The recent budgetary proposals tabled by the Minister of Finance the Hon. Chris Sinckler, included a number of amendments to the land tax rates for all categories of properties. The amendments included a reduction in the residential value bands and an increase in the non-residential and unimproved land rates.
Corporate Rental experts Jeanie Mahon and Patrice Gill answer some vital questions for this key segment of the real estate market. Some of this information can be found in the Corporate Rentals E-book and right here on our blog.
The six-year period leading up to the peak of the market in 2006 is widely regarded as a period of unprecedented growth in the Barbados market. This boom period saw compound annual growth in some market segments of 12% and staggering prices being achieved for property in some areas of the West Coast. The reality is that this growth cycle paled in comparison with the island’s first property boom, which occurred much earlier in our history.
Why do we publish The Red Book? The truth is that we think it is a showcase for our culture. Specifically our culture of knowledge. All firms have a DNA and ours certainly is a strong mix of knowledge, innovation, integrity, excellence, caring and fun. Let’s not forget fun. We like our clients, we like what we do, and we have a great deal of fun doing it – sometimes too much!
"Market conditions are key in determining value. To a large extent, the value of the home is currently driven by what the average purchaser is willing to pay for a property, rather than what we would consider a ‘bricks and mortar’ or replacement cost value."
-Annalisa Sealy, Real Estate Agent
You are invited to an Open House at South View, this Saturday, February 7th from 10 a.m. - 2 p.m. This is your opportunity to get a guided tour of the development, including the individual land lots available for sale and the modern, well-designed South View 222!
Sue Armfield - Real Estate Agent
"With the start of a fresh new year, it’s a good time to take a holistic look at the changing demands and trends in office leasing - in order to plan and to budget more effectively, to make adjustments where indicated and, to generate prosperity for landlords, developers, tenants and agents alike."
Karyn Fakoory - Real Estate Agent
"Making improvements come with the territory of owning a home. Whether this is done for the homeowner’s benefit, or for a return on investment of the improvement when preparing to sell the property, sometimes a little bit can go a long way. And sometimes it does not."
While storm clouds in varying shades of grey hover over a number of International Financial Centres (IFCs), the sunlight continues to shine on Barbados. The island forges ahead with progressive initiatives to develop programmes and policies aimed at making it more appealing to discerning, international investors. Barbados has always differentiated itself from other IFCs by strategically expanding its growing network of double taxation and bilateral investment treaties while twinning that strategy with the high-quality lifestyle available - to attract investors.
The reaction to a price quote for home insurance in Barbados is often disbelief: “But my home in (the United Kingdom, Canada etc.) is worth so much more and I am only paying a few hundred pounds/ dollars...for broader coverage!”
One of the significant costs for homeowners in Barbados is insurance against the risks of fire, weather, natural disasters etc.that comes at a higher rate than for the equivalent or better cover internationally.
Lucky enough to relocate to Barbados on business?
Currently living in Barbados but looking for another home to rent?
Looking for rental property on behalf of someone?
A current landlord/landlady?
If any or all of the above fit your circumstance, then this article is for you.
If you're a dynamic individual with proven skills and expertise as a Chef, Butler, Cook, Housekeeper or Gardener, we are looking for you!
The Terra Caribbean Group of Companies has offices on both the South and West Coasts of the island. We need an energetic individual to deliver documents and packages between offices, and to other establishments and private homes.
In Barbados’ current economic environment, individuals and companies are faced with the question of what to do with their excess cash.
There is a choice, even with exchange controls and limitations on available investment options. Available opportunities include: bank deposits, government bonds, corporate bonds, mutual funds, savings products provided by insurance companies, a limited pool of equities and of course, real estate. All of these options have their own inherent risk and return payoffs.
What is the Municipal Solid Waste Tax?
A tax charged, levied and collected on the site value portion of improved property. Therefore, all property that includes any structures is subject to pay this tax. However, the tax is calculated on the site value only. This tax was deemed operational on September 01, 2013.
