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Friday, July 21, 2006

Real Estate riches in Barbados

Slowly and silently it seems Barbados is becoming a blessing to real estate investors with rental rates rising consistently and the price of real estate consistently rising.
I have never heard of real estate prices dropping in Barbados even for the short term but then I am not too savvy where that is concerned.

I too am like the average Bajan. Everything is a house. I don’t know what is a duplex, or a villa or even a studio apartment.I know only a big house or a small house and then the ubiquitous chattel house. A town house to me is a house in the city, that is Bridgetown. Not Speightstown or Holetown and definitely not Oistins.

Actually Barbados has four towns as mentioned but not to a Bajan and definitely not to me. When I am going to town it is Bridgetown.It is really funny because Barbados has four towns but really the island is the size of a city. I swear that I have seen some University Campuses bigger than Barbados. Don’t tell that to a Bajan though. Going from saint Michael to saint Lucy is like traveling from one state in the U.S to the other. Some say there is even a language difference. Actually some parishes have a different accent. Seriously.

Could it really be true that real estate here is over valued. There is a belief that rich foreigners are driving up local prices because of demand and not because of the actual market value. I am not sure what that means.

Locals are of the opinion that land is now scarce and you know how that can be. The only thing is that land was always scarce in Barbados; an island of only 166 square miles. Some farms are even bigger than this island.

One realtor told locals that there are worrying needlessly since foreigners can’t take the land anywhere. It will remain right here in Barbados and maybe we all should become real estate investors too…. then what a blessed island we will have.

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