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.
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.
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?
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.
Join our agent Lisa Coyle as she pledges to enact easy at home "going green" steps.
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.
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.
Located on the Hastings boardwalk, the Blue Pineapple brings a totally different vibe to the South Coast.
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!
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.
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.
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
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.
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.
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.
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.
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!
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’.
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.
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.
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!
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!
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.
It’s easy to fall in love with Barbados – white sandy beaches, crystalline waters, a rich and captivating culture, warm, friendly people. Who can truly resist the lure of this beautiful island?
You may have thought you discovered all the reasons to love this alluring “Gem of the Caribbean Sea,” but we’ve got a few more to share.
Here are five more reasons to love this delightful island.
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.
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
Terra Caribbean has strengthened its brokerage and advisory department expanding the range of services offered to clients. We are delighted to announce that Director of Brokerage and Advisory Services, Hayden Hutton, has become the first real estate professional in the island to be awarded the prestigious Certified Commercial Investment Member (CCIM) designation.
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.