Prices for real estate in Barbados, especially on the West Coast, will continue to rise but, when analysed the increases are not significantly higher than they were three years ago.

This is the view of realtor Paul Altman, who admitted prices were rising in some areas and on some properties, but that was mainly because of the type of structures which are going up and the general state of the economy.

He said because of the bounty which Barbados has been able to enjoy in tourism (cruise especially), people with wealth have been attracted to the island and therefore buy villas or condominiums and they contribute to the economy.

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“What you want is people coming through that will use the services. They have staff to pay, they rent cars, buy cars, go in the shops, these are people who have money and come in here and spend it. They spend a fortune when they come to the island. Their ability to spend money goes beyond your imagination and mine,” said Mr. Altman, one of the island’s leading realtors.

The land prices, he argues, are still within reach of most, especially given the good interest rates which banks are currently offering. It may not be at $6 per square foot anymore but with that hike came a raise in areas such as salaries and wages and therefore a better economy will result.

As for the cost of beachfront properties, Altman said this would always be a high cost area, as it was in demand from people abroad and locally, especially given the safety of Barbados as an alternative destination in which to live.

“Not too many places are better than here; there are no terrorists. We maintain prices for two markets, the local and overseas; there is something to fit everyone. There are people here who buy properties on the West for as low as US$600 000 and some rise to in excess of US$1 million,” Altman said.

He added that people were still hungry for properties along this end of the island as it was future equity for them.

Altman is not comfortable with the argument that the island is being sold out, since the buyers do contribute to the economy.

Altman said the South Coast was developing just as fast as the West, with prices of property also changing.

Above extracts compliments of the Nation News

By Wendy Burke