Luxury property is making a resurgence in the gem of the Caribbean.
With the depressed conditions of the global economic slump now firmly in the rear-view mirror, the future of Barbados’ property market is almost as sun-washed as the island itself. Bolstered by increasing turmoil and uncertainty in competing destinations, and benefiting from increased airlift and foreign investment, this coral island paradise is proving even more appealing to prospective buyers.
Demand will continue to grow.
Barbados’ allure as a cosmopolitan tropical island, also offering the requisite sun, sea and sand is stronger than ever. Luxury travel has always been a key indicator of the island’s property trends and with long-stay visitor arrivals in 2015 up 13.7% over 2014 arrivals – the highest on record – it is expected that the property market will report comparable increases in 2016.
Fractional Ownership is becoming more popular.
A different type of luxury consumer has emerged from the recent global economic crisis – a more value-driven, more discerning buyer.
Fractional ownership has long afforded property buyers the opportunity to match financial outlay with actual property usage. Today, sales are on the rise as luxury property buyers use this form of ownership as a stepping stone to eventual full ownership. This trend has prompted several local developers to join successful pioneer Crane Resorts, developer of The Crane Resort and East, in adopting this model.
Buying in developments or communities will remain popular.
The prospect of a well-established community complete with resort amenities and services will continue to appeal to luxury property buyers; with property developers offering proven track records expected to win out. Such developments often include pools, restaurants, gyms, spas and other amenities only footsteps away from home.
Set on the 1% of Barbados’ East Coast that remains outside of the island’s National Park, East Resorts owners are able to choose exceptional ocean front property for long-term or second home living and luxury fractional ownership. This intimate community of residents will enjoy two restaurants, a dramatic bar and a state-of-the-art fitness centre, a day spa and a convenience store as well as access to the world-class amenities of sister property – The Crane.
For more information on ownership opportunities at East, contact an Ownership Representative today at property@craneresorts.com.
