07 Mar 2012Blog

Is now a good time to buy real estate in Barbados?

by Monique

We’ve asked a couple agents their opinion on whether it is indeed the right time to purchase property in Barbados and here’s what they had to say:

Barbados has historically seen Real Estate rise in value every year but prices have slipped by 20% or more since the financial crises started some 4 years ago. With confidence low in the UK, which represents around 80% of our overseas buyers, this has meant that second home purchasers have cut back on overseas purchases and many need to sell their holiday homes in order to raise cash for their own use at home.

However, once confidence returns buyers will have missed the opportunity to pick up bargains as the stock of properties available on the island is really quite small. Once things pick up, confidence will return very quickly to our attractive and generally sought after safe haven.

David A. Coombes
Caribbean Island Properties

 

Now is a perfect time to buy property. Based on the increased activity at the start of the year the real estate industry is certainly picking back up. Deal season may be winding down and now is as good a time as any to put in an offer on a property which tickles your fancy.

If you hold out too long, owners may not be as receptive of low deals as before since the demand for their property will now put them solidly back in the driver’s seat.

Ms. Cherita Howard
Million Dollar Homes

What do you think?