Confidence Returns To The Property Market In Barbados

Ocean Retreat Royal WestmorelandA recent report by estate agency Chesterton Humberts shows a growth in confidence for properties in Barbados, particularly from the island’s key overseas markets of UK and Canadian buyers who have been benefiting from improving domestic economies and a good Sterling to Dollar exchange rate*.

With a particular demand for luxury homes from high-net-worth-individuals, Royal Westmoreland has recently announced the addition of 200 luxury villas and a 9-hole golf course on the adjacent 210 acres of land as well as the creation of some larger plots on the existing estate, for a selection of substantial, high-value properties.

Kim Goddard, Director of Sales says: “Royal Westmoreland’s growth plans could not be timed any better. We are witnessing an increasing demand for high-quality properties first-hand and saw the year on year sales figures from 2012 to 2013 increase by 100 per cent. Our audience is particularly interested in buy-to-let properties as well as homes that serve as a lifestyle investment.”

Anita Ashton, Mortgage Broker at Caribbean Mortgage Brokers adds: “Although most property buyers at the moment want short term bridge financing or will pay cash, banks are willing to lend. Compared to last year, we have experienced an increase in mortgage lending of 15 per cent. This automatically widens the audience and is therefore another reason why the Barbados’ property market is picking up.”

Totalling 750 acres of land featuring 200 completed homes, Royal Westmoreland is currently building four townhouses at Sugar Cane Ridge and six custom-build villas with additional residences planned. Once completed, Sugar Cane Ridge will provide 22 three- and four-bedroom semi-detached villas with prices ranging from £750,000 to £960,000.

Already, Barbados is seeing the effects of the increasing interest with a villa recently being put up for sale at $55m (Barbados’ most expensive property yet), whilst the update on the rejuvenated construction of the new Four Seasons resort contributes to the overall confidence in Barbados’ market.

High-net-worth-individuals continue to be attracted to Barbados due to last year’s newly introduced special entry permits, allowing buyers of properties valued at $2m and up to obtain residency status, which automatically extends to the buyer’s spouse and children. An additional series of planned private jet flights from Heathrow to Barbados by Royal Jet (owned by the Government of Abu Dhabi) add to the island’s appeal for the luxury market.

Further options at Royal Westmoreland include a choice of one, two or three bedroom apartments, luxury penthouses, and villas with prices starting from $395,000US.

For more information phone+44 (0)1524 889341, Email rwsales@royal-westmoreland.com

Or visit www.royalwestmoreland.com

Ends

Editors Notes:
Royal Westmoreland celebrated their 20th anniversary in April 2014 and has won numerous awards over the years including ‘Best International Golf Development’ and ‘Best Multiple Development for The Caribbean and Americas’ for the estate’s Royal Apartments at the International Property Awards.

In addition, Royal Westmoreland received the ‘Certificate of Excellence’ from leading travel review site TripAdvisor, following consistent high holiday guest ratings. This puts Royal Westmoreland in the top 10% of all Trip Advisor businesses worldwide.

* 1 GBP = 3.36664 BBD
1 CAD = 1.83403 BBD
1 USD = 2.00000 BBD

Media Contact
André Kappelhoff, Tel +44 (0)208 614 7500, email andre.kappelhoff@p1communications.com