The 2009 tourism winter season is expected to spell good results for the Barbados real estate sector. The two sectors have always been inextricably linked and top real estate moguls are expressing optimism for the upcoming winter season which starts December 15 to April 1.
Local media made this report recently after interviews with real estate developers Nick Parravacino and Paul Altman. It is expected that the sector will have a positive winter this year and that is based on overall signs such as global economic improvements, stock market positive moves, and a general sense that the world environment is turning around. The two developers pointed to the two major markets of the UK and US explaining that both of these markets particularly the UK are showing signs of improvements. That in turn could mean good things for Barbados real estate from buyers in those markets who have wanted to buy property in Barbados.
The offshore market in the real estate sector of Barbados has long been a market that has brought good results.
Seasoned realtor and developer Parravacino told local media his belief that the winter season looks promising for the Barbados real estate sector. These positive projections come on the heels of what the developers have described as a slow summer period.
On the housing side of things it was highlighted that prices there had become more negotiable.
President of the Barbados Estate Agents and Valuers Association (BEAVA) George Ramsay echoed similar sentiments telling Bimre.com, “Our market is reacting to external economic pressure and property prices have obviously declined as a result.” But in response to the question of the existence of a buyers market Ramsay explained, “I would not at this time, however, want to suggest that we have a buyer’s market. I would agree that a buyer will find a market that is by far more sympathetic to negotiation. Traditionally, the Barbados market may become soft, but to date, it has not followed the international markets where prices have tumbled.”
