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Real estate hope


SHAWN CUMBERBATCH, [email protected]

Real estate hope

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THE FOUR SEASONS PROJECT resembles a construction ghost town, but the real estate industry is hoping to breathe some life into a neighbouring piece of real estate.

Last week we reported that real estate officials are hoping to find a buyer for the $22 million Octopus Garden 1.25-acre property in Weston, St James.

Today, in a sign that undeveloped beachfront West Coast real estate continues to be scarce and high priced, 4.5 acres of “prime beach frontage” at Clearwater Bay, near popular picnic spot Batts Rock, St Michael is on the market for $27.5 million.

The news came as International property portal, TheMoveChannel.com, reported an increase in enquiries for Barbados properties.

The Clearwater Bay land, which is being touted as “a unique development opportunity . . . just north of the Four Seasons Hotel and Private Villas proposed site”, has planning approval for the development of up to ten residences.

“The planning approval allows up to seven tri-level townhouses with breath-taking sea views and three villas with garden views. Outline plans can be provided as well. There is a dedicated access to this site and its natural sloping terrain makes for stunning views.  This site is one of exceptional quality and is a unique investment opportunity,” information on the property stated.

There were fears that the United Kingdom’s decision to leave the European Union would have long-term negative consequences for the Barbados property market.

However, TheMoveChannel.com’s content manager Ivan Radford recently said that following a decrease in interest immediately after the Brexit vote, potential international property buyers were showing interest in Barbados again.

“On TheMoveChannel.com, enquiries for property in Barbados fell 37 per cent in Q3 2016, the months immediately following the Brexit referendum,” he wrote in an analysis.

“On TheMoveChannel.com, enquiries for Barbadian real estate doubled in [the first quarter of] 2017, compared to [the fourth quarter of] 2016, and are now ten per cent higher than [the second quarter of] 2016, the three months before the Brexit referendum.”

Radford observed that “while Brits may be beginning to return to the discounted market, another factor may be the growing presence of other international buyers in the Caribbean”.

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