As various indices paint a mixed picture about the outlook for global markets in 2011, it has been announced that the real estate sector in Barbados is back on track. Last year saw a surge in activity in the market, with the global economic downturn placing the location in a better position.
According to a report from property consultants Cluttons, many buyers have been drawn to the relative strength of the market in comparison with other alternative destinations.
The firm explained that it had seen an increase in successful transactions in the country of 70 per cent last year compared to 2009.
"We do expect an increase in property values during the next 12 months, however this still remains an extremely good time for purchasers to negotiate. Home buyers are attracted by the potential to negotiate a discounted price with high expectations of rental and capital growth," said Kieran Kelly of Cluttons Barbados.
The expert added that the stability of the economy, currency exchange rates, location and the quality of properties in Barbados is also helping to drive sales.
- Friday 14 January 2011