Barbados has been rated among the top five locations in the world for property investment despite declining property prices.
This is according to the Knight Frank Prime International Residential Index, which was published in March 2010.
This is an amazing feat for such a small island in the Caribbean, as it is rated among some of the most developed real estate markets around the globe. As more and more Caribbean destinations become more involved in property development, the rating by Knight Frank clearly shows that Barbados is seen as a leader in the industry in the region.
While admitting that the locations suffered from a decrease in property prices, Knight Frank in its Index believes that they are all sure to bounce back.
The other locations which are among the top five rated markets with worldwide appeal to secure a great property include; Dubai, United Arab Emirates, The Algarve, Portugal; Dublin, Republic of Ireland and New York USA.
Even though the global real estate firm notes that there has been a decrease in property prices, the belief that there is likely to be bounce back, once again this shows the integrity of the industry in Barbados. Despite having some major property development projects slowing and one other halting construction, buoyancy still remains in the sector.
Knight Frank notes that it’s impossible to ignore the effects of the global recession on the international housing market. However, decreasing property prices create opportunity for the canny buyer, and striking whilst the market is depreciated gives buyers a unique chance to catch prime property before it bounces back in value.
Barbados is among Knight Frank, five fastest falling property markets in excellent locations which is sure to see a strong recovery in the coming years.
According to the commentary by Knight Frank for Barbados it is stated, “The idyllic Caribbean Islands are picture postcard perfect but, with fewer people taking holidays last year, interest in property has declined. Prices in Barbados are 20 per cent cheaper than last year, superb value for money on a tourist trap that’s guaranteed to attract holidaymakers all year round.”
A new real estate locale in the Caribbean is emerging as one of the key upscale destinations among Europeans scouting for property ownership in the region.
Antigua is luring new interests to its shores, with its legendary 365 beaches and the explosion of upscale properties that have come on the market in recent years.
New reports have described Antigua as not being part of the development frenzy that marred so many of its neighbors in the 1970s and 1990s. Now, however, new projects and refurbishments are being completed, making the island seem less like a real estate hinterland and more of an alternative for people with selective tastes who are looking for vacation homes.
Tamarind Hills, Sugar Ridge, Daniel Bay and Grand Estates are just a few of the developments constructed in the past three years — all finished to high standards, with infinity-edge pools and expansive terraces designed for year-round outdoor living. Many also have unimpeded views of the sea.
In addition, Jumby Bay reopened in December after a $28 million renovation.
The larger of the two islands that constitute the nation of Antigua and Barbuda, Antigua built a reputation in the 1980s as a posh retreat for England’s rich and famous, partly because of its heritage as a British colony. With a land size of 280 square kilometers, or 110 square miles, Antigua has a population of approximately 82,000.
A number of luxury hotels were built in the ’80s, including the Carlisle Bay Hotel, part of a group that includes One Aldwych in London. Residential developers, however, focused more on popular islands like Barbados and the Bahamas — some deterred by Antigua’s mountainous terrain and the government’s onerous requirements.
Many real estate agents say the administration of Prime Minister Baldwin Spencer, elected in March 2009, has made buying easier for overseas investors. One example of this is, it now takes two to three months to obtain an Alien Land Holder’s License, a process that used to take as long as two years.
The result: Antigua has been developing a reputation for top-end properties, with the likes of Oprah Winfrey, Richard Branson and Eric Clapton buying homes here. And it has started to close the budget gap that followed the global economic downturn and a subsequent fall in tourism, the island’s main employer.
A local realtor has stated, “Antigua offers a top-quality product in a stable and reasonably priced market when compared to other islands in the region, and so it has a much greater growth potential.”
Few developments in Antigua are more spectacular than the 300-acre, or 120-hectare, Jumby Bay, an exclusive private island two miles off the main island. It reopened Dec 1st 2009 following an 18-month, $28-million renovation.
In addition to the hotel, where rooms are furnished with mahogany four-poster beds and marble baths, there are 49 privately owned homes. Prices generally start at about $4.25 million but can be more than $30 million.
Visitors to Caribbean shores, set to wed in these beautiful destinations now have new venues to choose from.
Buccament Bay in St. Vincent and the Grenadines, True Blue Bay Resort and The Swedish lighthouse ship at the heart of Le Phare Bleu Marina and Resort both located in the Spice Isle of Grenada are high on the list of choices.
St. Vincent and the Grenadines will gain an exciting new wedding location in July, with the soft opening of Harlequin Hotels & Resorts’ Buccament Bay. The resort is just minutes from one of the filming locations in Pirates of the Caribbean, and is also family-friendly. An Island Spa Villa or Water’s Edge Penthouse Suite are recommended for honeymoon accommodation.
Meanwhile the all-butler suite Sandals Emerald Bay Resort on Great Exuma in the Bahamas opened in February, offering the full Sandals range of Martha Stewart weddings. The Island Paradise package, starting at £3,960, includes sunset nuptials under a bamboo arch embellished with magenta and orange orchids.
Moreover accommodation properties that have traditionally performed well and marketed as wedding venues like the Elegant Hotel Group in Barbados are set for a new multi-million look in summer 2010. This Group includes, Tarmarind Cove, Turtle Beach, The House which have proven to be among some of the best venues for Caribbean weddings.
