Starting as far back as the early 1940’s and 50’s, a number of
wealthy families came to Barbados and made it their choice for a
holiday home. These early families included Sir Ronald Tree,
Claudette Colbert, the Cunards’ and the Guiness’. Between themselves
and their extensive friends they helped establish Barbados as a
world class holiday destination. They built magnificent Villas for
themselves and started a trend that has continued to this day with
the arrival of more and more celebrities. These in turn have built
homes for their own use and when combined with the island’s rich
colonial past, there now exists a high standard of architectural
beauty.
The Government of Barbados encourages foreign investment in real
estate on the island with a number of policies. There are no
restrictions preventing foreigners from buying and owning property.
In September of 1999 the present Government removed the Property
Transfer Tax of 10% on the purchase of property by non-nationals.
Other important benefits for owners is that there is no capital
gains tax on the sale of a property or estate duty. These policies
encourage foreign investment into the island with a particular
emphasis being placed on the luxury market for upscale Villas and
Townhouses. It must however, be noted that there is a 7.5% property
transfer tax on the sale of a home whether a local or a non-national
owns it. There is also a 1% stamp duty that is paid by the vendor
when a sale is completed.
Barbados has a relatively high standard of education, which is
based on the three tier English system of primary, secondary and
tertiary. This in turn leads to a highly trained and skilled work
force. Thus when combined with the level of local investment that we
are seeing, provides for a wide cross section of development
projects that are primarily centred along the west coast of the
island. These include individual homes, the Royal Westmoreland Golf
& Country Club, Port St. Charles Marina and Schooner Bay to name a
few.
Royal Westmoreland
Looking at these Developments individually you will see that
there are homes available for almost any kind of taste or whimsical
fantasy. At Royal Westmoreland you will find a wide range of
properties available from two to three bedroom Club Villas which are
priced between US$645,000.00 to US$840,000.00. Stepping up in size
from there are the three bedroom Courtyard Villas which have their
own private swimming pool and are priced between US$1 Million to
US$1.5 Million. You then have the Fairway Homes, which as the name
implies, look onto the golf course. These Homes have between four to
five bedrooms with their own pool and range in price from US$1.5
Million to US$2.5 Million. Finally there are the Custom Homes where
a lot is purchased and a design is done specifically for the tastes
of the individual. These are the largest homes to be found at Royal
Westmoreland and would typically be five bedrooms with pool and
would look onto the golf course. Prices would start at US$2.5
Million and would increase according to individual taste, style and
quality of finish.
Port St. Charles Marina
Turning from Golf to yachting, you have the Port St. Charles
Marina, which is located just to the north of Speightstown. This
Development was conceptualised by three local businessmen who have a
love for boating and its related activities. The Architect for the
project is Ian Morrison and he has designed two basic types of
Homes. They are the Apartment that is all on one level and the
Townhouse that is on three levels. There are five phases at Port St.
Charles and the final phase has almost been finished and should be
complete by the middle of 2005 at the latest. Prices range from
US$650,000 to US$7.5 Million for a variety of one, two and three
bedroom Properties depending on size and its location in the Marina.
There are a number of amenities to be found at Port St. Charles
and these include individual berths for each home, a five star
restaurant and a number of various concessions which the Developers
have been given to offer to prospective purchasers. There is also an
offshore breakwater which will house Coast Guard, Customs and
Immigration offices thus making it the third port of entry into
Barbados. To further assist you, Port St. Charles can recommend the
services of an Interior Decorator who can help you with the
decorating of your new home.
Westlook
For those of you whose pockets do not stretch that far, but would
still like a home with quality finishes and in a good location there
is the Townhouses & Apartments of Westlook. This Development will
consist of three Townhouses two Bedroom Townhouses and four two
bedroom Apartments. Each Townhouse will have it’s own Plunge Pool
with lovely views of the West Coast of the Island. The closest Beach
is no more than two minutes drive by Car and shopping can be done in
nearby Speightstown and of course the ever popular Mullins Beach Bar
is just around the corner. Prices for the Townhouses will range from
US$420,000.00 and the Apartments range from US$330,000.00. These
prices will include all large appliances for the kitchen but not
furnishings.
When purchasing a home in Barbados there are a number of points
to be considered and then taken care of. Our legal system is taken
from the English one and consequently acquiring a property here is
very similar to doing so in England. Once both parties have agreed
on a price, then the matter is handed over to the Lawyers. A
Purchase Agreement is drawn up by the Vendor’s Attorney and sent to
the Purchaser’s Attorney for perusal. Both parties then sign this
and the Purchaser pays in a deposit equivalent to 10% of the
purchase price to his Attorney who then forwards it to the Vendor’s
Attorney.
The Vendor’s Attorney then draws up a Conveyance and once the
other side has perused it, it is signed and the remaining funds are
paid over. It should be noted that there are other aspects involved
in transactions of this nature and they include title searches,
requisitions of titles, pointing out of the property boundary to the
new owners and most importantly obtaining Central Bank permission to
bring the funds into the island.
An alternative to purchasing a home is to buy a parcel of land
and build on it. Although this is a much longer process the end
result is that you have a new home and one that is designed
specifically for your own tastes and needs. The process to achieve
this is quite straightforward and basically it as follows.
Once the lot has been bought, the Architect that you have chosen
will need to have a Topographical Survey carried out. This will show
him the contours of the land and from this he can start designing
the house. Once the plans have been finished they are submitted to
the Town Planning Department for approval. Depending on the type of
house and its location, planning permission should be obtained
within a period of six to eight months. At this point the Architect
will contact a number of Contractors and ask them to submit bids to
build the House. Once a Contractor has been chosen and begins the
job, it can take anywhere from six months to over a year to complete
depending on the size of the property and other factors that are
involved in the construction.
Another important point to note when looking at purchasing
property in Barbados is that financing for non-nationals is
generally not available locally. This means that purchasers will
have to bring in all of the purchase funds into the island. As I
said earlier these funds would have to be registered at the Central
Bank of Barbados in order to guarantee their repatriation should the
property be sold later on. This makes it very important that you
deal with a reputable real estate agent and attorney at law when
purchasing a property.
Barbados is a specialized market that will appeal to people who
wish to have a holiday home away from the rigours of a hectic
business life. Although it is slightly more expensive to live here,
the benefits of owning a home on the island far outweigh this. It
has a good infrastructure, lovely weather year round, ready access
to North and South America and Europe, a stable economy and a warm
and friendly people. As we move ahead into the new Millennium,
Barbados continues to be the choice of the discerning traveller.
FOR FURTHER INFORMATION PLEASE CONTACT HARRY MANNING OS 246
424 2661 OR E-MAIL:
harryman@caribsurf.com
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