Barbados is on the brink of experiencing its most significant luxury building boom in 14 years, with real estate leaders predicting labor and material shortages. While construction costs are expected to rise, the demand for high-end properties among the super-rich remains unwavering, reaching record prices, according to top realtors interviewed by Barbados TODAY.
A leading agent highlighted the increasing demand for labor and materials in 2024 due to numerous development projects. He cited the success of off-plan sales, particularly at projects like Allure on Brighton Beach, as a sign of a robust market trajectory.
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As middle-income developments intensify, competition for resources to build high-end homes is escalating. The agent emphasized the challenges of securing materials and skilled professionals amidst the booming construction industry.
The luxury property market is currently experiencing unprecedented growth, with villa sales reaching historic highs. The agent identified the “trophy” sales for properties above US$25 million as a notable standout, surpassing historical records.
The global appeal of Barbados, especially compared to other Caribbean destinations and worldwide locations, remains robust. Prime Minister Mia Mottley’s global brand is recognized as a key factor attracting investors to the island, creating a sense of confidence in the real estate market.
Another leading agency reported strong sales, particularly during the winter season, with most property investors originating from the United Kingdom, followed by Canada and the United States. The upscale property business continues to grow, and construction remains notably busy.
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Barbados Sotheby’s International Realty also painted a positive picture for high-end residences in 2024, with their Sales, Rentals, and Marketing Manager expressing optimism. She highlighted ongoing construction in developments like Royal Westmoreland and Apes Hill and identified Britain and Canada as the leading source markets for their property sales.
She also emphasized the trend of holidaymakers extending their stays during the Christmas and New Year period, leading to potential property purchases. The outlook for new developments in the coming year appears promising, further contributing to the buoyant real estate market in Barbados.
Source: Barbados Today
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