The age old belief that the South Coast of Barbados does not have any high end luxury properties for tourists and locals alike is one step closer to becoming a thing of the past.
This has come with the opening of the Condominiums at Palm Beach. The new upscale development, which was under construction since 2007, officially opened its doors on January 8, 2010. Prime Minister David Thompson, who was the featured speaker at the event, observed: “…what this project has succeeded in doing is to transplant upscale west coast lifestyle to another popular part of Barbados. Visitors to Barbados now have the best of both worlds in one location. This project is also a good illustration of the plans and sustainable development of Barbados.”
Traditionally the South Coast of the island has been known for its more mainstream type of properties and lower scaled hotels, while the west coast is renowned for its upscale luxury properties and hotels.
According to Nick Parravicino, the developer of the new condominiums, Palm Beach will have an extensive array of amenities, with beachfront views, fitness centre and night life and all the unique features of the south coast.
The property is set on over four acres of full beachfront property in Hastings, Christ Church between Coconut Court and Amaryllis Resort, with 59 residences, in 2 and 3 bedroom design. Each residence features en-suite bedrooms, spacious master suite, large outdoor terrace, open plan living room, dining area and utility room.
Prime Minister David Thompson highlighted his belief about what the new construction represents. He said, “Your faith, confidence and resilience have undoubtedly made a contribution to the stabilisation of the property market and prevention of a flight of capital away from Barbados.”
Additionally, he explained that the new property will represent not only a great achievement but will be a major departure for the real estate sector in Barbados.
Nothing! That is the resounding cry from the owners of one Barbados’ most renowned eco-tourism attractions, about the apparent lack of action by government over the environmental state of the Graeme Hall Nature Sanctuary.
In a statement on the Sanctuary’s website, the owners said that there has been no follow-up by Government, despite the pleas from the Sanctuary to government to address critical environmental concerns at Graeme Hall.
“There has been nothing. There have been no phone calls, e-mails or any letters from any Minister,” the statement noted.
According to the statement on the website, last January, almost a year ago, they had what they thought was a very progressive 30 minute meeting with Dr. Dennis Lowe, Minister of the Environment. He said he was interested in working with them to make the Sanctuary part of a future legacy for the people of Barbados, and he promised to get back to them.
“We waited and waited. Nothing,” it is stated.
Additionally the online resource for the Sanctuary explains, “Nine months ago we heard there was a government budget of a million dollars for Graeme Hall and that a government proposal was on its way. Nobody called us and nothing happened, again.”
In December 2009, it was also highlighted by the Sanctuary resource that the Barbados Water Authority (BWA) cut water service to the Nature Sanctuary without warning, sending Sanctuary workers scrambling to implement the Sanctuary’s Emergency Management Plan. At stake was the health and welfare of the endangered and captive bird populations in the captive breeding facility, and the Marshland, Gully and Migratory Aviary Exhibits.
Sanctuary officials said that, thankfully, after strong protests over the situation, BWA workers repaired the water pipe and reconnected the water supply. The Sanctuary’s statement also revealed that the dispute with the BWA continues, and that they do not know if or when the water supply will be cut off again.
It was hoped that given Minister Lowe’s statement in November 2009, on a local radio show, that there would be talks with Sanctuary officials by the end of that month and that they would come to fruition. However, according to the Sanctuary’s statement there has been no action on this front either.
In October 2009, a complaint was filed by Peter Allard, the Canadian owner of Graeme Hall Nature Sanctuary, alleging that the Government of Barbados had violated its international obligations by refusing to enforce its environmental laws, thereby allowing increased pollution and land development to damage the Sanctuary. Notice of the dispute was given to Barbados in accordance with the Agreement For The Promotion and Reciprocal Protection of Investments between Canada and Barbados.
The complaint made by the Canadian owner alleges that Barbados has consistently refused to enforce its domestic environmental laws and to abide by its international obligations under the Convention on Wetlands and Convention on Biological Diversity. Such inaction has led to a radical escalation of polluted runoff into the Graeme Hall wetland that serves as a Caribbean flyway stop for migratory birds
In April of 2009, Prime Minister David Thompson took a bold stance regarding the Sanctuary, reasserting that the Government would not be dictated to in determining what action it would take regarding the long-term prospects for the tourism attraction. At that time it was announced that the Sanctuary would receive a sum of BDS $1 million to assist in the upkeep of the property.
At that time the Prime Minister explained the government’s role with the attraction stating: “Our principle objective is to seek to keep the nature sanctuary open and to ensure that the Barbadians employed there continue to have their jobs.”
The Sanctuary was closed in late 2008 and there was much controversy and even public outcry about its closure.
It appears that at least one Caribbean island could be experiencing a dampened appetite with its property on the international market.
According to the International Property Journal, “International residential purchases on the once-popular islands of Trinidad and Tobago are grinding to a halt in the wake of new regulations…”
Trinidad’s appeal had been growing on the international property market with unique properties and condominium developments available for purchase.
It is noted by the International Property Journal that in 2007, the government enacted a new law requiring foreign buyers on Tobago to acquire a license. Since then, not a single license has been issued.
This development is being viewed as a serious impediment to a once flourishing property market. In fact it is an interesting situation given the current global financial crisis, and an international market where property destinations are trying to be as competitive as possible, it is an interesting challenge for the twin island republic.
A Trinidadian based lawyer has opined, “The regulators have been very slow to finalize a transparent procedure for obtaining the licenses.”
In Trinidad non-resident non-nationals can still buy up to one acre of land without a license, as long as they use an internationally traded currency. But industry observers fear that a controversial new property tax law proposal may further diminish interest from overseas investors.
According to the Global Property Guide in Trinidad and Tobago the local and foreign demand “plummeted” in 2009. “After enormous price increases from 1991 to 2006, Trinidad and Tobago’s property market suddenly cooled, and has been falling for the past two years,”
Property prices on the islands rose 157 percent from 1991 to 2006, thanks in part to the growth of the petroleum and construction. But the islands have been losing favor.
A UK based international property portal states, “Trinidad and Tobago was very popular with buyers from the UK, Canada and the U.S it seems the combination of the global slow down; reports in violent crime and new laws have dampened the appetite from international buyers.”
The age old belief that the South Coast of Barbados does not have any high end luxury properties for tourists and locals alike is one step closer to becoming a thing of the past.