Sun rises on Barbados luxury market

Photo: Ben124

Online property viewings of luxury property in Barbados has shot up this summer, according to Knight Frank, with interesting climbing 56.7 per cent year-on-year.

The surge in activity follows six years of slow activity, says Christian de Meillac, Knight Frank’s Head of Caribbean sales, with more and more sales particularly noticeable along the premium west coast from Bridgetown to Speightstown.

“The traditional selling season is extending into summer,” comments Christian, who attributes the turnaround to the confidence stemming from the UK economy, as well as lower prices, which are combining to make Barbados real estate a more affordable investment for buyers in the UK.

Indeed, brits make up almost 70 per cent of prime sales, ahead of Canadians and other European buyers, with the sweet spot priced between $1 million and $3 million.

“Beachfront apartments and standalone villas are generating the most interest with a sea view and privacy the two key prerequisites,” notes Christian.

“When we compare our applicant numbers with a year ago, not only are more applicants registering their interest in a Barbados home but a greater proportion of them are buying.”

Nonetheless, despite the strengthening pound and the fact that Barbados is attracting more buyers and seeing more sales, locally property prices “have not begun to increase”, says Knight Frank. “Vendors need to be patient.”

It may not be High Noon just yet for Barbados, but the sun is certainly rising.