As we come to the close of the first quarter of 2022, we have made some interesting observations in the Barbados real estate market, especially as the world experiences,
One of the most accelerated periods of wealth creation and capital availability in history (Forbes, 2022)
According to Richard Eames, Managing Director of Island Villas,
The Barbados property market is extremely active now. Luxury properties for sale on island meet the changing needs of today’s buyer, including a desire for more indoor and outdoor space, work from home facilities and wellness amenities like a gym, swimming pool or golf facilities.
An interesting trend has been the purchase of legacy homes. Barbados has always been a favoured holiday destination, especially for extended families. This has led to an increase in the number of potential buyers of a younger age and reflects the global trend of more millennials purchasing luxury property. According to Eames,
Relationships are the cornerstone of our business. Island Villas has worked with many families over the years, finding the perfect holiday rentals, as well as vacation homes. As families expand, we are seeing younger members looking for real estate investment opportunities and exceptional properties for sale that fit their lifestyles. Properties for sale in Barbados fit that criteria.
Barbados is an ideal location for finding a luxury ‘sunshine starter home’. Family-friendly beaches and tours, world-class restaurants, sporting events – the island has something for everyone. The recent cricket test match, West Indies vs England, attracted thousands of visitors, with some high-profile attendees like Ralf Rangnick, the Manchester United manager.
Over the winter season, airlift to the island has also increased, with flights announced by Aer Lingus and Copa. In a media announcement, ‘Aer Lingus beach bound for Barbados for winter 2022,’ Reid Moody, Aer Lingus’ Chief Strategy and Planning Officer, said,
We are delighted to announce the return of our Barbados route from Manchester for winter 2022. When we launched the route last year, there was strong interest in the new non-stop transatlantic service from the North of England to the sandy beaches of Barbados.
Since the announcement of Barbados becoming a Republic, the island has continued to make global headlines. Bajan superstar and mum-to-be, Rihanna, is reportedly coming home to have her baby this summer and the annual Crop Over festival will happen this year after a 2 year hiatus.
As Baby Boomers transfer capital and wealth to their children, properties in Barbados can be sound family investments. All signs point to sustained positive interest in the island, making the first half of 2022 a good time to buy.
The increase in younger buyers and the overall surge in demand for luxury properties has led to a scenario of limited supply, echoing the trend seen globally. While this has had the effect of overall price appreciation, property for sale in Barbados represents a solid investment due to value retention, rental capacity and tourism appeal of the island.
A ‘Second’ First-Home in Barbados
The pandemic has led to a shift in priorities for some real estate buyers. Remote and hybrid-work arrangements have given people the flexibility to split their time and work from anywhere. As a result, buying a second and even a third home, is now increasingly popular. Instead of a ‘home away from home’, people are now looking for ‘home as well as home’, as they look to spend more than just the typical vacation time away.
The Island Villas blog has already highlighted some of these trends that we are seeing in the local market. More of our clients are spending longer periods on island and as they are here semi-full time, they are looking for properties for sale that offer privacy, space, ‘Zoom rooms’, fitness facilities and swimming pools.
Mahogany Drive 8 is the perfect ‘home as well as home’. Sitting on close to 30,000 sq feet, this beautiful 4 bedroom villa in Royal Westmoreland offers indoor and outdoor spaces for living, working and entertaining.
On the main level, the open plan layout merges the kitchen, dining and living area, opening on to a covered terrace. Two guest bedrooms with en-suite bathrooms are also on this level. Upstairs, there is a Master suite and additional guest bedroom, each one opening on to a terrace with coastline views.
This Barbados property for sale is being offered fully furnished – it’s time to pack your bags and book it to Barbados!
Another move-in ready luxury villa is Mahogany Drive 14, Ocean View, also located in the Royal Westmoreland Estate. Tastefully decorated with 4 bedrooms, Ocean View is designed for entertaining. The stunning outdoor living spaces of this villa include the covered terrace with BBQ as well as a pool deck with infinity pool and outdoor shower.
Mahogany Drive 14 is also being offered fully furnished – contact the Island Villas sales team today to arrange a viewing.
Design your Dream Home
Buying land in Barbados is another interesting opportunity for 2022. Look out for the Island Villas construction snapshot coming soon, where we highlight new projects and land for sale.