Luxury property is making a resurgence in the gem of the Caribbean.
With the depressed conditions of the global economic slump now firmly in the rear-view mirror, the future of Barbados’ property market is almost as sun-washed as the island itself. Bolstered by increasing turmoil and uncertainty in competing destinations, and benefiting from increased airlift and foreign investment, this island paradise is proving even more appealing to prospective buyers.
Demand will continue to grow.
Barbados’ allure as a cosmopolitan tropical island, also offering the requisite sun, sea and sand is stronger than ever. Luxury travel has always been a key indicator of the island’s property trends and with long-stay visitor arrivals in 2015 up 13.7% over 2014 arrivals – the highest on record – it is expected that the property market will report comparable increases in 2016.
Fractional Ownership is becoming more popular.
A different type of luxury consumer has emerged from the recent global economic crisis – a more value-driven, more discerning buyer.
Fractional ownership has long afforded property buyers the opportunity to match financial outlay with actual property usage. Today, sales are on the rise as luxury property buyers use this form of ownership as a stepping stone to eventual full ownership. This trend has prompted several local developers to join successful pioneer Crane Resorts in adopting this model.
Buying in developments or communities will remain popular.
The prospect of a well-established community complete with resort amenities and services will continue to appeal to luxury property buyers; with property developers offering proven track records expected to win out. Such developments often include pools, restaurants, gyms, spas and other amenities only footsteps away from home.
In 2015 a number of the island’s luxury property developments reported record-breaking sales, including Crane Resorts, which announced that Phase 1 of its new residential community – The Crane Private Residences – was completely sold out. Sales of Phase 2 are following swiftly behind.
Buyers in the market for a Caribbean second-home will find that The Crane Private Residences presents an unprecedented opportunity for capital appreciation, with current pre-construction pricing approximately half that of comparable Barbados real estate. For more information on joining this growing community of owners, contact an Ownership Representative today at property@craneresorts.com.