Luxury property market bounces back
Barbados’ luxury property market is “making a resurgence”.
That’s the assessment of the Crane Residential Resort, a key player in the sector. And in a recent analysis on the issue, the St Philip company said fractional ownership “is becoming more popular”.
“With the depressed conditions of the global economic slump now firmly in the rear-view mirror, the future of Barbados’ property market is almost as sun-washed as the island itself,” the company said.
“Bolstered by increasing turmoil and uncertainty in competing destinations, and benefiting from increased airlift and foreign investment, this island paradise is proving even more appealing to prospective buyers.”
It also believed demand “will continue to grow”.
“Barbados’ allure as a cosmopolitan tropical island, also offering the requisite sun, sea and sand is stronger than ever,” it said.
“Luxury travel has always been a key indicator of the island’s property trends and with long-stay visitor arrivals in 2015 up 13.7 per cent over 2014 arrivals – the highest on record – it is expected that the property market will report comparable increases in 2016.”
In terms of the fractional ownership market, the tourism company said “a different type of luxury consumer has emerged from the recent global economic crisis – a more value-driven, more discerning buyer”.
“Fractional ownership has long afforded property buyers the opportunity to match financial outlay with actual property usage. Today, sales are on the rise as luxury property buyers use this form of ownership as a stepping stone to eventual full ownership,” it explained.
The Crane said “several local developers” had joined its pioneering work in this niche.
It also predicted that “buying in developments or communities will remain popular”.
“The prospect of a well-established community complete with resort amenities and services will continue to appeal to luxury property buyers; with property developers offering proven track records expected to win out. Such developments often include pools, restaurants, gyms, spas and other amenities only footsteps away from home,” it added. (SC)