One of the most sought after areas in Barbados real estate is to be featured highly in the much awaited Red Book 2010. The ever popular beachfront of Barbados is one of the most important issues to be discussed in the annual publication which is a creation of TerraCaribbean.
According to one of the featured real estate executives who writes in the publication, “Our beachfront plays a major role in our tourism sector and our foreign real estate market. Given our commitment to these service industries, construction will continue to play a significant part in the development of our island’s economy.”
This is an interesting observation with major properties being opened or still undergoing development that sit on the islands’ prime beachfront land. These include; Sapphire Beach, Condominiums at Palm Beach and Somerley, while those still undergoing development include St. Peter’s Bay on the west coast and Ocean Two on the South Coast. Additionally other multi-million dollar projects slated to get underway in 2010 such as Four Seasons and Beachlands will bring an added boost to an already well developing area.
Meanwhile according to Terra News, other major analysts, realtors and executives in the industry have acknowledged a turn of confidence to the beachfront market while cautioning that a turn to a“normalised rate of absorption” is still some ways away.
However others in the sector have pointed to the reducing the risk in construction, this is even more so for beachfront.
Terra News points out from one of its writers risk management is becoming more important in the industry especially in the unique Caribbean market. While it is not proposed that securing the right procurement will eliminate risk, it is advised that it will go along way to reducing the exposure of all stakeholders. Reduced exposure to risk is undoubtedly of concern to investors.
