Barbados

Community Overview

Barbados is an idyllic island country and independent British Commonwealth nation in the southeastern Caribbean Sea, roughly 100 miles east of Saint Vincent and the Grenadines island chain. The capital, Bridgeport, is the main seaport on the island.

Measuring about 20 miles in length and 15 miles at its widest point, the island is roughly triangular in shape, with a diverse ecosystem teeming with tropical flowers, fruit trees, and exotic wildlife.

Known as a luxury getaway and the birthplace of rum, Barbados conjures images of white sand beaches, crystalline waters, and endless sunshine. Few places on earth have the natural beauty of this island, which attracts vacationers and property investors from all over the world.

But Barbados is more than a Caribbean playground for the wealthy – it’s a place to call home, with a relaxed way of life and a deep respect and appreciation for nature’s bounty.

History

The first known inhabitants were Amerindians who are believed to have come from Venezuela on open dugout canoes by way of the Dragon's Mouth that empties out into the Caribbean Sea, and who settled along the coast.

European explorers discovered Barbados in the 1400s with the arrival of the Portuguese, and the arrival of the English, who settled the island in 1625 and established tobacco, cotton, and sugar cane plantations.

Barbados gained independence in 1966 under the leadership of the Right Excellent Errol Walton Barrow, who served as the island country’s first Prime Minister, though it maintains close ties to Great Britain as a member of the Commonwealth of Nations.

Real Estate

The housing market offers a fine selection of beachfront condos and villas with Caribbean and Colonial-style architecture interspersed with Jacobean and Georgian-style buildings. The island is primarily known for having a strong rental market and an exclusive selection of high-end vacation homes.

Barbados real estate is a two-tiered market divided between the West Coast and South Coast.

• The West Coast caters to super-wealthy buyers and investors with luxury beachfront condos. According to the Terra Caribbean Beachfront Condo Price Index (BCPI), beachfront condo prices increased 0.3% in 2019 and recorded 20% more sales in the $5 million price range compared to the previous year. The uptick in condo prices is often attributed to rising demand for high-end properties in the Caribbean.
• The South Coast presents an exciting opportunity for buyers and investors with relatively lower median home prices and less competition for properties.

The most coveted properties in Barbados are the estate-style villas perched on top of the cliffs along the Platinum West Coast, which offer panoramic views of the water and come with first-rate amenities like outdoor pools and hot tubs. However, there are many real estate bargains just waiting to be discovered in the South Coast.

There are virtually no restrictions on foreign ownership in the island. Non-residents simply need to obtain permission from the Barbados Central Bank to buy property.

The Barbados government also introduced a new residency permit in 2012, offering indefinite residency to foreign investors who purchase any property worth $2 million or higher, and who have a net worth of more than $5 million.

Cost of Living

The cost of living for expatriates in Barbados is slightly higher than the U.S. average because it attracts wealthy investors and vacationers. It is also more expensive to live in Bridgetown than most other places in the Eastern Caribbean as it is considered to be one of the most developed cities in the West Indies. However, food and utilities are relatively inexpensive in the island, while housing costs vary depending on the area.

Lifestyle

Barbados is an island paradise with a slower pace of living. But those who are accustomed to luxury won’t ever have to compromise, with access to luxury resorts, world-class recreational facilities, and outdoor attractions:

• Crane Beach on the southeastern edge of the island is a world-class destination.
• Freights Bay on the south coast is a famed surf spot.
• 1st and 2nd Street are known for a vibrant nightlife with live music, delicious food, and social events.
• Mount Gay Distilleries has been operating since 1703 and is known for producing the oldest rum in the world. There are about 1,500 rum shops and distilleries scattered across the island.
• The Andromeda Botanic Gardens showcases the natural bounty of the island with native flora, fauna, and wildlife in a protected area.
• Apes Hill Golf Course is a championship course with coral stone quarries, glistening lakes, and wooden ravines.
• The Garrison Savannah hosts the Barbados Gold Cup, an annual thoroughbred horse race.
• There are several luxury resorts offering elegant accommodations, fine dining, and spa treatments, including Sandy Lane Hotel, Fairmont Royal Pavilion, Coral Reef Club, and The Sandpiper.

If you’re ready to experience the unbridled beauty of this island country, call PropNation, Inc. at 3103677611 or send an email to [email protected] to get started. You can also send your inquiries and search preferences here.

Our company helps businesses and individuals find the perfect residential or commercial property in Barbados, New York, and Los Angeles. The team is led by owner-broker Gil Corber, who has over 22 years of real estate experience. With global reach and a vast network of contacts, we can provide access to rare listings in some of the world’s most in-demand markets.