News

Barbados, UAE sites added to World Heritage List

Sarah Kendell — 28/06/2011 11:43:00

The United Nations World Heritage committee has recognised the historical value of both Barbados' capital, Bridgetown, and the Emirate city of Al Ain, and included them on the world-renowned UNESCO World Heritage List, which should see a significant rise in tourism to these areas.

In its 35th session at UNESCO's Paris headquarters, the World Heritage Committee said that while Al Ain, which lies equidistant from Abu Dhabi and Dubai, was significant for its evidence of prehistoric settlement in the Middle East, the Barbadian capital of Bridgetown should be recognised for its outstanding example of British colonial architecture.

"With its serpentine layout, [Bridgetown] testifies to a different approach to colonial town planning compared to the Spanish and Dutch colonial cities of the region, which were built along a grid plan", UNESCO said in a press statement. Other attractions to be added to the revised World Heritage list included the temples of Hiraizumi in Japan, the 40 ancient villages of northern Syria and the landscape of Serra de Tramuntana on the Spanish island of Mallorca.

Whilst both Barbados and the UAE have long been popular as a destination for luxury and commercial development, the inclusion of attractions within this country for their natural and historical significance should see their respective tourism markets being opened up to a wider audience. Buy-to-let investors and property owners in both destinations can therefore expect to see their values increase in the near future.

BA looks to Caribbean in new summer schedule

Sarah Kendell — 01/04/2011 10:10:00

British Airways will shift its focus away from the US and toward the lush tropical islands of the Caribbean in this summer's cross-Atlantic flight schedule, with increased services to Barbados, San Juan, St Lucia and Puerto Rico set to give property owners on the islands a hefty boost to rental income.

The national carrier's new summer flights reflect a changing of the game in the tourist industry over in the Americas - while it's lessened flights to Orlando, BA has stepped up services to up and coming growth markets like Buenos Aires in Argentina and the all-inclusive resort hub of Cancun in Mexico, as well as its increased services to the Caribbean.

The increase in flights to the islands of Barbados, St Lucia and Puerto Rico, despite the recent announcement of a rise in fuel duty for Caribbean flights, reflect the airline's confidence in the region as an attractive tourist destination for Brits. The establishment of many high-end luxury developments on the islands in recent years, such as Barbados' Portico, has seen demand amongst the wealthy continue to grow despite the economic downturn.

"During an economic downturn or market swing, it is always the exclusive locations that win through first", said Kieran Kelly of locally based property firm Cluttons Barbados. "Barbados is a great place to own a holiday home or investment property: the people are lovely; the economy is stable; the pure, white sandy beaches are heaven and the clear blue waters of the Caribbean Sea provide many with the opportunity to truly relax and escape the world's woes." With two more chances per week for BA customers to get down to their Barbadian escape, business should certainly be booming.

Interested in property in the Caribbean?
Browse our listings of apartments, houses and other properties for sale in the Caribbean here: http://caribbean.themovechannel.com/property/all/

Portico launches new era in Barbadian luxury

Sarah Kendell — 10/02/2011 12:05:00

Barbados has long been associated with glamour, luxury and the aspirational lifestyle of the jet set. Theatre icon Andrew Lloyd Webber, X Factor mogul Simon Cowell and Topshop CEO Phillip Green are among the famous names to own property on the island, and with increasing tourist interest from the ‘nouveau riche’ in Eastern Europe, the future is looking bright for investment opportunities in this sunny Caribbean nation.

Portico, a new development of ultra-modern apartments located on secluded Prospect Beach, offers all the hallmarks of high-end living that Barbados’s exclusive clientele have become accustomed to, and promises to be a hit amongst holidaymakers in search of their next luxury vacation. Situated atop a 15-foot bluff overlooking the Caribbean Sea, Portico’s state-of-the-art design features modern aspects while making the most of the naturally stunning beach frontage.

One of the highlights is the atrium at its entrance, where a sleek glass bridge glides over a striking water feature, while the elevator shaft and stairway protrude vertically through a glazed curtain wall. Another is its stunning glass-fronted infinity pool at the front of the complex, where guests can gaze at the ocean uninterrupted whilst they swim.

Inside the spacious condominiums, of which there are only two on each of the five floors, no expense has been spared to source the best finishes, from Italian marble countertops to stunning handmade wall tiles sourced from Jerusalem in Israel. Each apartment features a 40-foot terrace with private plunge pool, fronted by glass balustrades to make complete use of the uninterrupted sea views.

Like all truly indulgent luxury complexes, Portico devotes the top two floors of its space to penthouse accommodation. Each boasts its own private rooftop entertaining terrace, complete with 10-person Jacuzzi and spacious sunbathing lounges.

As the only privately owned apartment complex in the area, Portico maintains a certain exclusivity and privacy for its guests that is unrivalled on the island’s West Coast. It’s far enough away from the more populated beaches for visitors to enjoy complete tranquillity, but close enough to civilisation, at 4.5 kilometres away from the island’s main settlement of Holetown, that all amenities are there when guests need them.

