Spring is typically considered the season of renewal so it seems fitting that many countries around the world are shifting political focus to economic recovery. With the real estate market on the upswing, countries around the world, including Barbados, are due to experience a construction boom, a trend that is set to continue for the foreseeable future.
It’s not surprising that construction is expected to power the global economy over this next decade, considering the unprecedented nature of the stimulus spending on infrastructure by governments and the unleashing of excess household savings in the wake of Covid (Graham Robinson, global infrastructure and construction lead at Oxford Economics, taken from The Future of Construction: A global forecast for construction to 2030 – Marsh in partnership with Oxford Economics and Guy Carpenter).
With increased demand for property coupled with limited supply, particularly in the luxury real estate market, experts are predicting a ‘springtime construction renaissance’. This has been further fueled by the push for remote and hybrid work arrangements, allowing people to work from anywhere (check out The Rise of the Sunshine Starter Home: Snapshot of Barbados’ Luxury Property Market).
Global construction output is expected to grow by 6.6% in 2021 and 42% by 2030, driven by government stimuli and the demand for residential construction (The Future of Construction: A global forecast for construction to 2030)
In Barbados, one of the largest construction booms in the island’s history is set to commence this year. The Prime Minister has announced a series of major projects, including some that have already started, that will enhance the island’s offering and add to the overall tourism product. These include: Sagicor Estates, a retirement wellness community; the Hyatt Ziva; Sam Lord’s Castle; Discovery Bay/Royalton hotel and others. The Apes Hill Golf & Beach Club is presently undergoing an extensive, multi-million dollar renovation and is relaunching under new ownership with a mission to be “the best golfing experience in the Caribbean.” The resort will feature a state-of-the-art Titleist Performance Institute (TPI), a golf performance and teaching centre that will be the first of its kind in the Caribbean.
Alongside these projects, private residential construction is also expected to increase. Barbados is in high demand and the timing is right to consider purchasing land for development on island.
Construct a Community
Royal Westmoreland remains one of Barbados’ most desirable luxury neighbourhoods. Established over 25 years ago, this stunning golf resort has been thoughtfully designed to connect residents with world-class amenities, creating a unique community and living experience. With a portfolio of over 250 exceptional homes, Royal Westmoreland is expanding and giving potential homeowners the opportunity to purchase land and design bespoke homes on the Lancaster Estate Lots, or invest in turnkey residences at Mahogany Heights.
Ready to wake up to a million dollar view? The ridge-view Lancaster Estate Lots in Royal Westmoreland are ideally situated to capture fantastic views of Barbados’ west coast.
Prefer something move-in ready? Construction has started on Mahogany Heights, a new development in Royal Westmoreland comprised of 16 townhouses. Each 4 bedroom townhouse will feature a ground floor master suite with en-suite bathroom and a large sitting area that opens on to the garden, pool and patio. Two additional guest rooms link to a generous family bathroom and a fourth en-suite master guest bedroom of equally generous proportions is provided on the mezzanine floor. Residents can enjoy indoor or outdoor dining as well as sunbathing by a private pool.
Two additional guest rooms link to a generous family bathroom and a fourth en-suite master guest bedroom of equally generous proportions is provided on the mezzanine floor. Residents can enjoy indoor or outdoor dining as well as sunbathing by a private pool.
Interested homeowners can consider the attractive Developer Incentive Package being offered with Mahogany Heights. This package includes a reduced initial outlay, giving incredible potential for capital growth, as well as zero running costs for a full five years. In addition to being fully furnished, your new property is completely turnkey. In return, the property is to be made available on the fully managed rental programme for the first five years, with 8 weeks of annual usage available to you. The perfect solution to stress and worry free ownership.
Residents of Royal Westmoreland have access to numerous world-class amenities:
- 18-hole Championship Golf Course
- Beach Club at the famous Mullins Beach
- Flood-lit Tennis Courts
- State-of-the-art Fitness Centre
- The Clubhouse
Learn more about finding your Barbados home in Royal Westmoreland from an Island Villas sales agent.
Business on the Beach
Location, location location! Enough can’t be said about the location of this stretch of beachfront in Weston, St James. Located along the famed West Coast of Barbados, this 25,553.52 sq.ft. plot of land sits by the calm, quiet Weston beach. Adjoining a fishing village, Weston is shaded by palm trees and is a popular swimming spot.
The property is ideal for the development of a large luxury beachfront villa or a complex of holiday condominiums. Given its location and the fact that beachfront land is limited on island, this stretch at Weston is a unique investment opportunity guaranteed to always be in high demand.
Your Piece of Paradise
Lagoon Land is a fantastic plot of approximately 24 acres. Located directly opposite prestigious Port St. Charles Residences and Marina, this site is in a prime location, close to shops, restaurants and bars in both Speightstown and Holetown. With planning permission previously granted for the development of 200 units, the slope of the plot allows for a combination of residences including condominiums built around a man-made lake and elevated properties with views of the Caribbean Sea.
Lagoon Land is an excellent investment with significant potential and is presently reduced in price. Learn more about this land opportunity by contacting an Island Villas agent today.
Don’t wait for opportunity, create it.
Despite supply chain disruptions and global shortages, construction activity is moving ahead in Barbados and across the world. A big portion of that activity is going to be residential construction. People want to design homes for the future that reflect their changing priorities – work from home, wellness etc. Now is the time to invest in buying land and building in Barbados.