Barbados and Grenada are among the top reasons why the global property seekers are opting for foreign property mortgages.
According to a UK based publication investors considering taking out a foreign property mortgages may be attracted to ‘romantic’ Caribbean locations such as Grenada and Barbados.
Property Frontiers a Global real estate Group have characterized these two islands as weighing heavily in the minds of prospective property investors.
Commenting recently, Christopher Chadd, project manager for the global real estate group, said that Brits have always been attracted to the Caribbean, although many people’s hopes of living in the region are cut short by the cost of property.
However, he explained that islands such as Grenada and Barbados offer all the romance of the region.
While highlighting that Grenada is rapidly becoming one of the premier Caribbean island destinations, but prices for property are probably a third of what they are elsewhere in the area,” he explained.
The UK reported said, “For those who are planning to take out a mortgage for foreign property in the area, Mr Chadd encouraged research into tourism growth trends to identify future capital growth hotspots.
Earlier in February, A Place in the Sun (UK-based property magazine) placed the Caribbean ninth in its top ten property destinations list for 2010.
Meanwhile other international commentators have continuously placed the Caribbean high on their list of destinations with wide appeal for global property investors.
With new developments being built continuously it is a major trend particularly on island’s such as Barbados, and it appears that the region will continue as a hotspot for investors.
The exclusive west coast of Barbados is set to see even more property development and hopefully significant investment to its shores, this time in the Weston area of St. James.
This side of the island which has become the second home to the rich and famous around the world could bring even more property investment to shores of Barbados.
With a price tag between US $273,080 to $480,700 per unit the new development called “The Weston Resort” offers 45 individually designed contemporary apartments set in seven colonial-style houses, offering fantastic sea views which take advantage of the geography of the property. The living space for the units will range from 548 sq. ft. to 1377 sq. ft.
Marketing of the new development has commenced for the west coast property, and it should be a welcomed addition to the already established property development in the area. It is believed that the property will either present a great investment opportunity (due to excellent rental yields), or deliver a very attractive second home for regulars to the shores of Barbados.
According to one of the realtors for the development Phase one includes 21 units and features a large free-form pool, with garden areas and covered gazebo decks for chilling; plus the Pavilion House and Reception area. Secure gated entry, allocated parking areas and turn-key furnishings allow for easy holiday living and management.Situated within the Parish of St James, Weston Resort is favourably positioned just a few kilometers north of Holetown.
Units on the property will have 1-4 bedrooms and the location cannot be beat, with 3 world-class golf courses just minutes away along with top amenities simply just around the corner all to be enjoyed by residents. Amenities on the property include large free-form pool area with sun terraces, plus beautifully landscaped gardens and pavilion house reception, a gazebo, security system, sun deck and amazing ocean views.
Weston Resort is expected to bring further charm to the west coast of Barbados and enhanced property values as well. The beach at Alleynes Bay is only about 3 minutes walk from the site of the Weston development and moreover one of the west coast most popular restaurants, the Lonestar Restaurant & Hotel which lies just 250m south of the site. Many other well known stretches of beach, from Glitter Bay and Lonestar in the south to Gibbs and Mullins the north, are all within easy walking distance.
One of the major resort developers with plans for the Caribbean, Harlequin Property, still has its sights set on four major resorts in the region and for construction and planning permission to get underway.
With one property already underway in St. Vincent, the latest update from the property development company which was launched in 2009 is that they are now awaiting word from 2 Caribbean governments on the next step in the process.
In Barbados, where the resort is planned for 70 acres in Merricks St. Philip, the UK-based firm is still holding that the first phase of Merricks is scheduled to open in late 2011.
The latest update from the resort developer on its website is that the Barbados Government is currently compiling the extensive documentation which comprises the full planning permission. Additionally it is argued that Harlequin has been advised this is close to being finally approved by town planning in Barbados and is due to be put before the Prime Minister for his final approval. ICE is ready to start work in earnest once full planning permission is received.
The Merricks Resort is set on a stunning piece of land and beach with outline planning permission in 2006. 
According to the resort developers, the firm has been working through the various planning stages to meet the requirements of the Barbados Government in order to receive full planning permission to commence construction. It is also noted on the website that the relevant feasibility reports and plans were submitted to the Government by May 2009 and subsequently Dave Ames and the ICE Group, Harlequin Hotels & Resorts’ construction company, attended the final planning meeting in October 2009.
St. Vincent which will be home to Buccament Bay Beach Resort is indeed seeing major progress for that development. News on this 5 Star family-oriented development highlights that manufacturing for soft furnishings and fixtures for the resort are well underway. This is in addition to the significant progress being made on the construction site of the development.
Meanwhile in the Dominican Republic where another resort is planned called Las Canas & The Hideaway, the landscaping of the entrance to The Hideaway at Las Canas was completed in early 2009. More land has been purchased which will accommodate the back of house facilities for the resort. Full planning permission is in place and construction will commence in early 2010. The Hideaway will open at the beginning of 2011. Land clearing and pre-build groundworks will start on the main Las Canas resort in early 2010.
In 2009 another property in the Dominican Republic entitled Two Rivers, witnessed more land purchased at the entrance to the resort which will enable Harlequin to extend the reception area and include another restaurant. Full planning permission is in place and in early 2010 the land will be cleared. This will be followed by the land being raised and pre-build groundworks.
In St. Lucia with The Marquis Estate, another resort planned by Harlequin, the Environmental Impact Assessment Studies are currently in progress and once these are completed detailed planning will be finalised. According to the property update published by Harlequin in its website, “Work to improve the roads so that they can support the heavy plant required during the build will start in early 2010. Land clearing will commence soon afterwards and construction will begin with the Gary Player Signature Golf Course and Gary Player Golf Hotel.”
Barbados and Grenada are among the top reasons why the global property seekers are opting for foreign property mortgages.
