BILLIONS OF DOLLARS in prime beachfront real estate on Barbados’ platinum coast is sitting on the market looking for buyers.
But with declining property values in what is right now a buyers’ market, people are opting to hold on to their properties, resulting in prospective buyers outnumbering sellers.
Chief operating officer of Terra Caribbean, Hayden Hutton, told the DAILY NATION Barbados had a supply of US$1.15 billion (BDS$2.3 billion) in beachfront real estate from Batts Rock, St Michael, stretching along the entire length of the West Coast.
The realtor from one of Barbados’ leading firms in the high end real estate and property management business said the average price of a West Coast villa for sale was US$10.5 million. For apartments, the average was US$3.1 million and a piece of land on the platinum coast was being sold for an average of US$4.9 million. (GC)
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