A paragon of modern luxury and remote beauty, investors and second home buyers considering Barbados would do well to keep their eyes on this high-end prospect.

Portico's luxury apartment selection is now listed for sale on The Move Channel, with prices starting from US$4.95 million.

The buzz is back in Barbados

Sarah Kendell — 12/01/2011 10:39:00

It's long been a favored retirement destination for residents of the UK and Europe, and now it seems investors are flocking back to the Barbadian property market.

Despite a lull in property prices since the financial crisis, Cluttons Barbados has reported a 70% increase in sales completed for 2010 on their selection of new luxury developments on the island.

"During an economic downturn or market swing, it is always the exclusive locations that win through first", said Cluttons' Kieran Kelly. "We do expect an increase in property values in the next 12 months, however this still remains an extremely good time for purchasers to negotiate."

The firm has particularly seen an increase in sales at entry level, with properties between US$300,00 - $600,000 doing particularly well. All 45 apartments in its new Weston St James development on the island's west coast, launched last March, have now sold.

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Barbados - a real island paradise

Catherine Deshayes — 05/03/2009 12:23:00

The white sandy beaches, the friendly Bajan people and laid-back approach to life have all contributed to Barbados being voted one of the top holiday destinations in the world...

One of the most established and developed islands in the Caribbean, Barbados boasts of some of the most sought-after property in the region and offers a wealth of activities for residents.

Political, economic and social stability have given Barbados one of the highest standards of living in the developing world. As a 'hub' island, Barbados offers the best transport in the region to and from Europe and the Americas, as well as to neighbouring islands.

Make Springcourt your second home in Barbados

On the south side of Barbados at the end of a quiet cul-de-sac, just minutes from white sandy beaches and Rockley golf course, Springcourt is stylishly designed and constructed to a very high standard, offering accommodation in a range of sizes and styles.

Close to all the essential facilities - shops, banks, restaurants and night clubs - and conveniently located a mere twenty minutes from the airport and just ten from the capital, Bridgetown, Springcourt is for people who love Barbados and long for their own island getaway. The superb investment potential is just a bonus.

You don't have to be one of the rich and famous to experience the unique ambience of Barbados.

Dive into Springcourt and enjoy the exclusive club atmosphere of this small development located in a quiet residential area, away from the highway and the nightclubs.

Sit back and relax with a cool drink, and enjoy the stunning view over the Caribbean Sea from the beautifully landscaped hillside garden.

Chill out with your friends on the roof terrace overlooking the waterfall that flows into the swimming pool at the centre of the complex. Experience Springcourt and claim your own piece of Caribbean paradise.

Contact Helen today, by phone +44 (0)1462 713685 or email sprinsib@globalnet.co.uk and arrange to have a relaxed look around Springcourt and discover what "chill out" really means.

Check out www.spring-court.com

Barbados holding its own in competitive tourism market

admin — 10/08/2011 06:23:00

“I am happy to report that even in the face of the economic crisis impacting countries across the globe, Barbados…has been able to create innovative ways to retain its niche in existing tourist source markets, and also expand into new markets. This has enabled us to compete effectively against the growing number of tourist destinations that have become available to the international traveller.”

These words came from Permanent Secretary in the Ministry of Tourism, Andrew Cox, as he represented Minister of Tourism Richard Sealy in his absence during the official opening of the 26th Hotel and Restaurant Workers’ Week in the Sir Hugh Springer Auditorium, Solidarity House.

Cox further singled out the Barbados Tourism Authority and even, more importantly, those persons working in the industry across the island to ensure a comfortable and pleasant stay for our visitors on a daily basis.

He then highlighted the importance of tourism to Barbados’ development and praised the Barbados Workers’ Union (BWU) for its commitment to work in collaboration with the Government and private sector to create “a stable labour relations climate” for tourism sector workers.

Source: BarbadosAdvocate.com

The 10 best places to retire overseas

admin — 09/05/2011 11:51:00

There are parts of the world where riding out the economic storm in retirement is going to be a lot more enjoyable than in Britain. Savills estate agents’ latest Global Residential Review reveals that an increasing number of those in their more prosperous fifties and sixties are looking for a foreign retirement bolt-hole where the living is easier than in Britain.

Here are 10 hot spots for anyone looking to buy and retire overseas:

America

Florida, really. On average the climate’s a lot warmer than Britain’s, so you’re guaranteed sunshine. Property prices have fallen by 30-70 per cent over the past four years.

Barbados

Britons are the biggest expat community in Barbados. Celebrity owners include Sirs Cliff Richard and Andrew Lloyd Webber, as well as Cilla Black and Simon Cowell. Estate agents Cluttons (www.cluttons.com) report a 70 per cent increase in sales in 2010, compared to 2009.