We Know Property Management. Do you? We are looking to recruit an individual to help lead our Commercial Property Management division. If you know property management and want to build a career with a fun and innovative firm - let's talk!
It has been a thrilling and unforgettable month of motorsport here in Barbados! With the unveiling of the brand new Bushy Park Circuit in St. Philip, the mega production of Top Gear Festival Barbados, as well as the non-stop action at Sol Rally Barbados 2014, May was nothing short of epic!
It’s seven year itch time! Yes, this is the seventh edition of The Red Book. The challenge each year is to make it better, and by ‘better’ we mean more relevant to you the reader. This year we have added more statistics, more professional articles and we have even done some “ancient history” research with Hayden interviewing the two agents responsible for the sales at Sandy Lane Estate in the 1960s. I think you will find that article both informative and entertaining.
Apes Hill Club announced this week that construction on the new Clubhouse will begin this year. Renowned local Architect Larry Warren has been appointed for this project and the preliminary design is progressing well.
Part of our monthly analyses for each of our properties clearly breaks down the running costs of the properties that we manage. The largest costs are salaries and wages, which make up a minimum of 30% of total running costs, but are very much based on owner preferences. Building repairs generally come next, but fluctuate wildly depending on the design and type of construction, age of the property and what the owner wishes to upgrade. The third largest cost is electricity, which provides us with the opportunity to implement energy-saving equipment and policies, without affecting ambiance or service.
Terra Caribbean is now regulated by the Royal Institution of Chartered Surveyors (RICS); a world-renowned and respected professional body that monitors, guides and assists firms to comply with rules, regulations and ethical standards.
Some years ago I wrote about the role of real estate agents in “leading their clients in abandonment”. This was a concept I borrowed from a lecture I attended at Harvard some years earlier. The way we applied it in our business was to provide our clients with current market information so that they could make an informed decision, meaning they had to abandon old views of market value.
I think we have done a good job in leading our clients in understanding this new market – but have we as an industry done the same? I think not, and this year’s article is therefore going to be focused on leading our industry peers in abandoning the old business model that may have served them well in the past.
In the early 1930s a land economist by the name of Homer Hoyt established a now famous theory known as the “The Great 18-year Cycle”. The theory held that, in the absence of significant world events (wars etc.), real estate cycles generally follow a predictable 18-year cycle. Hoyt cites considerable empirical evidence dating back to the early 1800s illustrating an almost perfect 18-year cycle. More recently, Prof. Fred E. Foldvary used this principle to predict the recession of 2008, writing about it ten years earlier. Obviously real estate cycles present themselves in different shapes and sizes, but perhaps Hoyt’s theory provides some context to a discussion about where we are in the cycle today and when the market is likely to enter the recovery phase.
The annual event of writing an introduction for The Red Book is always filled with trepidation for me. I do not want to over build expectations and then disappoint, nor do I want to fail to introduce the articles in an exciting way. What to do? Risk behind every door. But that is our world today. Every time I think the market has found a direction, there seems to be a further shift. Recently I read that an engineer does not see the glass as half full like the optimist, nor half empty like the pessimist, but rather as a design that is twice as big as it needed to be. I learnt from this that I need to adjust my expectations and face the reality of our market. The half full glass tells us nothing of our future but only of our present. So that is what I hope we will do for you – provide you with an accurate picture of the real estate market in Barbados at present. Whether you are the optimist, the pessimist or the engineer, you will have the data that you need to reach a conclusion.
For the average Barbadian citizen, most encounters with the powers of the Crown are limited to fixing roads, maintaining order and things of the like, nothing alarming at all. However, occasionally, citizens come face to face with the awesome power of the state, when they receive a notice expressed in some legal jargon, informing them that their land is to be acquired for some public purpose.
