The real estate market in Barbados has remained steady despite the property value decline and record foreclosures in the UK and the USA; therefore buying a house in Barbados is often a good investment.
House prices in Barbados have climbed steadily over the last few years, but did not see the huge inflation that was witnessed in the UK and the US, therefore our Barbadian banks are confident in their lending practices and there is not a situation of negative home equity in Barbados, where your mortgage value is more than your property value.
Depending on the area that you want to live, the house prices can start as low as $350,000 Barbados dollars and go right up to $2 million Barbados for a 3-bedroom house.
The only negative impact on the Barbados property market is less investment from the UK and US markets who previously might have looked at Barbados as the ideal place to buy a second home. This foreign investment was starting to drive prices higher and made it more difficult for some local residents to purchase property at an equitable price.
With prices now leveling off, Barbados is an attractive real estate option for both locals and overseas investors able to afford the home prices. If you are looking to invest from the UK, then the conversation rate to GBP is very good with an exchange rate of 3.82 Barbados dollars to the GBP (August 08).
There are many types of houses for sale in Barbados, ranging from 2 - 6 bedroom properties in the housing market. If you are looking for anything larger you will need to look at buying a villa or a plantation house.
Houses located inland and in the quieter parishes of St. Lucy, St. John, St Joseph, and certain areas of St. Philip are priced quite a bit lower than some of the other parishes.
However St. Philip has a thriving housing market with many new housing developments. People who invested there a few years ago are now seeing their property values steadily rise, and it is only a 15 minute drive to get down to the south coast for shopping and nightlife.
With residential properties increasing in this parish, it is only a matter of time before businesses, restaurants, and bars start moving in to this parish to accommodate the residents.
Housing prices increase in parishes of Christ Church, St. George and St. Michael as they are centrally located to reach secondary schools in Bridgetown and are close to the beach right in the heart of nightlife and shopping areas.
The most expensive and sought after parish is St. James as this is where all the luxury developments are situated and is home to many of the rich and famous.
Barbadian houses vary greatly in their appearance, as it is so common to design and build your own home. Therefore many of the properties are quite unique.
It is also quite common to have all the living areas on one level of the house and for properties to be centrally located within the plot of land. It is not unusual to have all the entertaining areas and living space at the front of the house, with large verandahs.
You will also find that Barbadian properties tend to have quite a few bathrooms, usually one for each bedroom or at least an extra cloakroom.
If you are looking for an older style property, these are built from coral stone and many older properties are built on two levels with all the living accommodation downstairs and the sleeping accommodation on the upper level.
If you are interested in buying a house in Barbados you need to first establish your budget and how you will be funding your purchase. If you are a resident in Barbados you will need to meet with your bank and decide the amount you can afford to borrow and the monthly payments. Once your mortgage terms are agreed upon you should contact a real estate agent and convey your requirements in a home and the budget you have in mind.
Once you find the property of your choice you will need to contact an attorney at law to oversee the sale. If you are not a resident of Barbados, you will need to secure funds from your home country and register these funds with the Central Bank of Barbados, to ensure the money can be released from the country when you decide to sell the property. You would also be advised to engage the services of an attorney at law earlier in the proceedings.