Cyprus

It’s not just the sunshine that makes the Greek part of Cyprus a haven for Britons. Spend more than 183 days on the island, in one financial year, and you become a tax resident, liable for as little as five per cent income tax.

France

Brits tend to opt for coastal properties (39 per cent), rural (37 per cent) and mountainous (19 per cent), which means the likes of Aquitaine, the Dordogne and the Languedoc remain popular. But the prospect of spending a year (or longer) in Provence, à la Peter Mayle, is as attractive as ever. Overall, prices in France are eight per cent down on their 2007 peak.

Italy

You won’t find stacks of cheap, soulless, little modern apartments in Tuscany and Umbria. But you will find lots of rural residences with character.

Prices are between 5-20 per cent lower than September 2008, so for £150,000 you can buy a pretty, stone-built Town house in the village of Collodi Castello.

Mauritius

Picture postcard beaches, and an expat-friendly Integrated Resort Scheme, whereby you, your spouse and offspring enjoy not only residency status, but freedom from inheritance and capital gains tax. This is provided you buy a top-end property such as at the (288-villa) Valraiche development next to two golf courses (with another planned). Prices start from £500,000 for a two-bedroom villa (www.cluttons.com)

South Africa

Cape Town is where most Brits gravitate, with its equable climate and fine beaches. Prices can be 50 per cent less than the most expensive parts of Europe, too.

Spain

Murcia, in south-east Spain, was the original star of Spanish golfing properties. It now has more links-Side homes for sale, at below-par prices. Property sales in Majorca are also up (by 14.5 per cent in 2010), as is the number of Monarch Airlines flights from Britain. You can buy an (as yet unbuilt) two-bedroom beachside villa at Cala Anguilla for £180,900 (www.taylorwimpeyspain.com).

Switzerland

“Switzerland was generally unaffected by the recession and the property market remained buoyant,” reports Hannah Coppersmith, managing director of Pure International (www.pureintl.com). The company organises free seminars to help with the laws on purchase in the cantons.

Turkey

During 2010, property sales to foreigners rose by 40 per cent on the year before, totalling £2.5 billion. Not quite as good as the 3 billion of the boom years (2006-08), but enough to persuade accountants Price Waterhouse Coopers to name Istanbul the best European city for investing in property during 2011.

Source: Telegraph Online

Caribbean luxury properties - what's the difference?

admin — 03/03/2011 13:01:00

SOUFRIÈRE, ST. LUCIA — “Buy Your Own Piece of Paradise” says the small sign that greets potential buyers who snake their way along Jalousie Drive, a private road carefully constructed between the Pitons, the lava spikes for which St. Lucia is famous.

It is the same sign that could be posted at almost any real estate development on almost any of the thousands of islands that dot the Caribbean — extolling palm trees, white sand and gorgeous sunshine. So explaining what makes St. Lucia different, especially at The Residences, a collection of 42 homes being built at Sugar Beach, is the challenge.

Owned by the British-born Roger Myers, who has a home on the island, the houses were designed by Lane Pettigrew and are expected to be finished by the end of the year. A five-star hotel on the site, now called Jalousie Plantation, is undergoing a $100 million refurbishment and will be rebranded in December as The Tides, Sugar Beach. “This place is very much about authenticity,” said Armin Asceric, sales manager of The Residences. “Our aim here is to get a real natural feel.”

Buyers will have access to facilities and services at the renovated Jalousie Plantation, which is managed by the Viceroy Hotel Group of Los Angeles, a company known for properties like the Viceroy hotels in Santa Monica, California, and Miami. In addition to the spa, the hotel will have two white-sand beaches, three new restaurants, four bars and a scuba center. There is a 24-hour butler service. Even so, are The Residences at Sugar Beach that much different from competitors like, say, the ultraluxe Jumby Bay in Antigua, a 300-acre, or 120-hectare, space that reopened in December 2009 after a $28 million sprucing up?

Like the Jumby Bay area of Antigua, St. Lucia is not overdeveloped. Both projects have alfresco showers, private infinity pools and luxurious, contemporary furnishings. And while both are private dwellings first and foremost, they also have rental options that allow owners to get around $1,500 per night or more when they are available. (Owners would retain 75 percent of the fee; 25 percent would go to the management.)

To some degree, Mr. Asceric says, the upscale real-estate market in much of the Caribbean has been immune to the global economic downturn simply because buyers here are just so rich that dropping a few million dollars on another property will not make a big dent in their finances.

“The tough economic climate has resulted in fewer buyers who are extremely savvy and are not prepared to accept second-rate sites without secure financing,” she said. “Many have removed their money from the stock market and the banks and see one-of-a-kind real estate as the only safe place” for it.

Source: New York Times

Barbados bouncing back

Catherine Deshayes — 09/08/2010 07:38:00

Barbados property, which is the most expensive in the Caribbean, is showing signs of a rebound after a slight slowdown in 2009 - new construction has resumed, and visitors are gradually returning to the traditionally thriving rental market...

