Reports from Barbados tell of owners reducing their prices by up to and over 10% in order to sell before the end of the traditional selling season -- as winter draws near the plan is working. Barbados property is among the priciest in the Caribbean, which also means in the world, and this makes for substantial reductions. One property was recently reduced from $2.5 million to $1.8 million.
The island has always been a favourite with British buyers and holidaymakers. The West Coast is proving particularly popular due to a number of new developments that have recently been launched.
It's possible to buy a two-bedroom property on the island for around $500,000, although some of the more high-profile areas such as the Sandy Lane development can command up to $28 million.
The majority of the buyers are British, American or Canadian because of their enjoying good flight connections, but the island is also increasing in popularity amongst Italians and wealthier South American buyers.
Barbados makes a good choice for a second home, making for good rental opportunities and of course a fantastic lifestyle choice. Another reason for a current increase in foreign demand for Barbados property, is that the island is considered one of the financial safe-havens in a crazy world.
With currencies devaluing and stock markets crashing, assets like properties in Barbados, which are holding their value are becoming increasingly popular. Previously this drove surging demand for gold, but as its price escalated, high end properties took over.