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!

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.

Unfortunately, there are no 100% accurate methods for measuring website traffic for sites other than your own. The best option we have is Alexa.com. Here is a list of Alexa rankings for some Barbados property websites. The smaller the number, the more traffic. So for example: BPL is currently the 461,212th most popular site in the world according to Alexa.

1. barbadospropertylist.com — 461,212
2. totallybarbados.com — 472,875
3. cariblist.com — 684,879
4. aaaltman.com — 991,148
5. terracaribbean.com — 1,497,518
6. askbarbadosrealty.com — 1,873,451
7. westcoastvillas.com — 2,043,574
8. cluttonsbarbados.com — 2,907,320
9. harrymanning.com — 3,365,225
10. totallybarbadosrealestate.com — 4,718,435

Not only is our Alexa ranking the highest out of all the sites I’ve sampled recently, but we have a few other creative techniques up our sleeves to ensure you get the right traffic to your business.

We think your property listings should get as much exposure online as possible, get in touch with us today via our contact form and find out more…

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/

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.

The 15-acre Port Ferdinand marina project in St. Peter will attract $750 million in foreign investment and provide 500 jobs while it is being constructed, and 300 when completed.

These new details on the development were revealed during a groundbreaking ceremony at the Six Men’s site yesterday morning, which was attended by Prime Minister David Thompson. Port Ferdinand, the island’s second private marina will have upon completion 120 berths, 96 condominiums in four different styles, it will be developed over a five-year period and the first units will be up for sale in 2012.

He added, “Having taken into consideration all the factors related to this new development, I am proud to inform you that it is highly consistent with our vision for a Better Barbados.”

The Prime Minister then said the project was putting Barbados’ marine resources to good use, and noted that as the island becomes more crowded, we would have to look to the Caribbean Sea for solutions. He was pleased with the amount of foreign exchange, the expected diversification of the tourism product, as well as employment, especially for those with specialist skills in Barbados, that the project would bring.

See full article.

Worldwide Property Group reports that for the third month in a row figures show an increase in confidence amongst property investors.

Their survey, conducted monthly, states 88% of November respondents say now is a good time to invest in UK property, compared to 87% and 85% for October and September respectively. Further results show an increased percentage of people expect house price valuations to go up by 5% over the coming year.

The most interesting statistic for BPL readers is that although the percentage of people considering an overseas property purchase has decreased, the Caribbean is now the most popular location!

Congratulations to Jill Tomlin, Colleen Cole & Linda Lewis-Bishton on another fine issue of Living Barbados, the magazine for property investment and lifestyle in Barbados.

The winter season issue is packed with great articles, listings and photography, making the case for living in Barbados even more compelling. Here are a few items from the table of contents:

• Destination: Crane Village — At the intersection of Heaven and Earth. By Kerri Birch
• Isle of Plenty — The Barbados real estate scene appeals to all types of buyers. Which coast suits you best? By Laura Henderson
• Wealth Management and Your Real Estate Assets — Manage your assets during a global recession. By N. Elliot Barrow
• Investor Interview — with Mark Maloney, Managing Director of Preconco Limited

There are many more interesting features and listings from the island’s real estate agents, and you’ll even find a 1 page ad from your favourite listings website on page 86.

We didn’t have a great deal of time to put together the artwork for the ad, which is why it’s so minimal. Leafing through the magazine it looks quite different to the average real estate ads. We like the fact that it’s big and bold, but next time we’ll try something more sophisticated. What do you think?