Brits fuel Barbados property boom

Brits are helping to fuel a boom in demand for property in Barbados.
Royal Westmoreland, located in the parish of St James on the coveted west coast of Barbados, is undergoing its most intensive construction period in its history.
The estate, which is itself up for sale currently, with a price tag of $75 million, has expanded onto new land purchased in 2006 which covers 250 hectares and has planning permission for another golf course and hotel. The new collection of 31 lots are on a high ridge with sweeping views over the golf course and the southern stretch of the west coast.
$30 million of new villas are now being built with another $30 million of homes in the next six to nine months.
Demand is rising to meet the expanding supply, though, says Construction Director Ian Putley.
“Everything we are building is for somebody who has purchased the property so we are not building anything speculative,” he comments. “We have seen a substantial turnaround from the previous five years.”
Indeed, the resort has seen its best sales period in more than a decade this year, as the appetite for overseas property returns. A large portion of that demand is coming from Brits, who account for $60 million of its villa sales.
Sales Director Kim Goddard attributes the British boost to the UK economy, which has inspired an increase in confidence as well as spending power.
“They want a sure bet when it comes to making their lifestyle choice for a second home. This means built amenities, established vibrant community and lower risk on protecting resale values,” she adds.
The estate remains the only completed gated community in Barbados with a golf course and a beach club, and is a short drive inland from the ‘Platinum Coast’ with its beautiful white sandy beaches, chic restaurants and laid back beach bars.

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