The two popular tourist belts in Barbados lie on the South Coast and the exclusive West Coast and the options for property development on the beachfront are few and far between. The island has become littered with a number of condominium and villa developments leaving little to no room for future development.
On the south coast a few properties still remain that could provide great potential for development but they would require major capital investment. One local real estate agent has highlighted that such development could occur on the old Caribee hotel site but that would require major investment for simply developing the land even before a structure is conceptualized.
The windows to the sea on the south and west coast seem to be almost gone, with properties on the West such as the Cheffette Holetown property and the old Regent hotel standing on the cusp of major development as well. This is not to mention derelict properties like the old Kings Beach Hotel which stands just outside of Speighstown that has been for sale since the end of 2008. There are also some smaller residential properties that could be bought and developed for more commercial or residential development.
But the Four Seasons Hotel and Condominium Resort which is one of the largest properties on the west coast, with construction currently being stalled, is being described as a property that could be critical in the development of the country’s tourism product and real estate sector.
Meanwhile coastal properties in St. Philip have been under development and are high on the agenda of their owners. The Crane is an amazingly expansive property that has been under development for the last 10 years and is still continuing with its awesome development. Additionally there is a Resort development in the planning stages at Merricks St. Philip with an environmental impact study just being released on that property.
The East coast of the island which is open to the Atlantic ocean has been seeing some residential development in recent years but not too a large-scale. Additionally one of that coast’s historical hotels Atlantis Hotel, has been undergoing a massive refurbishment to bring enhanced property and is scheduled to be reopened in December 2009. Meanwhile there are a couple other properties on the Atlantic coast that have planning permission for building of a retreat that are currently for sale.
Inland Barbados has been one that has been reserved for most residential property for the local real estate market. According to authorities there is a vast amount of land and property that are good residential options for homeownership. There has been a constant debate since 2005 when some agricultural zoned property has been allocated for residential development, and agriculturalist have been hugely against such a move. The current government has stated that reallocating large expanses of property for residential development will not be part of their strategy for providing residential solutions.
On a resort side of things inland, there are still large resorts that are currently under construction. The Lakes which is being described as a lifestyle resort has been under development for since 2005 and is nestled in the lush St. Peter landscape of Mount Brevtoir. Additionally Apes Hill in St. James is providing luxury and major sports activity all in one location. While Limegrove in the hustle and bustle of Holetown will be providing retail shopping of major international brands with luxury living all in one location.
But as these building opportunities continue to develop across Barbados landscape, the advise of a leading realtor and property manager comes to mind, that Barbados only has 166 square miles and we only have so much physical space to deal with so getting in on a prime real estate opportunity in the island paradise of Barbados will always be a good investment.
