Barbados In A Nutshell 2019 - 2020

109 Property While signature properties at the very top of the market continued to sell even after the post-2008 economic slump, including several recent houses that have been listed or sold for figures in excess of US$50 million, general prices in Barbados have dropped by about 20%. This was mainly due to a significant decrease in interest from overseas buyers and an overstock of inventory, especially on the west coast where significant construction continued despite the lull in sales activity. In the opinion of most realtors, this 20% drop in prices was in effect a correction of the values. General consensus is that after a 5-year decline the market has now bottomed out and prices will not go any lower, with investors possibly benefitting from some of the best buying opportunities in years. Given that there is still a substantial amount of completed inventory available for sale, in addition to attractive pricing, it is fair to assume that there will be greater potential for appreciation as this existing stock continues to sell and diminish. Positive indicators for the property market in Barbados include a general increase in tourism arrivals and, more significantly, a big increase in bookings for villa rentals. Based on previous history, when the rental market booms like this it often gives a bump-start to property sales activity. And from an overall perspective, there have been definite signs of revived interest in the market. Barbados offers a diverse range of properties for sale, including the ever- popular beachside apartments, individual houses, lifestyle themed resorts and country homes. For many reasons, this is an opportune time to buy. The luxurious Crane Private Residences feature world class amenities and services