Heritage in its broadest sense refers both to the tangible objects produced by past generations that have survived the ravages of time as well as the physical world around us, the natural landscape with its geological and biological features. Heritage therefore is not fixed or fossilised but rather, an ongoing, dynamic tapestry.
The term “green” in recent times has taken on a whole new light when associated with any kind of physical land development. Today it is not only part of a colour palette being used, but a term that measures the level of sustainability of a project from its design through to its construction. It also takes into account the project’s operation and maintenance over its projected life cycle.
Relocating to a new country can be both exciting and challenging. There’s the initial thrill of exploring a new country but there’s also the anxiety of leaving friends and family for an unfamiliar location. Choosing the right home is a key decision for successfully transitioning from one country to another.
You could be IT! A new and exciting opportunity exists for a Tech Support Analyst within our dynamic team! If you think you've got IT send your CV to the required email address.
Do you love to communicate? We are looking for you! An excellent opportunity has arisen for a dedicated Marketing Co-ordinator. See our ad to find out more about this exciting position.
After nearly forty years in the insurance business, it is very difficult to avoid the topic. Invariably, the cocktail party discussion begins with....”Oh, so you’re that insurance guy (awkward silence).. well (heavy emphasis here), last year after ‘Tomas’.....” by now, others are listening, and the tales of woe begin to flow.
The International Business and Financial Services sector contributes nearly US $500 million (BDS $1 billion) to the Barbados economy. The greatest portion of this spend does not emanate from direct taxes paid to the Barbados Government but from indirect spending in the Barbados economy. Real estate in particular, with earnings of just over US $15 million (BDS $30 million) in 2010 is one of the primary beneficiaries of this sector.
Do you KNOW Barbados? We are looking for YOU! If you are a dynamic individual who is excited about real estate and ready to value Barbados the way we do, see our carrer opportunity ad.
Real estate in Barbados has taken many turns in the last eighty years. My personal experience in real estate tracks back to 1972 when I invested in my first project, a small shopping centre. Three friends and I purchased the land and constructed the building with borrowed money. The shopping centre was relatively successful but after a few years we were only covering interest costs so we sold it for the grand sum of BDS $350,000, with which we just about broke even. Recently a real estate agent offered me the same property for BDS $5 million not realising that I had previously owned it.
It’s easy to fall in love with Barbados – white sandy beaches, crystalline waters, a rich and captivating culture, warm, friendly people. Who can truly resist the lure of this beautiful island?
You may have thought you discovered all the reasons to love this alluring “Gem of the Caribbean Sea,” but we’ve got a few more to share.
Here are five more reasons to love this delightful island.
Our children want many things that we have to decline for any number of reasons; maybe they have too much already, or maybe what they want is not good for them. But sometimes, our children know best. And sometimes the simplicity of their requests should be considered.
I found that to be the case during a vacation in 2006. My family was in Barbados, and one of my children asked, “Dad, can we live here?”
Having decided to buy property, the question that is frequently posed by our Private Clients is how they should pay for it - should they finance or use cash?
In answering this question, I find myself torn between two mindsets. My family upbringing wants to blurt out that cash is king and that you should never borrow if you don’t need to, but the banker in me is almost legally bound to say “Why finance, of course. How much do you need?” Here’s why my banker alter-ego is actually right this time around.
Last year I opened the Pink Pages by speaking to uncertainty in the market. This year I thought I would provide you with “miscellaneous ramblings” of what we have seen in the market and what we are likely to see. While it is probably impossible to predict with complete certainty the direction of the market in every segment, I hope that from these perspectives you will have an indication of the direction that the market is likely to take. (Please do not skip to the conclusion as it may make no sense without following the progression in thought.)
