The coming year should be a positive one for Barbados real estate sector. This is the assertion of one of the islands’ most prominent realtors, Paul Altman as he gave his assessment about the outlook for the industry in 2010.
Altman whose primary project is now a 10 acre west coast lifestyle centre called Limegrove, told the media in a discussion session after a tour of that development, “My sense is that it is a positive time for both sides to come together and for Barbados to continue to benefit from the trading of property as a general rule.”
In analysing the performance of the sector particularly, the middle to high end of the industry over the last year, Altman said, “There has been a slowdown, there has been a major slow down over the last year to two years. For those who want to sell properties they will hold on as long as they can to get the price they are after. You have to be reasonable and charge prices that the market will bear. We have seen prices fall from 20 – 30 per cent and in some cases more, but those are the run of the mill, repeat type properties. Of course the high end, where there is no large turnover in terms of volume and there are unique properties, those tend to maintain their prices more so than others.”
Looking at the potential impact of Limegrove, Altman believes that the project will bring more activity and even enhance the tourism product. He explained, “…because it will be an area that you can come and use and relax, it will capture the interests of people. It will add to what Barbados has to offer as a tourism product, people will want to come here…, people want activity.”
He reiterated his positive outlook for 2010, as he explained that people have come to understand that prices have dropped and if they want to sell or if they want to buy, the prices have dropped to a level that it makes it interesting for the buyer and realistic for the seller.
While highlighting that some projects have been delayed he noted that others such as Beachlands are due to start and others are starting such as Port Ferdinand and Apes Hill. Altman stated, “People believe that change is happening, this will be over the next two years and some will want to get back into the market ahead of the curve, so that when it does come back they will be there and ahead of the others.”
