Barbados’ prime property in demand

A LEADING United Kingdom-based property and estate website is reporting a high demand for prime property in Barbados.Property-Abroad.com noted last week that buyers were picking up properties here “at prices not seen since 2006”.In an article headlined Barbados Property Benefiting from Prime Property Bargains, the website noted: “Barbados is a former British colony, with a stable government, a favourable tax regime,  a friendly and laid-back environment, and,  of course, it is also one  of the world’s true paradise locations.”It also asserted that Barbados property also benefited from the fact that demand for prime property was reported  to be higher than any other type of property.“This is thought  to be because of two  main reasons:A: the wealthy have been least affected by the crunch, and now that fears over whether or not they will be have subsided they are treating themselves to luxury properties in paradise destinations.B: cash is currently very unstable, with fears over whether or not major countries like the UK  and Ireland can repay their debts.”Property-Abroad.com said there was a real desire among the wealthy to put cash savings in tangible assets as a hedge against financial instability. “This was responsible for the gold rush, and now that gold prices are off the charts, people are turning their attention to prime property, which holds its value better than other property classes. “Whatever the reason, prime property sales are accelerating, with a focus on getting the real top properties at bargain prices. Thus, Barbados property, which has long been some of the primest property in the world,  is obviously doing very well at the moment.”The website said good rental yields and capital growth were expected as more and more tourists flocked to Barbados in search of that idyllic holiday retreat in the sun. Prices, it said, were starting from £225 000 (about Bds$653 540).Earlier this year, leading real estate mogul Paul Altman said the high end property market was beginning to pick up  after a slump last year. (MB)