The real estate market has nosedived by nearly 50 per cent across the board since 2010, with large residential as well as commercial properties being the most affected.
Julie Dash, of Hannah Properties, said it was no longer business as usual in Barbados with a 45 per cent fall-off in the market.
“That 45 per cent loss was a correction in a very greedy market. Barbados was on the crest of a wave and the bubble burst in 2010 and prices continued to fall. If positive corrective action is not taken economically, we could lose another 10 or 15 per cent in the next 12 to 18 months,” she told the DAILY NATION.
“This comes as a direct result of the downturn in the Barbados economy and the National Social Responsibility Levy which has put upward pressure on the pockets of Barbadians,” she added. (JB)
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