Barbados property continues to be a favourite with international buyers looking to invest in a second home, either as a vacation home or with plans for permanent relocation. It is easy to see why the Barbados real estate market has become one of the most highly prized in the world.
Sophisticated and casual, warm and friendly, traditional and modern, and always distinctively charming, Barbados has much to offer its residents and second-home owners. This quintessential luxury island boasts a warm and sunny year-round climate, excellent restaurants, spectacular beaches and world-class recreational facilities, such as golf, sailing, polo and cricket.
Of all the Caribbean islands, Barbados delivers the most established social scene. It stands foremost amongst Caribbean islands in the minds of high net worth individuals looking for a place to spend a lengthy stay in a stunning tropical paradise. Of course, there are other beautiful Caribbean islands, places where it is nice to spend a vacation. But when it comes to a place to invest in that second home, a place where that investment will be safe for the long term, a place where it is a pleasure to visit year after year or several times each year, nothing can compare to Barbados.
Barbados boasts excellent infrastructure, a place that is foremost amongst developed Caribbean nations, with excellent resorts, stable legal and banking systems, and strong business and commercial facilities.
The country’s economic and political stability is one of the key factors that attracts international buyers. The Organization for Economic Co-operation and Development (OECD) views Barbados as a mature, increasingly sophisticated and well regulated international financial services centre. Low crime, easy international access and transport add to the island’s attraction.
Barbados has long attracted high-profile visitors, hence why the island boasts some of the most expensive and lavish luxury properties in the Caribbean.
A spike in inquiries over the past three years has been noted, after a new residency permit was introduced in 2012. Under the permit structure, those who purchase property valued at USD2 million or more, with a net worth of USD5 million, may obtain residency for an indefinite stay. Such residents will also find significant tax advantages on income derived in other countries.
Proximity and ease of access to the North American continent also contribute to Barbados’ allure. As well, it is an excellent base for visiting the other Caribbean islands.
There is a wide variety of properties on offer, ranging from beachfront villas to large plantation estates on acres of land and luxury lock-and-leave condos. Whatever homebuyers are looking for, it can all be found on Barbados.
With a limited supply and consistent demand for houses, the highly coveted West Coast, also known as the Platinum Coast, between Bridgetown and historic Speightstown, continues to thrive. Carrying an aura of high-end exclusivity, it is known for its white sandy beaches, chic restaurants and laid-back beach bars. With a particular demand for luxury homes from the ultra-wealthy, Barbados’ West Coast is undoubtedly one of the prime stretches of real estate anywhere in the world.
While UK residents are the most numerous group of overseas buyers in Barbados property market, it is a market well regarded by Irish, American and Canadian buyers too, with some Russian, Chinese and East Europeans.
For those individuals who are looking to combine the tropical lifestyle afforded by a luxurious second or third home in the Caribbean with a sound investment, Barbados real estate cannot be beaten.
