Prospects for resort development in the Caribbean and other destinations across the world could be on the upswing for 2010.
This is according to analysts in an article entitled Forecast: 2010, in the International Property Journal.
As explained by Liam Bailey, head of residential research, for Knight Frank, a UK based residential and commercial realty firm that has representation in Barbados, “…. big trend to emerge will be the restarting of the resort development sector. It has been on hold across 2008 and 2009, but from Europe, the Caribbean and other hotspots the research and investigation stages are just beginning again and the market is beginning to move towards thinking about how to restart schemes rather than thinking how they can get out of them.”
His remarks come at a time when other positive remarks have been made about the outlook for the Barbados real estate market. Local property developers have highlighted that the coming year should be a positive one for both buyers and sellers.
Renowned developer, Paul Altman, Managing Director of Altman Real Estate asserted 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.”
