Barbados has been rated among the top five locations in the world for property investment despite declining property prices.
This is according to the Knight Frank Prime International Residential Index, which was published in March 2010.
This is an amazing feat for such a small island in the Caribbean, as it is rated among some of the most developed real estate markets around the globe. As more and more Caribbean destinations become more involved in property development, the rating by Knight Frank clearly shows that Barbados is seen as a leader in the industry in the region.
While admitting that the locations suffered from a decrease in property prices, Knight Frank in its Index believes that they are all sure to bounce back.
The other locations which are among the top five rated markets with worldwide appeal to secure a great property include; Dubai, United Arab Emirates, The Algarve, Portugal; Dublin, Republic of Ireland and New York USA.
Even though the global real estate firm notes that there has been a decrease in property prices, the belief that there is likely to be bounce back, once again this shows the integrity of the industry in Barbados. Despite having some major property development projects slowing and one other halting construction, buoyancy still remains in the sector.
Knight Frank notes that it’s impossible to ignore the effects of the global recession on the international housing market. However, decreasing property prices create opportunity for the canny buyer, and striking whilst the market is depreciated gives buyers a unique chance to catch prime property before it bounces back in value.
Barbados is among Knight Frank, five fastest falling property markets in excellent locations which is sure to see a strong recovery in the coming years.
According to the commentary by Knight Frank for Barbados it is stated, “The idyllic Caribbean Islands are picture postcard perfect but, with fewer people taking holidays last year, interest in property has declined. Prices in Barbados are 20 per cent cheaper than last year, superb value for money on a tourist trap that’s guaranteed to attract holidaymakers all year round.”