The property market in Barbados slowed in 2009 due to the global financial crisis, but property prices have remained mostly stable.

"Barbados' strong history of increasing real estate values helped it stay strong through the last year without prices falling dramatically," says Nick Guezen, director of real estate of Luxury Retreats, an elite broker in private villa sales and rentals in Barbados. "Sellers in Barbados had the means to wait out the storm, while buyers also waited patiently for prices to drop."

Over the past few years, property prices in Barbados had an annual increase of 10% to 15%, with prices of luxury houses appreciating more than 15% per year.

Barbados has the most expensive luxury properties in the Caribbean, with prices ranging from US$4 million to US$40 million. For the extremely wealthy, there are houses that come with US$75 million price tags.

Luxury houses and villas still dominate the market, but apartments and condominium units priced between US$145,000 and US$1 million are now common.

Britons make up the largest group of tourists and foreign home buyers in Barbados, followed by Americans. Their numbers, however, have declined since the global crisis hit. On the other hand, Canadian tourists and home buyers in Barbados are on the rise.

Barbados' economic recovery, however, is still uncertain. The country enjoyed a GDP growth of 3.3% in 2007. However, growth slowed to 1.5% in 2008, due to declines in tourism and construction, and a slowdown in manufacturing. As the global crisis worsened, GDP fell by 5.3% in 2009. In the first quarter of 2010, GDP declined by under 1% on an annual basis.

Inflation soared to 9% in 2008, due to sharp increase in world food and fuel prices. In 2009, inflation was maintained at 3%. By first quarter of 2010, inflation was 3.3%.

Hopes for tourism

Tourism accounts for 15% of Barbados' GDP. The tourism sector suffered in 2009, with stay-over arrivals dropping by 8.5% and tourism receipts down more than 11%, according to the International Monetary Fund. Construction declined 4.5%, with tourism-related projects stalled. Unemployment rose to 10.1% in the first quarter of 2009, from 7.9% in the first quarter of 2008. In the first quarter of 2010, it rose again to 10.6%.

Visitors from the US have been gradually returning since the first quarter of 2010, drawn by luxury hotels' discounts and promotions. There was an increase of 2% in arrivals in the first two months alone.

A significant number of Canadian visitors are also visiting the country, with an increased number of flights from West Canada. Arrivals from the UK in the first quarter of 2010, however, were affected by the volcanic eruption in Iceland.

Barbados still awaits stronger recovery. Hopes for improvement in tourist arrivals hinge on newly built real estate developments, as well as those still under construction.

The construction of new condominiums in The Crane oceanfront resort and residential development is expected to attract foreign visitors to the South Coast. Beachlands, a US$200 million luxury development, is also underway on the West Coast. Investors are also anticipating the completion of the Four Seasons Hotel and Private Villas. The massive project was halted in 2009 due to lack of financing. This year the government stepped in with a loan of $60 million from a Caribbean bank, so construction will continue. If all goes well, the development will be completed in 2011.

The government has also announced that it will offer public loans to encourage renovation of tourism-related facilities. These developments are expected to bring back stronger tourist inflows and encourage more foreign investments and financing.

Mortgage market and interest rates

Barbados' mortgage market has expanded rapidly over the past decade. From 11% of GDP in 1999, total outstanding mortgage loans for private dwellings grew to 27.4% of GDP in 2009. By April 2010, it was up to 27.6%.

In 2009, total mortgage loans for private dwellings rose to BB$1.972 billion (US$0.97 billion), according to the Central Bank of Barbados.

Barbados has around ten mortgage lenders, but only five lenders to non-residents. Loan-to-value (LTV) ratios typically range from 50% to 70% for non-residents (minimum loan of US$300,000), with a maximum term of 15 years.

Non-residents' mortgage loans must be foreign currency-denominated, and approved by the Central Bank of Barbados. US dollar loans have been attractive over the past few years. Their interest rate is linked to three-month US LIBOR.

Foreign buyers often end up obtaining financing externally, because mortgage interest rates in Barbados are often higher than in European and North American countries.

Since 1975, the Barbados dollar has been pegged to the US dollar at BB$2 = US$1.

Rentals

Barbados has a thriving rental market. Long-term rentals usually occur during important holiday weeks such as Christmas, Easter, and New Year. During the peak season, from November to April, long-term rental properties are difficult to find in Barbados, and rents are much higher than usual.

Rents vary enormously between properties and location-apartments vs. houses vs. villas, furnished vs. unfurnished, inland vs. beachfront, West Coast vs. South Coast vs. East Coast. Rents for beachfront properties are higher than inland properties.

The least expensive rental properties can be found on the East Coast. The most expensive properties are generally on the West Coast.

Rent for three-bedroom houses on the West Coast starts at US$4,200 per month. Four-bedroom houses can be extremely expensive, and start at more than US$10,000 per month during summer. Five-bedroom houses can be rented starting at about US$14,000 per month.

