Barbados guide to purchasing real estate in Barbados, including tips, advice and essential information about what to expect and how the process works.
Buying real estate in Barbados doesn’t have to be a difficult exercise, with the right guidance and professional assistance it can be a reasonable process once all the requirements are met.
A well-developed and vibrant economy in Barbados has supported the continual growth of the island towards the goal of becoming a fully developed country.
In Barbados there is a wide selection of real estate as diverse as the island itself – from plantation homes with extensive acreage set in the rolling countryside hills to community developments with all the amenities close to the urban centers.
Barbados offers a diverse range of property ownership opportunities; there is an abundance of investment properties of land and some really well priced properties if you would like to buy a second home.
Barbados has a good infrastructure in place to support the real estate sector at all levels.
There are no restrictions on nationals or non-nationals purchasing land or property in Barbados. If you want to make your dream a reality be prepared to take some time and patience, not to mention determination and financial resources, particularly if you are interested in beachfront land or luxury villas.
Property values have risen steadily and are expected to continue this trend, as more international investment ensures that Barbados will continue to maintain the reputation it has earned as a world-class destination.
The internet has made it infinitely a lot easier to get an idea of the type of properties available on the market, and in finding suitable real estate agents to help you find specific properties.
Several real estate companies produce annual property guides, often creating elegant brochures for premium million dollar listings or the more affordable multi-condo or apartment-style developments that can be found on both the south and west coasts. There are also a number of quality real estate publications available across the island as well as multiple websites to help you narrow your search down.
There are affordable starter homes available at all price levels, with a good size family home costing about $200,000 US dollars. Or you may opt to go a newly built property that then offers optional finishing packages that include kitchen designs and fittings and other details that can be tailored to your particular taste.
You may decide that if you are going to own a dream home in Barbados, then it may as well really be your dream complete with your own design of how you would like to enjoy Caribbean living.
It is very common in Barbados to buy land and build your own home. The banks have lending options in place for new properties and a special structure to ensure your contractors are meeting specific deadlines and requirements, whereby they only release funds at agreed stages within the project.
If you are funding this purchase from your home country, you will need to register your funds with the Central Bank of Barbados before your purchase takes place to ensure that you can take the money out of the country again if you decide to sell.
If your purchase will be funded via a mortgage you may not find that your bank in your home country is so keen to lend money on a new build in a foreign country and therefore you may be better to apply to a Barbadian bank for new building projects.
As with any real estate purchase, you should outline your requirements, especially your budget and engage the services of an established real estate agency along with a reputable attorney-at-law who can guide you through the process.