Supply and Demand: Understanding the Economics of the Barbados Real Estate Market
Published in Business Barbados Newsletter, Feb 2012 - Written by Karla Sealy and Richard Eames
Anyone who meets Richard Eames, Managing Director of Island Villas Ltd, is immediately struck by his passion for the real estate industry in Barbados. “On the global market, Barbados represents a unique investment opportunity that appeals to a diverse group,” says Eames, “this is the selling point that keeps the island in high demand, and will prove crucial for surviving the economic recession.”
In the real estate business for nearly two decades, Eames recalls how the industry landscape has changed and the influence that Barbados’ primary tourist market, the United Kingdom, has had on property development. “Traditionally, the UK market prefers single, beachfront dwellings. This has led to the success of villas on premium beachfront property on the West Coast of the island in the last fifteen years.” More recently, with beachfront land cost of approximately US$10million per acre on the Platinum Coast, high-rise condominiums became the preferred choice for developers, allowing for higher density and potentially earning a stronger ROI per square foot.
However, according to Eames, this was far removed from what the market desired, leading to a surplus of condominiums that were not selling. Coupled with the global economic situation, the market stuttered and projects stagnated. [READ MORE HERE] and [HERE]
Island Villas partners with Primelocation.com and Rightmove.co.uk
Island Villas Ltd. is now partnering with two of the UK's top real estate portals to bring you luxury villa properties in Barbados and the Caribbean. Browse our listings on Primelocation.com and Rightmove.co.uk.
Island Villas and Savills introduces Savills TV. Welcome to the World of Luxury Property, Worldwide.
Our associates at Savills are pleased to announce this latest initiative, Savills TV.
Island Villas hosts THE BIG GIVE BACK
Published in Business Authority, Dec 2010 and Barbados Today, Dec 2010
Island Villas Ltd. is spreading the Christmas cheer this holiday season by giving back generously to several local charities. On Dec 16, the Island Villas Charity Fund hosted The BIG Give Back where many local charities including the HIV/AIDS Food Bank, the Variety Club, the Barbados Cancer Society, the Future Centre Trust, the ARK Animal Welfare Society and the Kirsten Lopez Medical Fund received monetary donations from the company...[READ MORE HERE] and [HERE]
Island Villas still the Best in the Region
Nation Newspaper, Dec 2010 and Barbados Today, Dec 2010
For the second consecutive year, leading local real estate company, Island Villas, has secured the top prize at the prestigious Americas Property Awards. The glittering awards ceremony, held on November 27 and hosted at the Lancaster London Hotel in the UK, welcomed leading property professionals from around the world...[READ MORE HERE] and [HERE]. Also, see pictures from the awards [PIC 1] [PIC2]
Barbados Bounces Back
By Christopher Middleton, The Daily Telegraph, 27 Nov 2010
[...] Current new-build projects include the Moonshine Ridge villa development at Apes Hill Golf Club, the Beachlands Resort (apartments) just north of Holetown, and the Port St Ferdinand marina project (apartments and moorings) at Six Men’s Bay. “Development may have slowed but it’s still happening,” says Georgina Richards of Knight Frank. “Our buyers are looking for villas around the £1.5-£4.5m mark.”
While some of these Barbado-Brits are rich enough not to have to rent out their homes, there are plenty that aren’t. “Of the 100 properties we manage, we rent out 60,” says Richard Eames, of Savills International, Barbados-based for the past 13 years. “The pound has risen against the US dollar and it appears the rental market is going strong. People are looking at around an eight per cent return on their investment.”
To achieve this, though, they have to be prepared to rent out their homes in the peak season, between late November and early April, when it’s hot (86F or 30C), but not as humid as in the summer months. “Long-standing residents return to the UK around Henley Regatta time and then stay on for Wimbledon and Goodwood and the cricket,” Eames says. “Once the weather turns chilly in Britain, they fly back here.” [SEE FULL ARTICLE]
Property Development in Barbados: Going Global and Going Green
By Richard Eames, Managing Director, Island Villas
Today some of the world's most prestigious hotel brands are investing in the region. In Barbados and throughout the Eastern Caribbean this interest is intricately shifting the Caribbean's marketing position and simultaneously creating new demands. Reliance on our existing clientele will change as we begin to assume more interest from the portfolio of large-scale developers...[READ MORE]
Island Villas Wins Big - Cops the Inaugural BHTA Green Initiative Award
Savills International Associate, Island Villas, is the proud recipient of the prestigious Barbados Hotel & Tourism Authority (BHTA) President's Award for Green Initiative. Facing stiff competition, Island Villas emerged the winner at the glittering awards gala held on June 12, 2010... [READ MORE]
Island Villas Tops the Competition
Company Wins Prestigious Award at the Americas Property Awards 2009
Leading Property professionals gathered in California for the revealing of the results of the Americas Property Awards held in association with CNBC Arabiya and the New York Times. The presentations were made during a networking event and gala dinner held at the US Grant Hotel in San Diego... [READ MORE]
Island Villas Celebrates Barbadian Heritage
Published in the Barbados Advocate, 2009
General Manager of the Barbados National Trust, William Gollop, is pleased to see that there are still members of the private sector in this country who are willing to lend a hand to keep the Trust going... [READ MORE]
Island Villas Runs a Paper Drive for Earth Day 2010
Leading up to Earth Day 2010, the Island Villas team reinforced efforts to become a paperless office. The company registered with the Global Earth Day Network and conducted a month long paper drive to encourage recycling and minimise the use of paper where possible... [READ MORE]
Property abroad: Bet on Barbados
By Daily Mail Reporter, www.thisismoney.co.uk, 28 Aug 2009
[...] The British make up at least 36% of buyers, and Richard Eames, of estate agents Savills, estimates an astonishing 95% of his clients are from the UK. 'The market is like the South-East of England,' he says. 'The high end, which is for properties above £3.2m, is still active, though prices have come down by about 25-30%. That's mainly because ours is a predominantly UK market, which has been affected by the drop in the pound against the dollar as well as the global downturn. 'In general, possible sellers were cash buyers before, so they don't have a mortgage to pay off and don't have to resort to panic sales.
'The lower part of the market is quiet, but I think we have hit the bottom. There are lots of viewings, but people are having a punt by making offers that are too low.' [SEE FULL ARTICLE]
Island Villas Recognised as Successful Green Business
Published on www.businessbarbados.com
As part of Island Villas' celebrations for their 10th anniversary, the company is reinforcing its commitment to the environment and sustainable development. Since its inception several years ago, the company's 'Go Green' campaign has grown from strength to strength and the team has succeeded in making environmental philanthropy a primary focus in all of their business operations... [READ MORE]
Island Villas has joined Facebook and Twitter!
The IV team has created a great, new Facebook page. Be sure to check us out for information on the Island Villas Charity Fund, the Go Green Initiative, property news and other fun stuff!... [READ MORE]
Island Villas Celebrates Arbor Day
Published in the Barbados Advocate, 2009
As part of their company-wide Going Green campaign and observation of World Arbor Day, Island Villas planted a Black Pearl tree at Sugar Mill residence, Sandy Lane. Property Manager, Dominique Richards was all too pleased to aid with the planting of this tree in the absence of owners of Sugar Mill... [READ MORE]