Luxury villa rentals range from US$2,500 to US$100,000 per week.

The rental market declined in 2009, but it is expected to pick up by 2011.

West Coast reigns

The West Coast, also called Platinum Coast, extends from the outskirts of Bridgetown (the country's capital) in the south to Harrisons in the parish of St. Lucy in the north. Homes of famous celebrities and super-wealthy foreigners can be found here.

"The West Coast is still by far the strongest market on the island, and perhaps the strongest in the southern, windward Caribbean," says Guezen.

Luxury homes and luxury beachfront properties in the area are among the most expensive in Barbados, with prices ranging from US$2 million to US$40 million.

Well-established resorts continue to lure royalty, celebrities, and business elites to the West Coast. Sandy Lane hotel and residences is still among the finest resorts in the Caribbean and one of the most exclusive, also known for its associated golf course. Homes are priced starting at US$3 million.

The five-star Royal Westmoreland also continues to offer luxury homes. The Royal Apartments and Penthouses, which were completed in 2009, are priced from US$ 429,000 to US$ 1,900,000.

In the Apes Hill luxury development, which enjoys views of both the West and East Coasts, plots of land can be purchased starting at US$500,000.

In Saint James, the West Coast's exclusive high-end area, the Weston Resort and Residences development has just been launched. Phase I has 21 units and Phase 2, which has recently been released, has 24 units. Price starts at USD $387,117.

Another new development in Saint James is The Grove, the residential component of the Limegrove Lifestyle Center, the first mixed-use development in Barbados. Each villa has 3,433 square feet of living space and is priced at US$1,325,000.

In Port St. Charles, a luxury residential marina development, resale prices of beachfront villas are around US$4 million and prices for 1-bedroom apartments start from about US$1 million.

In Mullins, St. Peter, prices of inland condominiums and townhouses start at US$350,000.

New developments on the South Coast

The South Coast, which begins at Carlisle Bay in Bridgetown and heads towards East Point on the Atlantic east coast, is less busy and has a more local feel. It caters mostly to the mid-market and has seen tremendous growth, with numerous developments already completed and delivered.

Property prices typically range from US$350,000 to US$2 million.

The Crane Resort and Residences, built in 1887, is one of the oldest resorts in Barbados. Its residential component has expanded over the years, and new villa-style residences have been completed in 2009. Prices of residences start at US$425,000. Construction of condominiums is also ongoing.

Ocean One is a 21-unit beachfront condominium in Maxwell. The West Penthouse is priced at £2,200,000. Ocean Two is a newly completed condominium-hotel which offers freehold ownership.

The Palisades development consists of 16 townhouses, each unit costing US$850,000.

In the 54-unit Sapphire Beach Condominiums, 2-bedroom units sell for US$699,867 and 3-bedroom units sell from US$890,050 to US$1,057,091, depending on unit size.

In The Palm Beach Condominiums, prices for condo units 2,200 square feet and larger start at US$950,000.

East Coast to remain "local"

The East Coast on the Atlantic side of Barbados is better known for its rugged beauty. Because of huge Atlantic waves crashing along the shorelines, swimming is not advisable. However, beaches on the east coast are popular for walking, surfing and beachcombing.

Much of the eastern coastline is protected land and part of a National Park. Hence, though foreign investment interest in the area has significantly increased in the past years, it is difficult to obtain building or planning permission from the government.

In a recent statement by Prime Minister David Thompson, more tourism development will be allowed in the East Coast, owned by Barbadians. Efforts will also be made to ensure that the East Coast does not end up like the crowded and overdeveloped West Coast.

The Edgewater in Bathsheba is a new development consisting of duplex villas and apartments for sale.

In The Merricks Beach Resort and Residence in St Phillip, luxury apartments and villas are available for sale. All suites have a 2-year rental guarantee of 10% of the original purchase price.

In The Little Good Harbour in St Peter, ocean-view apartments and beachfront villas are priced from US$395,000 to US$1,870,000.

Written by www.nuwireinvestor.com

Check out homes for sale all across Barbados at http://barbados.themovechannel.com/

Is now the time to buy in Barbados?

Catherine Deshayes — 19/01/2010 12:13:00

The buzz is returning to Barbados and activity is picking up. Cluttons Barbados is optimistic about 2010 with figures over the last quarter showing significant signs of improvement in property sales enquiries and actual transactions. The number of serious enquiries are up by 80% this December and January compared with the same period last year...

Home buyers are attracted by the potential to negotiate a discounted price with high expectations of rental and capital growth. This is based on the stability of the economy, currency exchange rates, location and the quality of properties that Barbados has to offer.

The worldwide economic downturn has created some "never seen before" opportunities in the Barbados property market as some vendors and developers are forced to reduce prices to increase enquiries and reduce transaction times. This phenomenon is extremely rare in Barbados and Cluttons does not expect this situation to last for too much longer.

