Barbados real estate is doing well considering the effects of the global pandemic.
Sales and rental of properties were surprising high in 2020, in spite of a turbulent economy brought on by the COVID-19 pandemic.
Rachel McCartney, sales manager at Terra Caribbean (Terra Luxury), said that the UK, Canada and the US remained Barbados’ main foreign market for investment in real estate.
The Barbados real estate market was just emerging from sluggish performance over the past decade when the virus hit but overall it has survived the pandemic’s worst period.
“In January 2020, things started to look like they were trending for the better, where vendors were repricing their properties and properties were selling at a very fast rate. Then COVID hit everyone at the same time,” McCartney said.
“We had a substantial increase in rentals due to the Welcome Stamp. Coming out of that there were people who decided that they wanted to buy [properties] here after being here for a very short period. Also, the spinoff from that was there was a very big increase in the mid-term rentals.” She said that St James, St Peter and Christ Church were the top three location choices.