Live in Barbados

An article in today’s Barbados Advocate:

Artificial islands a viable option?

It is no secret that the available land space in this country is quite limited, and with more and more tourism-related developments popping up every and anywhere, some Barbadians are starting to wonder if there will be enough land left for them to own a piece of the rock.

It is for this reason, as well as the fact that tourism is our mainstay and needs every opportunity to progress and expand, that I think the idea of creating artificial islands off of the West Coast of Barbados is not a bad idea. That proposal, put forward by real estate magnate Paul Altman, has been on the table for about a year now and as I understand it, would consist of a 250-acre island that would house new tourism-based developments and a second with a size of 50 acres, to serve as a national park. Certainly, not only would it provide alternative accommodation for the tourists who visit these shores and provide employment for more Barbadians, but it could make this country more attractive to the more affluent tourists, which could mean more foreign exchange.

Indeed, this concept of creating islands would be somewhat new to the Caribbean region. Yes, countries have reclaimed land before, Barbados included – the current site of the Bridgetown Deep Water Harbour is what was Pelican Island – but to go to the extent of actually developing an island off the coast has not been done. However, I do think that it would serve to raise our stakes where the tourism industry is concerned.

Read full article here.

Personally I find this very concerning from an environmental impact.  Reports on the grape vine of the artificial islands in Dubai suggest the islands need round the clock maintenance to stop them from washing away.  The real estate market in Dubai has crashed and with that the influx of income to maintain the islands will surely diminish.

BPL would like to know your opinion on this controversial topic!

At Royal Westmoreland, land is now available to purchase with or without a building agreement. This allows the purchaser to develop the home with a full service from Royal Westmoreland, or it offers the flexibility for the owner to develop the home him or herself.

A flexible build time is offered extending your choices further and the offer to join the club is made as soon as the land has been purchased allowing the customer to enjoy all the clubs facilities even before the home has been constructed, or choose to join when the home is complete.

Click on the below link to receive the PDF download:

• New Land Purchase Option

Caribbean property could see prices increase by a regional average of up to 5%, international property investment consultancy Property Frontiers has announced. The firm says that as international buyers return and tourism climbs back onto its feet developers will seize the opportunity to start reversing any discounts or price falls from as early as April.

“Overseas property sales have been increasing since last April, and the Caribbean has seen among the fastest growth in sales volumes. This is because lifestyle buyers, mostly wealthy ones have been predominant in the market, and the Caribbean is the ultimate lifestyle choice,” said David Cox director of the firm.

“Lifestyle buyers had kept the Caribbean markets going anyway, so prices didn’t have to come down in most places. This leaves developers well placed to capitalise on the increasing demand to increase their turnover,” he added.

See full article here.

Free listings are being uploaded steadily, we see about 1 per week. It’s worth keeping an eye on this category, as you may find some good deals…

http://www.barbadospropertylist.com/category/agent/free-listings/

Spiraling electricity costs from BL&P are causing major problems for landlords. How would you manage expensive A/C units in rental properties?

I have a bit of a problem. I rent my home in St Philip out to holiday-makers for short term rent… Basically 1 week/2 week etc etc.

I always ask the guests to respect the A/C which is in all 3 bedrooms and to leave it off during the day. In all reality, set at 23 and auto is perfect for a good night sleep.

Today I get my BL&P elec bill for November … 989$ BDS. During this time I have had guests for about 2.5 weeks. They have had the A/C on 17 and full all day and night !!!

A/C Bills and rental guests ***rant*** : British Expat Discussion Forum.

Here’s an interesting article from Financial Times Advisor that I came across the other morning, quoting Commercial Director, Miles Shipside of Rightmove on the surprising ‘increase’ in property prices in the UK since the start of 2010.  Rightmove is one of the top recognised property websites in the UK.

The first week in January saw house prices jump 1.2 per cent, resulting in a total monthly increase of 0.4 per cent, as optimism grew and stock levels remained low, the latest house price index from Rightmove revealed.

This was a yearly increase of 4.1 per cent, and the first positive figure for two months, following monthly falls of 2.2 per cent and 1.6 per cent in December and November respectively.

Miles Shipside, commercial director of Rightmove, acknowledged surprise and said the 0.4 per cent increase was a big turnaround in figures that were on course for a third consecutive monthly fall.
He said: “This rise in asking prices is an early indicator that new sellers in 2010 have the confidence to try for a higher price, as the index was lined up for a fall until the turn of the year.

Source: FT Adviser

What are your thoughts on his opinion of the current status of the property market in the UK and do you think this slight increase in property prices is in indeed a sign that property owners are regaining their confidence in the market and that supply will outweigh demand later on the year?

Do you have anything to say about Jack Fagan’s claims below?

Prices for apartments and villas start at over €1m in hotspot where the property market is still booming, writes JACK FAGAN

BARBADOS IS hopping right now. Even though sales of holiday homes have slumped on most Caribbean islands, Barbados appears to be bucking the trend with a high level of inquiries and a significant pickup in sales as the island is once again packed for the peak holiday season.

London estate agent Knight Frank draws an analogy between the property market in Barbados and that in London, pointing out that in a slowdown, prime locations in London hold their values better and recover faster.

via Barbados – A-list island bucks trend with busy sales – The Irish Times – Thu, Jan 21, 2010.

Barbados still up there at the top……

The Caribbean, the playground of the rich and famous, has been getting more affordable. The depreciation of the US dollar against major currencies such as the British pound and the euro, has made Caribbean properties more attractive.

More affordable… but still not cheap! Property prices in more popular and developed islands can easily reach over one million US dollars for a house and lot near the beach.

In its latest survey of Caribbean property prices (March 2008), the Global Property Guide finds that in Bermuda, the average price of a three bedroom house and lot is around US$1.5 million.

In Grand Bahama, Bahamas, a similar property costs around US$1.4 million, according to Global Property Guide figures.

Property prices in highly-developed areas such as Bermuda and Bahamas exceed US$7,000 per sq. m.

Coastal properties in Barbados are also expensive, at around US$6,700 per sq. m. In the British Virgin Islands (BVI), the US Virgin Islands (USVI), real estate prices are around US$5,000 per sq. m. Sint Maarten also has expensive properties at around US$5,300 per sq. m.

See full article here.

Superman’s pad found in Mexico: Giant Crystal Cave Comes to Light.

This land tax calculator is kindly supplied by the Government of Barbados, Ministry of Finance, Land Tax Department.