Can you believe that the end of summer is almost here? The frenetic pace of the last eight months has also been felt in the Barbados real estate market. Increased demand for second homes during the pandemic, the desire to work remotely from a tropical getaway, and Barbados’ global popularity resulted in a hot luxury property market. From 2021-2022 we have seen record growth and some luxury homes have been selling in less than a third of the time compared to a year ago (7 Luxury Real Estate Market Trends for 2022 | Pacaso).
Interest in Barbados properties for sale spiked and during this period the Island Villas team recorded a number of successful sales, some of which have been featured in our sales spotlight below.
As of August, 2022, we are catching our breath a bit and seeing a slight slowdown. Inflation has reached levels not seen in over four decades and as a result, the cost of real estate (and everything else) has gone up. Along the popular West Coast of Barbados we have seen jumps of 25% on average, especially in certain developments like the townhouses within the Royal Westmoreland Golf Resort. This fits with the predicted trend that prices will rise in 2022 but not quite to the level seen in 2021. Prices of high-cost homes in 25 global cities are expected to rise 4.4% on average in 2022, down from 6.1% in December 2021.
Even with spikes in global interest rates and increased inflation, demand for luxury properties for sale is still high. Research has shown that:
In an inflationary environment, consumers want to park their money somewhere that will lose the least amount of value. For that reason, real estate is often considered one of the best ways to hedge against — or beat — inflation (Pacaso, 2022)
Richard Eames, Chairman, Island Villas, acknowledges this trend,
Whether people are looking for an investment property or a second home, there is strong interest in the Barbados property market. This was heightened during the pandemic, resulting in both price increases and robust sales. Even with the price appreciation, demand is high and we are seeing buyers coming from new markets, particularly North America.
With 1 in 4 luxury property specialists predicting demand for second homes will remain strong in five years (Coldwell Banker), the Island Villas team is ready for an anticipated robust winter season. We are ready for a real estate refresh and have made some exciting additions to our team!
Real Estate Refresh
The unfettered pace of luxury property sales on island has meant that present inventory is low. The Island Villas team is actively undertaking a real estate refresh, sourcing and adding new listings to our portfolio. Are you looking to sell your holiday home in Barbados? Contact an Island Villas agent to discuss listing your property with us.
It has been an exciting period for Island Villas. Our team has successfully secured a number of sales, working with buyers throughout the pandemic to find their ideal second homes or vacation getaways. As buyer preferences shifted, we worked alongside our clients to identify key amenities:
As of 2020, when Covid-19 was declared a global pandemic, 37.5% of luxury property specialists reported a large yard as the top residential amenity. Pools and home offices tied as the second most popular (Pacaso).
Some of our successful sales included:
Never a dull moment at Idyll Moments
SOLD by the Island Villas sales team, this beautiful, custom-designed 4-bed, 5-bath villa sits atop a ridge ensuring unobstructed views of the fairway and ocean. Idyll Moments has 33’ sliding, glazed glass doors, bringing the outside in with lots of natural light. Redefining indoor and outdoor boundaries became a trend during the global lockdowns as people desired space and freedom to roam outside. Many Barbados properties for sale in the Island Villas portfolio blend the two spaces, creating homes for relaxation and entertaining.
The 70’ pool runs the length of the property and a fully equipped media room means there is never a dull moment at Idyll Moments. View a 3D walk through of Idyll Moments here.
Looking for a vacation getaway or your perfect holiday home in Barbados? Contact an Island Villas sales agent for a consultation.
Mahogany Drive 7
This recently SOLD expansive property features a 4-bed, 4-bath main house and a 2-bed, 2-bath cottage. The new owners can dine on the covered patio or relax in sun loungers by the pool, while enjoying views of the Royal Westmoreland Estate.
New Sales Team
In anticipation of continued interest in Barbados as a second home destination and a robust winter season, Island Villas is pleased to announce new additions to our team. Join us in welcoming sales agents, Maria and Atticus, and property managers, Castara and Janelle! Learn more and meet them in the next blog.
Our team is ready to work with you no matter where you are in the world. Buying remotely in Barbados is now easier than ever and we invite you to request a virtual tour of any of our properties if you are not on island.
Blink and you’ll miss it
The long days of summer are coming to an end. Before you know it, we will be decorating the tree and singing carols. With the ongoing real estate refresh, exciting new prospects will be coming on the market and investing in a second home will be a smart hedge against inflation. Start your Christmas wish list early and consider buying a property in Barbados.