As part of the British Empire for 334 years, most of the institutions in Barbados date back to British influences, with a legal system derived from English common law, the third oldest parliament in the Commonwealth, and English as the official language. A recent research document commissioned by UNNA Luxury Resorts & Residences looks into the many reasons why the island attracts such a significant level of UHNWI investors and residents. It highlights the efficient fiscal environment, including no inheritance tax or capital gains tax, which offers value to wealthy individuals and their families. A recent Wealth-X report also found that more than two-thirds (67%) of ultra high net worth individuals living in the Caribbean had relocated from another country, primarily the US, UK and Canada. Many of them are choosing to invest in Barbados, taking advantage of its trust structures and asset protection, as well as to build their real estate portfolios. Importantly, UNNA’s research takes into account the pride Barbados takes in its political stability, highly developed infrastructure and advanced information technology. Barbados also featured in Condé Nast Traveller’s top 20 world’s best islands in September 2015 for its unique mix of the familiar with the exotic. It is regularly voted best Caribbean island for sport – offering polo, tennis, scuba-diving, horse-racing and paragliding to name a few – and has seven golf courses, two more than in 2009. The island is also a gateway to the Caribbean’s wider offering of 121 golf courses.
Property potential
As the Caribbean’s main tourism season is now well underway, Kim Goddard, head of sales at Royal Westmoreland, and Jeanie Mahon from Knight Frank’s Barbados office, provide an insight of what’s in store for the Barbados property market this year. In summary, the British still dominate sales of property on the West Coast of Barbados; demand is predicted to continue to grow and prices should continue to stabilise over this year; properties in the $1.5 to $2.5 million and $10 million plus categories is where demand is growing; and the trend toward contemporary/transitional architecture continues.
“We are anticipating a good season as demand for property increased last year and we predict this will continue this year, especially amongst the British who account for the majority of our international sales,”
says Jeanie Mahon.
“The $10 million plus market continues to prove steady and there are no signs of this abating. Prices will stay where they are and grow for premium properties looking forward.”
Kim Goddard sees demand growing for properties priced between $1.5 to $2.5 million. She says,
“This market was dead a few years ago but it’s where we are seeing most demand now and predict this will continue. Typically buyers in this price bracket are aged in their late 40s to early 50s, the children are out of the house and typically they are looking at succession planning in their business/profession; whereas buyers of our larger villas in the $3 million plus market will be approaching retirement and have already sold their business. Our fractional ownership product has also drawn a younger audience and has proved to be a popular stepping stone into full ownership.”
The last word goes to Suzanne Davis of Realtors, Real Estate Sales Barbados, who is hopeful that the high-end market is on the move.
“House prices are still generally 20% below pre-crisis levels,” she says, “but we are optimistic due to increasing numbers of foreign enquiries that sales volumes are picking up and therefore are hopeful that the high end market will improve in our winter season.”
Palazzate, Near Speightstown
This lavish, newly completed property consists of four residences but is being sold as one. It is in a beachfront position on the ‘Barbados Riviera’, the favoured northern end of the island’s west coast. The end result is a majestic building with a vast 75,000 square feet of living space divided into four ocean front homes. Each one extends to more than 13,000 square feet within the footprint of the building and has five bedrooms, six bathrooms, a cinema room and pool. The property incorporates sophisticated security, including a dedicated camera room and biometric technology in the private access lifts. There are staff areas with laundry rooms and kitchens plus underground parking for 18 vehicles. Additionally, the spa area with a health club and treatment rooms and a private bar area offers direct access to both the pool and beach.
£82.933m / €116.365m / $125m
Alistair Brown +1 (246) 262 8112
Port Ferdinand Marina & Luxury Resort
Just north of Port St Charles on the Barbados Riviera is this exclusive, 16 acre residential marina community. The first phase consists of 32 homes and includes private yacht berths for yachts up to 60 foot long. It includes two, three and four-bedroom layouts with more than 2,500 square feet of living space and bright light open plan interiors feature hand-crafted coral stone and woodwork, indigenous materials, rich colour tones and palettes together with marble and tile floors. The overall scheme will create a total of 82 designer homes, plus 120 berths for yachts up to 90 feet in length. The residences range from two-bedroom marina view homes to four-bedroom deluxe sea view penthouses. Port Ferdinand’s family-oriented amenities include water sports, games rooms with table tennis and table football, tennis and golf and of course wonderful nature trails and coastal walks.
From £1.42 m / €1.96m / $2.15m € – £4.3m / €5.9m / $6.5m
Port Ferdinand +1 (246) 272 2002
Ariena, Sandy Lane, St. James
Standing in 1.79 acres, this property consists of the main house with a two-car portico, two double garages with storage/workshop at the rear, a one-bedroom annexe for staff, pool and spa, a two-bedroom guest cottage, gardener’s bathroom and generator building. As with all properties on the Sandy Lane Estate, access to the beach is provided through the Sandy Lane Hotel main entrance to the Sandy Lane Property Owners Association Beach Facilities. There is a lounge area, storage facility, bathrooms, bar, and outdoor showers. Beach chairs are also provided.
£5.9m / €8.15m / $8.95m
Realtors Real Estate Sales +246 432 6930
Royal Westmoreland, St James
The villa shown is a 6,700 square foot home featuring clean lines, slick interiors, large terraces and enormous expanses of glass to maximise the views. Offering a total of four en suite bedrooms, a study, media room and a large eat in kitchen opening to a covered veranda dining area. There is a also sweeping staircase, sea views from three of the four bedrooms, a staff area, and double garage all in a Caribbean-modern architectural style. Similar custom-designed villas can be built on numerous fairway lots on the estate such as Jasmine Ridge with lot prices varying according to the location. £3.6m / €5.2m / $5.7m for a similar property to that pictured
Royal Westmoreland +44 (0)1524 782649
Gardenia, St James
An exceptional property in a highly sought after beachfront position offering immaculate, wide-ranging accommodation. This includes large open-plan reception rooms that take full advantage of the fabulous sea views. Gardenia is very private and securely positioned centrally within beautifully colourful and lush gardens and grounds.
£23.05m / €32.59m / $35m
Knight Frank International +44 (0)20 7861 1553
