Barbados Real Estate

Barbados is one of the most popular Caribbean islands for international real estate investors. Recently launched off plan properties prove that it is not only for the rich and famous with properties priced under Ł150K.

Barbados is an Island paradise where the Atlantic Ocean meets the Caribbean which means it has reasonable temperatures year round but also some of the best beaches in the world. While the west coast is where the rich and famous buy their houses, the diversity of the island means there are now plenty of options available.

Recently, there has been a spate of new construction on this small but diverse island. The off-plan properties are all over the island making for some great possibilities wherever you might want to invest. On the exclusive west coast in St. James Parish is the Royal Westmoreland, a members-only estate and country club. There are plenty of recently completed off-plan units available as well as lots along the 6,870 yard championship golf course where you can construct your dream home.

Along the southeast coast in St. Philip Parish is another new resort that is under construction, Merricks Resort. There are apartments and villas here as well as the Merricks Hotel and Spa. For those looking for rental income, the units at the beach resort are fully furnished and have a 10% guaranteed rent for 2 years. Apartments at Merricks Resort are starting at the amazingly low price of Ł175,000.

On the northwest part of Barbados in St. Peter Parish there is a new development that is going up around an old plantation home, Maynard’s Point. Apartments start here for Ł170,000 as well, there are villas and homes available. The Ashanti condominium is another west coast development in St. Peter, south of Holetown not far from the ocean. Prices here run from Ł150,624 to Ł285,371. Both of these developments present a great opportunity to buy on the west coast for a very reasonable amount.

Finally, in the heart of the island in St. Thomas Parish is a new golf course resort, the Apes Hill Club. When complete there will be 200 homes and 150 cluster units around the championship golf course, many of which will have sea views. Prices for these properties start at Ł147,800.

If you are looking for a good investment in this tropical paradise, these off plan properties will give you some great options. With prices being so reasonable, it is a good time to look at these developments.

Barbados is proving an ideal place to buy a holiday home where huge rental incomes can be achieved.

Tips

Anyone, of legal age, can purchase real estate in Barbados

Non-residents should have sufficient funds for the purchase of real estate as a mortgage is out of the question!

Your funds for the purchase price and deposit should be available to you before you enter into a binding agreement.

You must seek the services of a registered local attorney who will have to search the register and establish title to the property prior to the completion of sale.

The property becomes yours by conveyance of title, evidenced by the recording of the deeds and certified survey plans at the Registry of Title.

You have to add VAT 15% to Attorney's fees and Real estate agent's fees.

It is wise to use your own attorney and not the same Attorney as the seller.

You will need to pay 10% (of the purchase price) deposit once you have signed the purchase agreement as you have now entered into a binding contract. The seller's Attorney will hold the deposit.