Real estate on the West Coast of the island ranges from the modest Sunset Crest bungalow to the lavish Sandy Lane estate villas, with commercial buildings and beachfront apartments all available in the mix.
Check out the week's activities, and a short video on some Barbados property picks we think you might like.
Whether it’s your first real estate purchase or you are looking for a sound investment, for just under US $400,000 you can have your ideal Caribbean home. From beautiful finishes to excellent locations, our Barbados real estate suggestions are fresh and exciting
It’s the best value for property on Barbados’ South Coast. With prime land lots averaging 8,500 sq. ft. in size and starting at US$ 99,000, South View is five-star value!
Returns are certainly satisfying at Sapphire Beach!
Featuring modern, competitively priced, beachfront units, this condominium complex is a great investment opportunity.
Certainty is what we want; uncertainty is sometimes what we get. Making real estate decisions in times of uncertainty requires good research, experience and courage. We have seen courage paying off in the past six months; and we have seen weakness punished. My father told me that the best time to buy something was when you did not need to buy, but the vendor needed to sell. The reverse is also true.
On Tuesday August 16th, The Minister of Finance, The Honourable Mr. Christopher Sinckler presented to the House of Assembly, the Financial Statement and Budgetary Proposals for the year 2011. Relevant to the real estate industry, there was a proposal to modify the land tax value bands, which at first glance would mean lower taxes.
LEX Caribbean explains the laws and procedures of buying and selling Barbados property in their article taken from The Red Book 2011, written by Vidisha Hathiramani and Alana Goodman-Smith. We trust you will find this informative and please let us know if there are any other questions or comments you might have on the subject.
When buying or selling real estate in Barbados, purchasers and vendors alike often wonder what goes on behind the scenes, in terms of the process involved. Sometimes this question is posed in relation to the length of time it may take ...
The Gardens townhouses at South View in Kent are well under way. Construction of the first ten units is moving ahead on schedule and the building team at Creative Designs Barbados Limited are up to roof level on most of the units.
Take a look at some of the progress photos here, and give us a call to arrange a site visit (246) 421-HOME (4663)
Being the start of our hurricane season we thought we would share one of the informative insurance articles from The Red Book 2011, written by Richard Ince of CGM Gallagher (formerly Atria Insurance Brokers) ... Enjoy! We hope you will find it helpful and please let us know your thoughts!
So, you have found your “dream-of-a-lifetime” home! You walk off your patio and it is twenty yards to a perfect Barbados beach encircled by the calm blue water of the Caribbean Sea. A natural paradise!
Within the past week the new notices of valuation have been arriving at mailboxes around the island. In Barbados, every three years is a valuation year. The last valuation year was in 2008, thus making this year, 2011, a valuation year as well. Here is a quick background on the valuation legislation and the process to be followed.
Barbados now has the international distinction of being included on the United Nations-managed World Heritage List. News of this came this past weekend from Paris, France when the World Heritage Committee determined that “Bridgetown and its Garrison deserved a place on the List.” The list includes over 900 cultural or natural sites all over the world, which are deemed to be of outstanding universal value.
Historic Bridgetown and the nearby Garrison are the first areas to be nominated by the government of Barbados for inclusion on the World Heritage List of the United Nations Educational Scientific and Cultural Organisation (UNESCO). Many believe that should this bid be successful it will be a boon to our tourism industry. Supporters also believe it will ensure that these areas, so closely linked with our colonial history, are well preserved for future generations as development in Barbados continues.
In today's highly competitive real estate market landlords can struggle to get properties rented at the rate that they want. For many this creates a dilemma. Should they continue to wait for the right tenant who is willing to pay what they're asking? Or should they consider reducing the rental rate and get a new tenant in the property as soon as possible? Of course there are advantages and disadvantages in either approach.
Most people who offer property for rent want a tenant moved in as soon as possible. Recently we helped one of our clients to get their apartment rented in just over 48 hours! The client was thrilled, the tenant was thrilled and so were we. While scenarios like this are uncommon, there’s much that can be done to reduce the length of time it takes to get your property rented. Here are some key tips to take you on the fast track from “For Rent” to “Rented”.
After seeing one of our emails with land for sale in Barbados, Ron, a first time buyer sent us a question. He asked:
How much would I have to pay upfront to secure this piece of land?
We’re always happy to answer real estate questions, especially from a first time buyer!