Barbados Real Estate is in great demand because Barbados has built a reputation as an attractive place to live and work. The country has a vibrant economy in a very stable political setting with excellent infrastructure and modern services available across the island. It is no wonder that some of the wealthiest families in the world have built elegant mansions on the islands shores, while famous movie stars rent luxury villas and international business companies have discovered the benefits of establishing operations in Barbados.
With a year-round warm climate, social and political stability and friendly people, Barbados is the preferred Caribbean island in which to purchase that retirement house, luxury condominium or holiday villa. Barbados property investments have returned a consistent 8 – 10% per year for the last twenty years. Now the latest evolution of the Barbados property development is the expansion of Luxury Condominiums and luxury villas, with new projects being developed on both the west and south coast of the island.
Barbados Real Estate – The Preferred Locations
The most popular locations are still the beach front properties on the West and the South coast, where you can find splendid luxury villas and Luxury Condominiums. Other attractive areas of development include the Golf courses such as Sandy Lane Country Club, Royal Westmoreland, Barbados Golf Club and the newest luxury properties, which are now available at Apes Hill Golf and Country Club.
Fabulous luxury villas are also available at the Port St. Charles Marina near Speightstown on the north-west coast of the island. The success of this development has created demand for additional marina property development and a new project has been started just north of Port St. Charles. This new project will be significant to the continued development of Barbados luxury real estate in the next two years. In a future article we will provide updates on this project.
The south coast has become more attractive for Barbados luxury developments due to the lack of beach front land on the west coast. Two new Barbados Luxury Condominium projects have recently been completed on the south coast and several more are planned. In another article we will provide more information on these Barbados south coast developments.
A Guide To Buying A Luxury Condominium
Are you looking to invest in a Barbados Luxury Property? There are several options available and several local companies to guide you through the process. Some basic guidelines for Non-Barbadian buyers of Barbados real estate:
- Land and property can be purchased without restrictions to non-nationals.
- A non-Barbadian buyer must first get permission from the Central Bank of Barbados. This step makes it easier to get permission, when you need to repatriate you funds after selling.
- Vendors are liable for the property transfer tax (check rates with Real Estate Agent) of the purchase price.
- Some financing is available for non-Barbadians through local banks, however various regulations apply.
- If you choose to bring the entire amount of the purchase price into Barbados this amount must be registered with the Central Bank of Barbados.
- It is advisable to employ the services of an attorney-at-law and a reputable real estate agent to handle these transactions. Legal fees are approximately 2% of the purchase price.