Property prices in Barbados are appreciating at between 10–15% per year at the middle of the market and often higher at the luxury end, even during these harder economic times.
Estate agents Cluttons Barbados said the property market remained in a stage of growth and was driven by a strong economy and well-established tourism industry.
Barbados has fantastic amenities, golf courses, spas and restaurants with direct flights from major cities and a great climate and beaches.
In recent months Cluttons Barbados has seen a considerable upturn in the high-end market and believes people are becoming less patient with the lifestyle in the UK. This has all led to a winning formula for British buyers.
In the recorded history of property on the island, property values have never declined. Unlike larger countries where property values have come under pressure from issues such as the financial downturn, Barbados property values have continued to show significant strength. It should be noted that the middle market developer or homeowner is now a little more flexible and will entertain some negotiation, however the property market in Barbados is currently holding its own.
Tim Morgan, managing director of Cluttons Barbados said: "History has shown that during harder financial times and even recessions, Barbados is affected for the shortest period only while people are uncertain and decide not to make a decision. Then as people start to make sense of things and even become fed up, they tend to want to be in or buy a home in Barbados.
"Barbados has in the past always performed well as more established and international markets are in decline and then Barbados again benefits as these more international markets bounce back."
It is widely believed that property in Barbados is owned by the rich and famous. Although this is still the case, over the years the market has spread and diversified with prices ranging from US$400,000 to US$40,000,000.
The west coast has some of the highest property prices in the world and now the south coast is seeing extreme expansion, development and growth.
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