Barbados is the most popular Caribbean island and a hit with tourists. It has a very British like atmosphere, but in unique in a lot of ways. There are plenty of reasons why you might want to buy property in Barbados.
Barbados offers a relaxed lifestyle, great food and terrific service. There is an old world colonial charm about the place that is hard to miss. It is one of the most pleasant overseas property destinations you will find in the Caribbean.
The weather around here is as perfect as it gets. It is glorious sunshine here for much through the year. Barbados is well connected by flights to the UK, Ireland, US and Canada.
Since the island was a British colony till 1966, you will find many structures and monuments here that bring back memories of the British Empire.
The island has some of the best beaches you will find anywhere in North America. It has a long, largely unspoiled coastline. The beaches are packed with people especially during the peak tourist seasons.
The real estate market in Barbados was badly affected by the subprime mortgage crisis that erupted in the USA in 2008. The island is still recovering from that, but the market is not far off from the peak prices last seen in 2007.
However, there are some challenges that remain. By the time you read this, Donald Trump will be sworn in as the President of the United States. A number of Americans have sizeable economic interests in Barbados. Barbados, like all Caribbean Islands, is heavily influenced by the situation in the US, so Trump’s policies will be watched closely.
There is however an oversupply in some areas in the Barbados because of the amount of real estate development seen here over the last few years. There are indications that there could be a property glut in the island nation, which could drive down the prices to a certain extent.
While the US is important to Barbados, the Caribbean island has been developing strong economic ties with China. Chinese influence in the entire Caribbean has been increasing year by year. Indeed, there has been a 500% increase in Chinese foreign direct investment in the Caribbean since 2012. Barbados has been fortunate to receive a lot of that.
The Chinese, like Americans and Britons, are big buyers of properties in Barbados. Chinese tourists can be seen everywhere on the island, which has witnessed record tourism numbers in 2015 and 2016. 2017 is expected to continue in the same manner.
As anyone looking to sell property in Barbados would know, there is a direct relationship between tourism and the overseas property market. Strong tourism figures indicate a higher demand for holiday homes or second homes here in Barbados.
Since Barbados is still limping back from a prolonged recession, sellers can expected to be asked to lower their asking price by 15%. This is just the reality of the market here. But there is no doubt that the demand is picking up and that the market is on the ascendency.