The first six months of 2009 were fairly quiet except for buyers with US$4m or more to spend. However, Barbados has an extremely strong property market and the level of offers and sales increased after July 2009.

Kieran Kelly from Cluttons Barbados says: "Now is the time to buy. The Barbados property market, like everywhere else in the world, saw the number of transactions reduce in 2009, and the number of buyers looking for discounts increase. The economic downturn created a buyers market and it took a little while for owners and developers to accept it, with an initial stalemate between the buyers and vendors expectations. We are now seeing more flexibility in vendor's willingness to negotiate and as a result, more sales, most due to price reductions. During an economic downturn, it is always the exclusive locations that win through first. Places such as Central London and Barbados will be fine. For buyers and for good reason, there is a certain comfort level attached to securing a good deal or discount on a property in Central London or Barbados!"

There are very clear signs that the Barbados property market is extremely resilient and very capable of bouncing back quickly. Kelly feels sales within the next six months will increase considerably as buyers can achieve a discount on the purchase price and then look forward to capital appreciation as the market strengthens further. Those buying now will do well, as Barbados has an exciting future ahead.

Kelly continued: "Barbados is an extremely strong brand and clients want a safer market that can offer good potential on the upturn. If anything, this financial crisis has placed Barbados in a better position as competing and alternative destinations have faltered quite dramatically. Our homes are stunning; the people are lovely; the economy is stable; there are top end restaurants and beach bars everywhere; the pure white sandy beaches are heaven; and, the clear blue waters of the Caribbean Sea provide many with the opportunity to truly relax and escape the world's woes."

It is widely believed that property in Barbados is owned by only the rich and famous. Although there are many wealthy owners, over the years the market has spread and diversified with prices ranging from US$145,000 to US$40m.

The west coast has some of the highest property prices in the world and now the south coast is seeing extreme expansion, development and growth due to fantastic beaches, amenities and lower prices.

New builds for Barbados

Catherine Deshayes — 29/10/2009 10:08:00

The Crane in Barbados has announced that it will be releasing 30 new apartments on the island to the market at the end of the year. This will mark the end of the development of the multimillion pound renovation project at The Crane...

The Crane Resort & Residences resort community, otherwise known as The Crane, is located on Crane Beach, south east of Barbados.

The Crane offers an alternative to the West Coast, where properties are generally more expensive, and would suit those people looking for a quieter location with strong investment potential, according to the developer behind the scheme.

Known for its unique cliff-top setting, The Crane, once part of a private mansion built in 1790 incorporates the oldest operating hotel in the Caribbean and is steeped in Barbadian history.

The Crane provides a great opportunity to invest within its Private Residence development, with very flexible options for buyers. Part and full time ownership is available as is a rental pool to both full and part owners. A selection of one, two and three bedroom apartments are currently on sale.

The price of a home in The Crane, on a full ownership basis, ranges from $545,000 (£335,000) for a one bedroom park residence to $2.8m (£170,000) for a three bed penthouse with four bathrooms and rooftop terrace with ocean views.

Fractional ownership is available range from $12,000 (£7,000) to $100,000 (£60,000) per week depending on size of unit and season.

Source: www.homesoverseas.co.uk/news

Barbados: top of the props?

Catherine Deshayes — 28/10/2009 11:07:00

properties in Barbados, where it is widely claimed that values have never fallen, is the most popular destination with property investors and holidaymakers buying homes and visiting the Caribbean, according to fresh research...

The data comes from the number of Caribbean holiday homes currently advertised on Holidaylettings.co.uk, which has significantly more properties in Barbados compared to the other Caribbean islands, as a consequence of the island's popularity.

The majority of holiday rental homes currently available in the Caribbean, including Barbados, are being supplied primarily by long term owners, rather than new purchasers, suggesting that fewer investors - particularly those in the buy-to-let sector - are buying property in the Caribbean at this moment in time. This is unsurprising given the recent global economic turmoil.

"Overall, demand has fallen slightly as a result of the recession and fewer long haul breaks are generally being taken", says Kate Stinchcombe of Holidaylettings.co.uk.

From a holidaymaker perspective in these tougher economic times, Stinchcombe reports that smaller villas - three and four bedrooms - are proving more cost effective and therefore most popular. Locations where this is particularly apparent include Bottom Bay in St Philip Parish, Barbados and Jolly Harbour in Antigua.

Stinchcombe adds: "Bottom Bay in St Philip Parish is the most popular location, but it is also relatively reasonably priced with three bedroom homes available during peak periods for £650p/wk.

"Perhaps the greatest obstacle to holidaymakers trying to reach the Caribbean is Air Passenger Duty increases and transatlantic flight costs - especially when taking the family away."

Travelling to Barbados
British Airways, Virgin Atlantic and Caribbean Airlines all fly non-stop from the UK to Barbados ' one airport - the Sir Grantley Adams International Airport.

