Bridgetown.
A comprehensive study on the villa sector in Barbados will be conducted soon, however a preliminary research by Terry Hanson of Property Consulting Services indicate that the sector is a significant growth area.
According to Hanson, there are over 2000 luxury homes in Barbados owned by non residents and they account for 40 percent of the accommodation stock in the island.
Hanton told Trakker News that in most years they account for 3000 rooms compared to just under 5000 hotel rooms. He added that in most years around 200 luxury homes are transacted to non national, especially British nationals.
"The driver is wealth, so obviously the boom years up2007/ 2008 were huge expansion years for the sale of second homes worldwide", says Hanton.
He stated most of the villas were in amenitized communities like West Moreland, Port St Charles, Apes Hill and Sugar Hill. Hanson aded that the Central Bank research shows real estate accounts for a third of Barbados'foreign direct investment.
"At its peak, real estate inflows into Barbados were over $800 million in 2007, in 2010 they were nealy $400 million. It is the second largest source of foreign currency to the country", Hanson said.
Hanson is co-authoring the study with Central Bank of Barbados Governor, Dr DeLisle Worrell.
