Barbados Real Estate

The island has been gifted with a fantastic warm climate, stunning beaches and crystal clear sea; but the greatest gift this island has to offer is the friendly smile and charming personality of the Barbadian people. These factors combined have for many years made Barbados the first choice of discerning travelers from all over the world. The tradition of social and political stability as well as the excellent infrastructure, have influenced purchasers to see the island as a great investment.

Property Sales

The trend in Barbados Real Estate speaks for itself – over the last three decades values have continued to rise steadily and this movement is expected to continue well into the future.

The Barbadian Real Estate product is wide and varied – probably the most sought after spots are beachfront locations on the Platinum Coast (the West Coast) of the island. Property values on the West Coast of Barbados have soared recently due to the completion of the fantastic Sandy Lane Hotel; the development of such projects as Villas On The Beach, Schooner Bay and The Sands; and the truly spectacular villas on the coast. It is definitely the place to be and to be seen.

Resort developments on the island have become an increasingly popular option for purchase – they offer gated communities, varied communal facilities (swimming pool, gym, bars, restaurants and marinas), as well as unique investment opportunities. Developments such as Royal Westmoreland with its Robert Trent Jones Jr. championship golf course; the Tennis Village located at Sugar Hill, a David Lloyd Resort Community; and Port St. Charles with its spectacular residential marina development, are but a few examples of the high quality communities available on the island.

Many purchasers have begun to turn towards the Barbadian countryside. With limited land available for purchase on the seaside, traditional Barbadian plantation houses and country villas have become increasingly sought after.

If you are considering the purchase of a property in Barbados, not only can you look forward to appreciating values, you can also put your property onto the short-term rental market to be let to holiday-makers when you are not in residence.

There is no restriction preventing non-nationals to purchase property in Barbados, however, here are a few guidelines for potential purchasers:

•As a formality, a non-national must acquire permission from the Central Bank of Barbados.
•The property vendor is liable to pay a Property Transfer Tax of 10% of the purchase price.
•Although funding can be secured in Barbados through an Offshore Loan, it is advisable for non-national purchasers to obtain funding externally as rates will be more attractive.
•Funds brought into the island must be registered with the Central Bank in order to guarantee the repatriation should you decided to sell your investment.
•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.
•The Land Tax Valuation Department revises improved property valuations every three years and Land Tax is payable every year based upon this value.

Villa Rentals (Long and Short Term) There is enormous potential in the short-term Villa Rental segment of the Tourism market in Barbados – the quality and the quantity of villas available on the island is beyond compare, and every year thousands of visitors flock to the island to enjoy them.

Barbados Luxury Villas are a fantastic alternative to a hotel - whether you are looking for a luxurious beachfront villa with the clear Caribbean Sea lapping at your feet, or the serene comfort and stunning views of a country residence, villas offer the home-away-from-home feeling that hotels cannot.

Your every need is taken care of by the villa staff that may range from one member to the full service of butlers, cooks and housekeepers. With the huge range of villas that are available, there is no problem in finding a property to suit the size of your party, your preferred location and your budget.

There is also a wealth of choice available for long-term rentals in Barbados – with the island becoming an increasingly popular destination for International Businesses, there is a constant through-flow of expatriates who make Barbados their home for a few years at a time. Real Estate Agents are well versed in what is available and can assist in finding the perfect property for your needs.

Property Management

Most foreign owners of Barbadian property have local managing agents to handle the day-to-day running and up keep of the villas, the management of the staff, and for the payment of all relevant government taxes etc. They ensure that the villa is run smoothly and is always ready for the arrival of guests or owners.