• British Airways from Gatwick - up to twice a day year round

• Virgin Atlantic from Gatwick - daily flights year round. There are also flights from Manchester on a Sunday only

• Caribbean Airlines from Gatwick - five times weekly flights

· Charters also operate from Gatwick and Manchester with Thomson.co.uk

Flight times to these airports are under nine hours.

Prices are from around £569 return in economy including all taxes. See www.travelsupermarket.com.

Source: www.homesoverseas.co.uk/news

Holiday like a star

Catherine Deshayes — 30/06/2009 11:17:00

Sports lovers with deep pockets have the chance to stay in the holiday homes of personalities such as Michael Vaughan, Wayne Rooney and Joe Calzaghe, who own villas at Royal Westmoreland in Barbados...

A night in Vaughan's villa starts at £800 per night, a night in Rooney's at £1,300. (01524 782503; http://www.royal-westmoreland.com/

Source: www.telegraph.co.uk

Taking it easy

Catherine Deshayes — 05/05/2009 10:25:00

Some Caribbean islands are easing restrictions for foreign property investors and introducing incentives in a bid to attract more luxury buyers...

The number of rich real estate investors have dropped over the last six months as the global economic situation is affecting those seeking prime property in the Caribbean.

The British Virgin Islands is to ease some restrictions for foreign real-estate buyers including a new 90 day automatic approval for a landholder license.

The Government is also expanding the airport and providing better cellular phone services and high speed internet access for smart phone users.

'The Government realized, given the current economic climate and given that we live by tourism, that we want to have these investors come in,' said Clyde Lettsome, permanent secretary for the Ministry of Natural Resources and Labor.

In the Cayman Islands the Government has temporarily lowered rates on real estate transfer taxes including a reduction on waterfront property from 7.5 per cent to five per cent. The country's real estate brokers group, Cayman Islands real estate Brokers Association, has announced a 20 per cent discount on commission that will continue until the end of September.

US developer David Johnson helped to persuade the British Virgin Islands to do something to stimulate the property market. He is hoping it will boost sales in his Oil Nut Bay project which is a low density 88 villa development on a 300 acre peninsula under construction in Virgin Gorda.

He admits that sales are slow. After about four months of marketing, he says he has sold about eight lots of the roughly 45 for sale at founders prices, ranging from £1.2 million for a one-acre lot to £16.5 million for 10 acres with 360-degree views.

He believes that there is still a market for unique, luxury development despite the recession. He admits, however, that there are fewer buyers than there used to be.

According to international estate agency Knight Frank sales of Caribbean second homes are down 40 per cent over the last six months while prices have fallen more than 20per cent.

Charles McDowell, a property agent based in London's exclusive Knightsbridge confirmed that sales are slow. 'Caribbean second homes are a discretionary purchase and people simply aren't buying them at the moment. I have two clients who were considering purchasing in Barbados and St Barts and both have put plans on hold,' he said.

Source: www.propertywire.com

Wayne's domain

Catherine Deshayes — 02/12/2008 09:28:00

Wayne Rooney is having a £5 million holiday home built overlooking a paradise beach in Barbados...

The England and Man United star decided on the Caribbean mansion after recommendations from two "locals", team-mate Rio Ferdinand and TV pundit Gary Lineker.

Wayne and wife Coleen chose their property - on an exclusive estate in Barbados - from architect's drawings.

It has six bedrooms, a cinema, swimming pool, Jacuzzi and a gym designed by Wayne.

The villa overlooks a golf course and celebrities' hideaway Mullin's Beach on the west of the island.

Wayne, 23, and Coleen, 22, are installing a £35,000 security system before moving in on the 750-acre Royal Westmoreland Estate.

Celeb neighbours include Chelsea international Ashley Cole and his wife, X Factor judge Cheryl, Ant and Dec and boxer Joe Calzaghe.

Wayne should feel at home - the estate was created by Yorkshire businessman Bill Rooney.

Source: The Sun

Kieran Kelly, Chairman of Cluttons Barbados, www.cluttonsbarbados.com, exclusive agents for Royal Westmoreland was unable to comment, but did confirm to TheMoveChannel.com that Royal Westmoreland is a very popular golfing estate for celebrities.

Global phenomenon

Catherine Deshayes — 11/11/2008 10:45:00

Worsening economic conditions have now taken a toll on almost every commercial property market in the world, according to a global survey of real estate surveyors...

The past few months have seen a sharp deterioration in performance and demand for real estate in many regions that had previously appeared resilient to the credit crisis, in particular parts of Asia and Eastern Europe.

The slump in commercial property is well established in mature markets such as the UK and US, but a report today from the Royal Institute of Chartered Surveyors shows that there are few property markets in the world that remain unscathed by the economic crisis.

The net balance of movements in global rents turned negative for the first time in the survey's history, led by weakness in the US, Japan, Spain, Ireland and India, while property values also worsened markedly in the third quarter.

