Barbados Property Prices

Prices to suit all budgets

There is a wide range of property to suit most budgets. Beachfront is out of most people’s price range. Prime beachfront is $US10m+

However, just a few minutes’ walk from the beach, even in prime locations, there are apartments and villas that are affordable to many. You can purchase these for $US 300,000 upwards.

There is of course everything in between. Individual luxury villas with private pools. Smaller developments with shared pools. “All-inclusive” developments with sports facilities, restaurants and bars on site. Waterside developments with private mooring. Something for everyone depending on your desires and budget.

Historical prices

The Barbados property market took a big hit during the recession of 2008 and 2009. Quality historical property data as we know it in the UK does not exist for Barbados. However it is estimated that the “Foreign Luxury” market is currently about 30% below 2007 prices. The domestic/middle market is around 18% lower than in 2007. Prior to 2007 Barbados property prices had never been known to drop.

Prices have remained depressed largely because the start of the recession coincided with a building boom. This created over-supply, particularly in the luxury beachfront sector. You will see some properties and even developments that have been on hold for many years although as time goes by these are being completed.

As you’d expect there is little new building work now. It is expected that as demand gradually catches up with supply, prices will rise. This could be the best time to buy. There are no guarantees though! Finding a long term home that meets your needs rather than buying a speculative investment is the sensible approach.

Historical price information at area or specific property level, which is available in the public domain in the UK, is not available in Barbados. You can ask Estate Agents to check recent sales prices for you.

Note that most properties on the market are priced in $USA although some Estate Agents price in $Bds. The Barbados dollar is pegged at two $Bds to one $USA.

Local Estate Agent Terra Caribbean produce an annual Red Book with a lot of useful information on the property market. Excellent bedtime reading for anyone seriously considering buying a property in Barbados.

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