Barbados: Barbados property market remains weak, despite strong tourism.
- In the famous West Coast, which caters primarily to super-wealthy foreigners, beachfront condo prices rose by 5% in 2016 from a year earlier, based on Terra Caribbean´s Beachfront Condo Price Index (BCPI), which the company launched in January 2015. However, this figure may be misleading given extremely low sales volume during the year. One sale was for a flagship unit in a well-established development, commanding a premium price.
- In the South Coast, which caters to the mid-market, the BCPI dropped 7% in 2016 from a year earlier - the lowest level since 2007.
The median price of beachfront condos on the West Coast was US$848 per square foot (sq. ft.) in end-2016, up from US$805 per sq. ft. in 2015, US$ 728 per sq. ft. in 2014 and US$ 546 per sq. ft. in 2013.
The median price of South Coast´s beachfront condos was US$409 per sq. ft. in 2016, down from US$441 per sq. ft. in 2015, US$426 per sq. ft. in 2014 and US$435 per sq. ft. in 2013.
In 2016, there were about 2,500 local property transactions in Barbados, far below the peak levels of 4,250 transactions seen in 2007, according to Terra Caribbean. Sales volumes of beachfront condos on the West Coast fell by 70% in 2016 from a year earlier, the lowest level since 2007.