Barbados Real Estate is in high demand as Barbados has built a reputation as an attractive place to live and work. The country has a dynamic economy in a very stable political environment with excellent infrastructure and modern services available across the island. It’s no surprise that some of the world’s richest families have built elegant luxury homes on the shores of the island, while famous movie stars renting luxury villas and international business firms have found the benefits of setting up operations in Barbados.
With a year-round warm climate, social and political stability and friendly people, Barbados is the Caribbean island of choice for a retirement home, luxury condo or vacation villa. Barbados property investments have had consistent returns of 8 – 10% per year for the last twenty years. Now the latest evolution of the Barbados property development is the expansion of Luxury Condos and luxury villas, with new projects being developed on the west and south coasts of the island.
Barbados Real Estate – Preferred Location
The most popular locations are still the beachfront properties on the West and South coasts, where you can find beautiful luxury villas and Luxury Condos. Other exciting development areas include Golf courses such as the Sandy Lane Country Club, Royal Westmoreland, Barbados Golf Club and the newest luxury property, now available at Apes Hill Golf and Country Club.
Extraordinary luxury villas are also available at Port St. Charles Marina near Speightstown on the island’s northwest coast. The success of this development has created demand for additional marina property developments and a new project has been initiated north of Port St. Charles. This new project will be significant for the continued development of Barbados luxury real estate in the next two years. In future articles we will provide updates about this project.
The south coast is becoming more attractive to the development of Barbados luxury due to the lack of beach front land on the west coast. Two Barbados Luxury Condo projects have recently been completed on the south coast and several more are planned. In another article we will provide more information about this development of the south coast of Barbados.
Luxury Condo Buying Guide
Do you want to invest in Barbados Luxury Property? There are several options available and several local companies to guide you through the process. Some basic guidelines for Barbados Non-Barbados real estate buyers:
- Land and property can be purchased without limitation for non-citizens.
- Non-Barbados buyers must first obtain permission from the Central Bank of Barbados. This step makes it easy to get permission, when you need to get your funds back after selling.
- Vendors are responsible for property transfer taxes (check rates with a Real Estate Agent) of the purchase price.
- Some financing is available to non-Barbados through local banks, however various regulations apply.
- If you choose to bring the entire purchase price amount to Barbados, this amount must be registered with the Central Bank of Barbados.
- It is advisable to use the services of reputable lawyers and real estate agents to handle these transactions. Legal fees are about 2% of the purchase price.
