Positive sentiment among the key overseas markets of UK and Canada is growing, according to estate agency Chesterton Humberts, who have seen their sales double in the last year.
Demand for luxury homes is being driven by high-net-worth-individuals and supported by strong currency exchange rates and economies for both Brits and Canadians.
Indeed, the improved outlook has prompted Royal Westmoreland to continue its development work ont h eisland, announcing 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.”