Barbados, a hidden gem. Where are the new key luxury developments taking place?
The quality of property in Barbados is second to none and this is why it is such a popular destination.
One Sandy Lane and Crane Resorts are perfect examples – they are not mass market offerings, but rather something for a discerning buyer looking for the ultimate luxury second home.
The Bajan property market remains buoyant despite Brexit. In fact, sales have actually increased since June across all price points.
Properties currently on the market are more negotiable in most cases. This is partly due to the committed vendors coupled with the consistently strong demand to own a holiday home in Barbados; both of these factors have been a good catalyst for increasing sales.
In addition, ultra-high net worth individuals (UHNWIs) are increasingly interested in acquiring the very best real estate around the world, given the continued uncertainly and volatility in some foreign exchange, commodities and share prices.
Barbados has historically been known as a magnet for celebrities and millionaires. But, the demographic of buyers in Barbados is a little different now to what it was 50 years ago.
It has become more mainstream as air travel was made much more affordable. 50 years ago, the high cost of air travel meant that the island was not easily accessible to the wide demographic that it is now. Barbados has grown organically over the years and continues to offer good infrastructure and a friendly community.
Whilst other luxury islands are building a number of developments to tempt people to visit, Barbados is being selective over what is built, to maintain its status and credibility. The West Coast of Barbados will always be popular; it will always have a certain cachet.
Barbados sets itself apart by its history and heritage. It has gained a very loyal following due to its provenance, which has proved difficult for other destinations to compete with. It is special because it is extremely luxurious, yet accessible and provides reliable winter sun.
We have no doubt that it will continue to be a popular destination for many years to come.