Barbados property, 'pricey' investments bring steady gains
Last Updated: April 30, 2013
Most of us love our homeland but few of us are not tempted of owning a vacation home abroad, especially when money is not a problem. Of course, temptations are not coming from any home in just any country, so Point2 Homes has searched for you properties for sale in one of the most dreamed-of tourist destinations in The Caribbean — the island of Barbados.
One of the surprises provided by this tourist heaven is that many homes are listed for median prices around $2,000,000, and Point2 Homes data shows that these properties are being spread over more than half of the island. For a quick comparison, consider that homes in the Hamptons (another destination preferred by Americans, especially New Yorkers looking for a second home) sold for median prices lower than $1,000,000 in 2012.
What is the meaning of “pricey” in Barbados?
The island of Barbados is divided into 11 parishes and almost half of them have some impressive home listing prices, making the island one of the most expensive real estate markets in the Caribbean. As for the investors, a recent New York Times article ranks Canadians and Americans as the second and third most important real estate investors in Barbados, while the British are holding the top position.
The most common and expensive types of properties on the market are houses, having an impressive median asking price of $2,032,500 ($520/sqft), although the cited article points out a 15-20% price decrease of home prices after the financial crisis.
Top 3 most expensive Barbados parishes for houses
St. James is the parish having the highest number of listings, distinguished as the most expensive and considered along with St. Peter as part of the “Platinum Coast”, the favorite Barbados region for the wealthiest investors.