Ins & Outs of Barbados 2020

120  PROPERTY INS& Barbados bounces back Regularly ranked #1 in the Caribbean for repeat visitors, Barbados has long been regarded as an attractive vacation destination and secure investment jurisdiction, where non-nationals are welcomed and made to feel at home. And 2020, the year of the ‘We Gatherin’ homecoming for expat Barbadians and the wider Barbados family, could be a really smart time to consider buying a home on the island. After a decade of restricted national development and stagnant economic growth, during which time the real estate market came to a virtual standstill, Barbados is now on the rebound and investor confidence is returning rapidly. Much of the credit for this positive turnaround is due to the current Government, dynamically led by our Prime Minister, the Hon. Mia Amor Mottley, QC, for the decisive steps taken since their unprecedented landslide victory by thirty seats to zero in the General Elections of May 2018. Having earned a golden opportunity to convert the challenges confronting Barbados into a catalyst for much needed change, the new administration has wasted no time in implementing major transformational measures. Within their first 18-months, the new Government launched the Barbados Economic Recovery and Transformation Plan to secure improved financial stability; introduced measures to reduce foreign debt; revamped the country’s legislative framework and tax structure to better facilitate international investment while also meeting the requirements of the OECD; committed to a gradual relaxation of foreign exchange controls; released the Bridgetown and South Coast redevelopment Plan; and introduced a Green Paper with the fundamental aim of reforming town planning legislation, most notably to improve the transparency, speed and efficiency of the application process. All of which holds great appeal for potential investors in real estate. Despite the global economic meltdown of recent years, Barbados has retained its quality and status as the premier, luxury vacation-home destination in the Caribbean, as testified by the presence of major UK real estate companies such as Savills, Knight Frank, Sotheby’s and Christie’s. However, the lack of sales activity during that period has resulted in a significant reduction of property prices. When combined with renewed investor confidence, this all adds up to real potential for an upturn in the sector, thereby creating good market conditions for prospective purchasers. Palm Beach, Hastings, Christ Church Photo courtesy Realtors Ltd