British buyers, encouraged by the improving economy and the strengthening of the pound, are returning to the international property markets and have helped to a surge in holiday home buys in Barbados.
The luxury property community Royal Westmoreland has seen its best sales period in the past decade, thanks largely to Brits on the lookout for a new purchase.
A total $60 million (£38.54m) were booked in holiday villas sales, the bulk of which came from British buyers. The sales upturn shows that the appetite for overseas property is returning and the enduring appeal of Barbados as a place to buy a second home.
Royal Westmoreland, located in the parish of St James on the coveted west coast of Barbados, is currently being expanded, with $30 million (£19.3m) of new villas now being built and with another $30 million of homes to come in the next six to nine months.
Construction director Ian Putley says: “I can honestly say this is the busiest period for me in 11 years at Royal Westmoreland. Everything we are building is for somebody who has purchased the property so we are not building anything speculative. We have seen a substantial turnaround from the previous five years.”
Sales director Kim Goddard says: “Most of the sales are to British buyers who are feeling more confident about the economy back home and in the product that is Barbados. 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. ”
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.
