The correction in real estate prices that occurred between 2008-2009 period will drive innovation and reduce construction costs and land prices. In fact there will be better value as a result. Additionally in the long term a “piece of the rock” will be as precious as an ounce of gold or barrel of oil is today.
This the announcement from Peter Boos, Chairman Emeritus of Ernst and Young Caribbean as he gave his projections for the performance of the real estate market for 2010 in the Red Book Barbados 2010.
Boos who has been a commentator on a number of sectors in Barbados said, “2010 is a good year to consider buying Barbados real estate with a long-term value proposition in mind.”
In fact Boos points out in his article that Barbados’ national economic development strategy focused primarily on export services, plus a high quality of life rating and great natural environment, alongside strong democratic institutions and a deep respect for law and order, will see Barbados conform and differentiate itself as the place in the Caribbean to invest for quality, integrity and security.
Boos who has been in the business sector in Barbados for a number of years also explains that as a small country of 166 square miles, owning a piece of it in a globalized world will continue to be an aspiration for many.
He adds, “Barbados benefits from well-functioning institutions and social and political stability. It is this reality that will eventually ensure Barbados’ success in continuing to attract investment in real estate, both from domestic and international sources, as the global economy recovers albeit slowly.”
Moreover, the legendary businessman notes that there is expected to be five challenging but transformational years ahead where Barbados will emerge as more internationally competitive and engaged in global trade.
