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Time to buy


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Time to buy

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If you want to own a piece of the rock, now is the time to buy, advises a senior manager with one of Barbados’ leading realtors.

He contends that prices are the best they have been in 12 years and this is likely to begin changing soon as greater confidence returns to the market. That apart, there are more available properties now than there have ever been, plus the enabling environment such as well priced mortgages to complete the purchases is as good as it’s ever been.

“We are likely coming out of the bottom of the real estate cycle and entering into a growth phase,” said Hayden Hutton, chief operating officer of Terra Caribbean. He is basing his projection on the quick sales to date at the Sagicor Estates at St George project, saying that can be used as a barometer of the market as the sales are off-plan – that is, just selling based on presentations rather than an actual building to show since nothing has been built as yet.

Hutton said in just four months, 49 individuals have paid $10 000 each to reserve units in Phase 1 of the development, which will have 120 units across five buildings. Of that number, about 15 of them are Caricom nationals from Trinidad, which shows they have an interest in either living or investing in Barbados. (SP)

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