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.
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?
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.
Why your facility manager could also be (or perhaps should be) your next project manager.
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.
If you are interested in leasing commercial space, here’s a smidgen of information to get you started.
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.
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!
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!
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.
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!
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.
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!
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.
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.
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.
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.
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.
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.
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!
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.
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!
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’.
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.
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.
"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."
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.
For the average Barbadian citizen, most encounters with the powers of the Crown are limited to fixing roads, maintaining order and things of the like, nothing alarming at all. However, occasionally, citizens come face to face with the awesome power of the state, when they receive a notice expressed in some legal jargon, informing them that their land is to be acquired for some public purpose.
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.
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.)
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.
Knight Frank, a leading independent global residential and commercial property consultancy, and the UK affiliate of Terra Caribbean sister comapny, Bajan Services Ltd., recently released an update on the UK Residential Market. I'm delighted to share this report which gives a snapshot of the UK housing market in January 2012.
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.
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 ...
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.
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!