Barbados Real Estate

After a few days in Barbados, many visitors consider the idea of ​​staying here permanently. Although occupying an area of ​​only 166 square miles, Barbados real estate boasts some of the most magnificent properties to be found anywhere. From a seventeenth century mansion to brand new luxury villas and condominiums, from timeshares starting at around $12,500 to luxury villas running into millions of dollars, real estate in Barbados has something for everyone. Barbados is a safe place to invest in real estate because, unlike other Caribbean islands, it is relatively unaffected by hurricanes that usually move far north.

Barbados has been recognized by the United Nations as the city with the highest quality of life in the developing world. A stable US dollar-based currency, social and political stability, a low crime rate, a growing economy, world-class telecommunications, a well-educated and skilled workforce, an excellent health care system, a good road network, reliable public facilities, and good weather all year round by a favorite destination for everyone from budget travelers to rock stars and royalty.

Buying real estate in Barbados is not difficult, but there are things to keep in mind. There are no restrictions on non-Barbadians owning property, but there are certain formalities, including obtaining permission from the central bank. Financing is available for non-Barbadians, but you must register all the money you bring in with the Central Bank so that you can repatriate the money if you later decide to sell your property.

Transfer of ownership must pass and deeds and certified survey plans must be registered. Buyers require a registered Barbadian to search the registry and establish ownership of the property before finalizing the sale and it is essential that you use a reputable Barbadian estate agent and lawyer to handle these transactions.

Sellers pay a 7.5% transfer tax on any value over $125,000 plus a 5% sales commission. Legal fees for both seller and buyer are usually around 1.5-2%. Once an agreement is signed and a 10% deposit is paid, the deal must go through or the deposit is forfeited.

Owners pay an annual property tax of:

On the first $125,000 = 0%

Next $350,000 = 0.10%

Next one. $500,000 = 0.65%

Surplus = 0.75%

(All prices Barbados Dollars)

As with real estate anywhere, the three most important things are location, location, and location, meaning properties on the west coast are usually the most expensive, the south coast is next, and the east coast and inland remain property.

If you do not plan to spend all your time in your villa, renting can provide a good return and cover your regular maintenance and management costs. Prices have risen steadily over the years, although the prices of high-end properties have fallen by as much as 30% due to the financial crisis.

See also  Prospects and Prospects for Real Estate Investments 2010

New developments are always being built and depending on your taste you will probably be able to find something close to a beach, golf course, tennis facility, marina, polo field or just about anything you can think of.

If you are interested in buying property in Barbados, there are a number of established local and international agencies that can provide information on available properties and purchase requirements.