MANY MILLION-DOLLAR properties in Barbados are selling for a fraction of their value.
With the struggling economy, job losses and more people defaulting on their mortgages, there are fewer takers for these seven figure luxury properties, so most of them are being sold for less than half of their market value.
A bank manager, who requested anonymity given the sensitivity of his position and the issue, said the market had fallen by about 40 per cent, and related how recently a $2 million property was sold for $600 000.
He said the banks were interested primarily in the outstanding money owed, so their concern was first to recover arrears from the sale.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.