For Barbadians thinking about owning a piece of the rock, now may be the best time.
Realtors report that the price of land here is dropping.
They say the economic crunch has forced some property owners to reduce their prices by between 15 and 30 per cent and place them close to where they should have been initially.
Key Realty’s managing director David Trotman explained that sellers had to reduce prices – sometimes by 15 per cent – to get the property sold, but some people were still holding out for prices that were unrealistic.
“Over the last ten years prices have escalated because of foreign investment and that has pushed up the prices across the board, so people had some unrealistic values in rentals and sales, especially in rentals. Now with the crisis we are now tending to come back to where it should be, but it has not reached the level where it should be at,” Trotman said.
Read the full story in today’s SATURDAY SUN.
