Barbados’ housing market, one of the most mature sectors of the Caribbean real estate sector in regards to expatriate investors and buyers, is continuing to offer pleasing prices on its famous West Coast. The regions, which caters primarily to super-wealthy foreigners, the price tags have steadied since the highs of 2016 with beachfront condo prices typically commanding around US$536 per square foot (sq. ft.). As you’d expect, this has seen an upsurge in sales volume in Barbados - property sales have risen by almost 10%, first increase in four years. This is not surprising given booming tourism - arrivals have risen by 2.7% year-on-year to a historic high of 681,197 visitors in 2019, according to the Barbados Tourism Marketing Inc.
Barbados attracts a lot of foreign homebuyers. Properties in St. James and in St. Peter are popular with British buyers, while properties in south coast’s Christ Church parish attract Americans and Canadians. Generally there are no restrictions on foreign ownership in Barbados except for one formality: nonresidents must obtain permission from Barbados’ Central Bank if they want to buy property. This is pro forma, but failing to do so will void your purchase.
In 2012, a new residency permit was introduced, offering indefinite residency to investors who purchase a property worth at least US$2 million and have a net worth in excess of US$5 million.
The booming tourism was mainly due to strategic marketing initiatives and increased airlift to Barbados.
