Ordinary Bajans can again own property
THANKS TO THE HELP PROGRAMMES, lower-income Barbadians have a chance once again to have property in the land of their birth.
The price of land had escalated over the years to a level that this class could not afford. Between 1999 and 2008 the average price of land tripled.
Land was sold to expatriates at exorbitant prices which they could afford and hence the huge villas on the West Coast.
It was possible for one acre of land to fetch over $1/4 million, because the bills had to be paid in this manner.
An Englishman with half-million sterling could purchase considerable property in Barbados.
People who sold land had to pay property transfer tax, stamp duty, VAT and these impositions not only pushed the price of land upward but flooded the Government revenue. This is a welcome change of focus.