The report, which measured sentiment among surveyors about the value and tenant demand for property, singles out the Indian market as being particularly hard hit. The region has attracted many overseas investors hoping to tap into the property needs of a previously booming economy.

Rising interest rates, higher inflation and a lack of liquidity is affecting confidence in the country, says the report, and 45 per cent more surveyors reported a fall in occupier demand compared with six per cent in the last quarter. The balance of surveyors reporting investor purchases plummeted from zero to minus 73.

The biggest slump in capital values has been in Eastern Europe, a marked turnaround considering expectations of growth only three months ago.

Source: The Financial Times

New property sites launched

Catherine Deshayes — 10/10/2008 09:49:00

TheMoveChannel.com, the leading international property portal, announces the launch of over 80 country specific property sites...

Each country site features in depth property listings that can be filtered by a multi criteria search engine. The investment opportunities listed include both residential and commercial properties, land and more unique property types.

Developers, estate agents and private owners who advertise with TheMovechannel.com will double their exposure by appearing on both the main TheMovechannel.com international property portal and the relevant country portal that their properties are located in. Advertisers however will not be charged any fee for this additional coverage.

Buyers can gain a valuable insight into countries through the dedicated country news, features, email newsletters plus online buying and selling guides.

Dan Johnson, Managing Director, comments, "We've recognised in the toughening real estate market, investors are adopting a more sophisticated and informed buying process.

"The new portals not only provide detailed information on the property stock available in a particular country but also fill in the gaps in investors' knowledge of a market through reference materials and frequent news updates," added Mr Johnson.

Source: www.themovechannel.com

New mortgages for Caribbean

Catherine Deshayes — 24/09/2008 13:38:00

The Caribbean property market, whilst popular with foreign investors, has been held back by the lack of finance available to non-nationals. Now, Caribbean Land and Property is offering mortgages to resident expats and foreign buyers in 19 Caribbean countries.

Obtaining a mortgage for a Caribbean property has traditionally been difficult as most lenders will not lend to non-nationals, or if they do, the interest rates are sky high.

Now, Caribbean Land and Property has started a new wave of mortgages that are available to Caribbean nationals, resident expatriates and foreign buyers.

They have teamed up with some of the UK's leading mortgage providers, to offer Caribbean mortgages in Anguilla, Aruba, Bahamas, Barbados, Barbuda, Belize, Bonaire, British Virgin Islands, Cayman Islands, Curacao, Dominican Republic, Grenada, Jamaica, St. Lucia, St. Kitts & Nevis, St Maarten, St. Vincent, Turks & Caicos and Tobago.

The mortgage service is not exclusive to those clients buying properties through Caribbean Land and Property but is open to any qualifying client.

Applications can be made for a mortgage of up to 75 per cent of the valuation of the Caribbean home or land purchase and interest rates are competitive.

Manager of Caribbean Land and Property Financial Services, Katie Sosna, says, "This service should help a lot of people who want to get on the property ladder in the Caribbean.

"We aim to make the process as simple and speedy as possible," added Ms Sosna.

Tourism plays a major part in the Caribbean's economy, so an investment property there could have strong rental yields. The World Travel and Tourism Council recently estimated that over £500 million of economic activity was generated from travel and tourism in Barbados alone.

Browse Caribbean properties for sale.

Investors eye ‘paradise on earth’

Jaimie Kanwar — 01/05/2008 00:00:00

The Caribbean’s newest hotspot is generating excitement amongst investors…

The stunning Caribbean island resort of Isla Margarita off the coast of Venezuela has been discovered! Long since hidden from the wider world, it is possible to fly to the island directly from the UK, Europe and the US, or to fly to Caracas which is just a 35 minute transfer time from the island itself.

Situated in the Caribbean yet outside the region’s hurricane zone, Isla Margarita is a paradise on earth that deserves to be discovered because of its inimitably perfect climate, its pristine beaches, the fantastic infrastructure, the friendly local people and the quality of life that you can sample on the island.

Unsurprisingly, now that Isla Margarita has been more widely discovered, it is enjoying a booming period of tourism interest and this has kick started an emerging and highly successful property market.

High end opportunities

Increased tourism is having a very positive effect on what is already a strong economy. GDP growth rates in Isla Margarita averaged 11.3% per annum between 2004 and 2007 for example, and now that the location’s property market is really beginning to emerge strongly, there is nothing to suggest that these strong levels of growth won’t continue.

Mark Andrew, Sales Director of international real estate agency Emerging Earth and an expert on the Isla Margarita real estate market, commented: “Property investors are being particularly attracted to the high-end opportunities on the island where tourism interest is more intensely focused.

“At the moment there is a deficit in terms of the supply of suitable condominium accommodation in higher end resorts, and demand is exerting upside pressure on the real estate market, making strong capital growth and rental yield figures realistic and achievable.”