Barbados Real Estate is in high demand because Barbados has earned a reputation for being an attractive place to live and work. The country has a vibrant economy in a very stable political environment with excellent infrastructure and modern services available throughout the island. It’s no wonder that some of the richest families in the world have built elegant mansions on the islands’ shores, while famous movie stars rent luxury villas and international business companies have discovered the benefits of setting up operations in Barbados.

With year-round warm weather, social and political stability, and friendly people, Barbados is the Caribbean island of choice for purchasing a retirement home, luxury condo, or vacation villa. Barbados real estate investments have delivered a consistent return of 8-10% per annum for the past twenty years. Now, the latest evolution of Barbados real estate development is the expansion of luxury condominiums and luxury villas, with new projects being developed on both the west coast and the south coast of the island.

Barbados Real Estate – Preferred Locations

The most popular locations are still beachfront properties on the west and south coast, where you can find splendid luxury villas and luxury condos. Other attractive areas of development include golf courses such as Sandy Lane Country Club, Royal Westmoreland, Barbados Golf Club, and the newer luxury properties, which are now available at Apes Hill Golf and Country Club.

There are also fabulous luxury villas available in Port St. Charles Marina, near Speightstown, on the northwest coast of the island. The success of this development has created a demand for further development of the marina property and a new project has been started north of Port St. Charles. This new project will be important to the continued development of Barbados luxury real estate over the next two years. We will provide updates on this project in a future article.

The south coast has become more attractive to Barbados luxury developments due to the lack of beachfront land on the west coast. Two new luxury condo projects were recently completed in Barbados on the south coast and several more are planned. In another article, we will provide more information on these developments on the southern coast of Barbados.

A Guide to Buying a Luxury Condo

Are you looking to invest in a luxury property in Barbados? There are several options available and several local companies to guide you through the process. Some basic guidelines for non-Barbadian buyers of real estate in Barbados:

1. Land and property can be purchased without restrictions for non-nationals.
2. A non-Barbadian buyer must first obtain a permit from the Central Bank of Barbados. This step makes it easier to obtain the permit, when you need to repatriate your funds after the sale.
3. Sellers are responsible for the property transfer tax (check rates with the real estate agent) of the purchase price.
4. Some non-residents of Barbados can obtain financing through local banks; however, various regulations apply.
5. If you choose to bring the full amount of the purchase price to Barbados, this amount must be registered with the Central Bank of Barbados.
6. It is advisable to retain the services of a reputable attorney and real estate agent to handle these transactions. Legal fees are approximately 2% of the purchase price.