Development of Barbados second private marina has officially commenced. This comes with Prime Minister of Barbados David Thompson, taking the drivers’ seat of an excavator at the site and breaking ground on December 11, 2009.
Port Ferdinand as it is called located in Six Men’s St. Peter, is slated to bring US $750 million in foreign exchange to this island over a five year period of development. The new marina will also bring the first double bascule bridge to the island, which is being touted as a major achievement.
Spanning 15 acres of prime beachfront land on Barbados much sought after west coast, the new marina will also house 96 three bedroom condominiums which have been described as upscale units that will greatly enhance the islands’ already well developed tourism product. These units will be fitted with modern building management systems and will be provisioned for technology expansions such as computerized lighting and security.
The condos will be available for sale from 2012 and will feature four different styles with an open concept floor plan between 2300 and 2500 sq. ft. Boasting of adding 576 beds to the tourism product and 120 berths for boats, the project will be one of the largest in Barbados over the next few years.
Amenities for the new marina development will include 24 hour security, concierge service, modern gym, spa, business centre and much more.
Another Caribbean island real estate sector is calling the attention of the international market. Trinidad and Tobago, the energy rich giant appears to be rating higher in the minds of prospective foreign buyers looking for security in the midst of the global economic uncertainty, but this does not come without challenges.
According to one of the top real estate houses in the twin island republic, Trinidad’s housing market rose rapidly over the past two decades as the price of these commodities skyrocketed.
In a market review of the Trinidad real estate sector, with a US based publication, Jean de Meillac, General Manager of the Trinidad and Tobago office at Terra Caribbean Realty said, “There was a terrific amount of revenue coming in, and it spread right through the economy, the growing oil business encouraged other industries, and many international companies sent workers to Trinidad and Tobago, all of whom needed housing.”
But just as many other real estate sectors across the world witnessed some unsteadiness in 2008, so did the twin island republic.
According to the Trinidad Terra boss, Trinidad and Tobago’s real estate market began to falter in mid-2008.
The US publication states that as of the first half of 2009, the median price of three-bedroom homes — an average sized home, according to Avinash Ramlogan, an economist at the Central Bank of Trinidad and Tobago — fell from around TT$950,00 2008 (US $151,515) to TT $856,000 (US $136,523), according to the Central Bank.
More importantly a segment of the market which has traditionally performed well for other Caribbean destinations with a development real estate industry has seen a fall in prices in Trinidad. The Terra executive estimates that in the mid- to high-end of the real estate market, prices are down between 18 and 23 percent from their peak in early 2008.
Looking to industry experts in Trinidad and Tobago, the US publications offers the opinion of another real estate firm. Denise Gomes-John, Managing Director at Syntegral Consulting, a real estate firm in Port of Spain contends, “Housing prices in Trinidad and Tobago vary widely; a two-bedroom in a well-regarded neighborhood — such as Maraval or Westmoorings, near the capital of Port of Spain — starts at around two million Trinidad and Tobago dollars ($318,979). Waterfront properties are the most expensive, she added.
In dissecting who are the main property buyers in Trinidad and Tobago it was highlighted that the majority of foreign buyers in the twin island republic are from the United States, Canada and Britain, many of them of Trinidadian descent. There are also buyers from Venezuela, which is about seven miles away, and India. Most foreign workers, however, are renters. Trinidad is more of a residential island, unlike Tobago, which attracts more tourists and has more of a vacation feel.
One of the newest south coast properties appears to be just days away from completion and compliance is imminent for the sprawling condominium property.
Sapphire Beach stands at the old Dover Convention site, and it is receiving some of its owners. The property has two and three bedroom units and comes fully furnished. The development features 170 feet of beachfront land and has been described as a major development for Barbados real estate particularly on the South Coast.
The property did have its fair amount of challenges during development like any other but it now appears to be a major positive element as the island continues with its growing real estate sector. It should also feature highly in the changing nature of South Coast property development, as a number of communities are being constructed or completed that boast of west coast sophistication and style on the south of the island.
The property offers 54 elegant beachfront apartments which have been described as redefining South Coast living.
With 18 two-bedroom units and 36 three-bedroom and floor space of 1,630 to 1,820 sq. ft. the units have a list price of US $700,000 to US $1,060,000.
