Barbados Property - Thoughts About the Property Market
By Peter Apps
Barbados, which has been independent for over forty years, is the jewel in the crown of the Caribbean. To this day it still retains an English influence.
The national sport is cricket and The Queen of England is the Head of State. Areas are known as 'parishes', echoing the religious history of the island through the Church of England.
Barbados is an ideal holiday destination with it's laid-back style and people. The country possesses a beautiful, tropical climate with a drier season between December and May and a wet season from June to November. It has coastlines of beautiful white sand beaches, tax-free shopping, great resorts and restaurants. It also has a lively nightlife with a range of clubs and bars.
As well as being an oasis for tourists, it is also one for those seeking property in Barbados, as well as residents. Barbados villas, apartments and houses are of a high quality and design and there are numerous luxury residential resorted around Barbados. Properties are popular for many stars from the US and the UK who have bought luxury Barbados villas here and have stayed in the country over many years.
Since 2004, there has been many more properties in Barbados constructed due to high demand and more and more people wanting to live in Barbados from around the world, particularly from the UK and Canada. Barbados holds a high quality perception with property buyers, and this has inevitably attracted new residents and buy-to-let investors to take advantage of the tourist demand.
In Barbados, properties can vary in price and size. Luxury Barbados villas can cost up to £5 million sterling, however a one-bedroom Barbados apartment can cost from as little as £50,000, so there is a wide range to suit potential buyers looking for property for sale in Barbados.
When thinking about buying property in Barbados, purchasers should consider that the cost to purchase property is about 2 percent of the value of the property.
Barbados has a solid reputation in the overseas property market and property in Barbados continues to sell, although the market has slowed somewhat with the global economic slowdown. This inevitably means there will also be good value Barbados property for sale, combined with the leverage in making deals when buying properties in Barbados. There has also been reports indicating Barbados property prices are rising from10 to15 percent per year.
Those buying properties in Barbados to let to tourists may be able to yield an average annual rental income of five percent. Investors, should also focus on achieving capital growth with their Barbados property in order to gain a maximum return on investment over time.
Written by Tailored Home's Peter Apps. For more on finding properties abroad for sale, including property for sale in Barbados, visit Tailored Home: http://www.tailoredhome.net/BuyingGuides/PropertyinBarbados/tabid/1319/Default.aspx
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Views expressed in the article are those of the author and are not necessarily the opinions of CaribbeanChoice, its staff or members.