Land Standstill

BARBADOS HAS MORE LAND available, fewer Barbadians with the capacity to buy it, and cautious foreign investors.

As a result, real estate developer Andrew Mallalieu says the local real estate market is now experiencing a slump, with a decline in land values, a trend which he suggested might be good for Barbados in the long term.

He said yesterday there was now “significant stagnation” in prices, which he attributed largely to low population growth experienced over 50 years of Independence and a decline in wealth creation among Barbadians.

The two factors, he said, were driving down the local demand for real estate and the price. (GC)

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