Valley View is the island’s newest neighbourhood. Located in Vaucluse, St. Thomas, adjacent to the desirable Countryside neighbourhood, the development features 37 architecturally styled and designed homes set in a cool, convenient location with gorgeous country views. This development is one of the most compelling offers on the market today! Here’s why:
Globally the residential markets continue to underwhelm with only a handful of markets demonstrating year on year price growth. A recent Business Week article appropriately characterised the sector as ‘limping into 2012.’ The Irish and Spanish markets continue to lead the underperforming category, while conversely the Canadian and French markets have experienced up to 5% inflation-adjusted YOY price growth. In addition to the obvious fundamentals, this growth is underpinned largely by a tighter supply and a considerably more sensible approach to underwriting residential mortgages.
This morning several Barbadian real estate agents had the opportunity to view the island's latest property released to the market ... Valley View. A new 37-home community in Vaucluse, St. Thomas, priced from BBD $722,000 (including house and land), this new development demonstrates one of the most compelling options for middle-income homes in Barbados.
Knight Frank, a leading independent global residential and commercial property consultancy, and the UK affiliate of Terra Caribbean sister comapny, Bajan Services Ltd., recently released an update on the UK Residential Market. I'm delighted to share this report which gives a snapshot of the UK housing market in January 2012.
The 36th annual Holetown Festival kicks off this weekend in celebration of 80 English Settlers that landed in 1627, sometime between February 17th and 20th. Each year the island marks this occasion with a week of festivities.
Back then accomodations would have been non-existant, but now as we all know, the areas surrounding Holetown boast some of the finest homes and communities in Barbados. Real estate on the West Coast of the island ranges from the modest Sunset Crest bungalow to the lavish Sandy Lane estate villas, with commercial buildings and beachfront apartments all available in the mix.
Check out the week's activities, and a short video on some Barbados property picks we think you might like.
Whether it’s your first real estate purchase or you are looking for a sound investment, for just under US $400,000 you can have your ideal Caribbean home. From beautiful finishes to excellent locations, our Barbados real estate suggestions are fresh and exciting
It’s the best value for property on Barbados’ South Coast. With prime land lots averaging 8,500 sq. ft. in size and starting at US$ 99,000, South View is five-star value!
Returns are certainly satisfying at Sapphire Beach!
Featuring modern, competitively priced, beachfront units, this condominium complex is a great investment opportunity.
Terra Caribbean has strengthened its brokerage and advisory department expanding the range of services offered to clients. We are delighted to announce that Director of Brokerage and Advisory Services, Hayden Hutton, has become the first real estate professional in the island to be awarded the prestigious Certified Commercial Investment Member (CCIM) designation.
Certainty is what we want; uncertainty is sometimes what we get. Making real estate decisions in times of uncertainty requires good research, experience and courage. We have seen courage paying off in the past six months; and we have seen weakness punished. My father told me that the best time to buy something was when you did not need to buy, but the vendor needed to sell. The reverse is also true.
On Tuesday August 16th, The Minister of Finance, The Honourable Mr. Christopher Sinckler presented to the House of Assembly, the Financial Statement and Budgetary Proposals for the year 2011. Relevant to the real estate industry, there was a proposal to modify the land tax value bands, which at first glance would mean lower taxes.
LEX Caribbean explains the laws and procedures of buying and selling Barbados property in their article taken from The Red Book 2011, written by Vidisha Hathiramani and Alana Goodman-Smith. We trust you will find this informative and please let us know if there are any other questions or comments you might have on the subject.
When buying or selling real estate in Barbados, purchasers and vendors alike often wonder what goes on behind the scenes, in terms of the process involved. Sometimes this question is posed in relation to the length of time it may take ...
The Gardens townhouses at South View in Kent are well under way. Construction of the first ten units is moving ahead on schedule and the building team at Creative Designs Barbados Limited are up to roof level on most of the units.
Take a look at some of the progress photos here, and give us a call to arrange a site visit (246) 421-HOME (4663)
Being the start of our hurricane season we thought we would share one of the informative insurance articles from The Red Book 2011, written by Richard Ince of CGM Gallagher (formerly Atria Insurance Brokers) ... Enjoy! We hope you will find it helpful and please let us know your thoughts!
