Barbados guide to purchasing real estate in Barbados, including tips, advice, and essential information about what to expect and how the process works.
Buying real estate in Barbados doesn’t have to be a strenuous exercise; with the proper guidance and professional assistance, it can be a reasonable process once all the requirements are met.
A well-developed and vibrant economy in Barbados has supported the island’s continual growth towards becoming a fully developed country.
Barbados has a wide selection of real estate as diverse as the island itself – from plantation homes with extensive acreage set in the rolling countryside hills to community developments with all the amenities close to the urban centers.
Barbados offers a diverse range of property ownership opportunities; there is an abundance of investment properties of land and some well-priced properties if you want to buy a second home.
Barbados has a good infrastructure to support the real estate sector at all levels.
No restrictions exist on nationals or non-nationals purchasing land or property in Barbados. If you want to make your dream a reality, be prepared to take some time, patience, determination, and financial resources, mainly if you are interested in beachfront land or luxury villas.
Property values have risen steadily and are expected to continue this trend as more international investment ensures that Barbados will continue to maintain the reputation it has earned as a world-class destination.
The internet has made it infinitely much easier to get an idea of the type of properties available on the market and find suitable real estate agents to help you find specific properties.
Several real estate companies produce annual property guides, often creating elegant brochures for premium million-dollar listings or the more affordable multi-condo or apartment-style developments on the South and West Coasts. Several quality real estate publications are available across the island, as well as multiple websites to help you narrow your search down.
There are affordable starter homes at all price levels, with a good-sized family home costing about $200,000 US dollars. Or you may opt to go to a newly built property that offers optional finishing packages that include kitchen designs, fittings, and other details that can be tailored to your particular taste.
You may decide that if you own a dream home in Barbados, it may as well be your dream, complete with your design of how you would like to enjoy Caribbean living.
It is common in Barbados to buy land and build your own home. The banks have lending options for new properties and a unique structure to ensure your contractors meet specific deadlines and requirements, whereby they only release funds at agreed stages within the project.
If you are funding this purchase from your home country, you must register your funds with the Central Bank of Barbados before you make your purchase to ensure you can take the money out of the country again if you decide to sell.
If your purchase is funded via a mortgage, you may not find that your bank in your home country is keen to lend money on a new build in a foreign country, and therefore, you may be better off applying to a Barbadian bank for new building projects.
As with any real estate purchase, you should outline your requirements, especially your budget, and engage the services of an established real estate agency along with a reputable attorney-at-law who can guide you through the process.