So, you have found your “dream-of-a-lifetime” home! You walk off your patio and it is twenty yards to a perfect Barbados beach encircled by the calm blue water of the Caribbean Sea. A natural paradise!
Within the past week the new notices of valuation have been arriving at mailboxes around the island. In Barbados, every three years is a valuation year. The last valuation year was in 2008, thus making this year, 2011, a valuation year as well. Here is a quick background on the valuation legislation and the process to be followed.
Barbados now has the international distinction of being included on the United Nations-managed World Heritage List. News of this came this past weekend from Paris, France when the World Heritage Committee determined that “Bridgetown and its Garrison deserved a place on the List.” The list includes over 900 cultural or natural sites all over the world, which are deemed to be of outstanding universal value.
Historic Bridgetown and the nearby Garrison are the first areas to be nominated by the government of Barbados for inclusion on the World Heritage List of the United Nations Educational Scientific and Cultural Organisation (UNESCO). Many believe that should this bid be successful it will be a boon to our tourism industry. Supporters also believe it will ensure that these areas, so closely linked with our colonial history, are well preserved for future generations as development in Barbados continues.
In today's highly competitive real estate market landlords can struggle to get properties rented at the rate that they want. For many this creates a dilemma. Should they continue to wait for the right tenant who is willing to pay what they're asking? Or should they consider reducing the rental rate and get a new tenant in the property as soon as possible? Of course there are advantages and disadvantages in either approach.
Most people who offer property for rent want a tenant moved in as soon as possible. Recently we helped one of our clients to get their apartment rented in just over 48 hours! The client was thrilled, the tenant was thrilled and so were we. While scenarios like this are uncommon, there’s much that can be done to reduce the length of time it takes to get your property rented. Here are some key tips to take you on the fast track from “For Rent” to “Rented”.
After seeing one of our emails with land for sale in Barbados, Ron, a first time buyer sent us a question. He asked:
How much would I have to pay upfront to secure this piece of land?
We’re always happy to answer real estate questions, especially from a first time buyer!
Today marks the birthday of Barbados' only living national hero - Sir Garfield Sobers. Born 74 years ago, Sir Garry as he is widely known, is a cricketing legend heralded in the Caribbean and across the globe. Wherever people play cricket they know of Garry Sobers and we thank him for placing Barbados and the Caribbean on the map.
Four stores including the Bella Casa pictured here, have opened their doors to customers and are already proving a welcome destination for people on the south coast.
Before the end of summer, they will be joined by several other outlets, some new to Barbados and others familiar to local shoppers!
Ever had trouble finding the “right” place to call home or to lay your hat for that matter? Terra Caribbean presents the inaugural edition of the Terra Caribbean Corporate Rentals E-book! A paperless easy to flip through selection of properties for rent in Barbados. Especially designed for those new to Barbados.
With confidence returning to the Barbados market we are happy to announce the appointment of four new staffers who will assist in the expansion of our service offering in the months to come.
More and more of our Barbados property for sale on Youtube. Check it out via our property pages or go directly to our Terra Caribbean Real Estate - YouTube Channel.
Have you driven through St. Philip recently? The island’s largest parish is a hub of housing activity!
Sol Rally Barbados is one of the premier annual sporting events in Barbados. This year, Terra Caribbean will sponsor the Mayers brothers - Roger and Barry in a BMW M3 during the May 29 and 30 event.
South View PHASE 1 - Official Launch - Land Lots NOW ON SALE
Option A of three proposed designs - view the floorplans for these duplexes here.
Vuemont - Open House - March 19th & 20th - Come see if you'd like to call it HOME!
New land development on the South Coast is getting set for release.
Sunrise at Rowans is on track to be finished in late 2010. It's a new family oriented development in one of Barbados' most well established residential neighbourhoods!