Barbados Property News February - March 2018

EE NE FR NLI O &

Alleyne Real Estate - Page 10

Terra Caribbean - Page 23

Safety Supply Company - Page 25

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BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • February - March 2018 • Issue 115

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

B A R B A DOS

Editor’s Comments These are tough times entering 2018!

As the rest of the world recovers from recession and bounces back with enterprise, vision and optimism, we seem to be stuck with economic failure.

It shouldn’t be like this as the world rebounds.

Barbados is a well-known paradise island with idyllic beaches, tropical climate, excellent restaurants, top-class hotels, stunning properties, and a bevy of watersports, polo, cricket, golf, racing et al. These things may not have changed much in the past decade, but a significant change has taken place in real estate. Property values have dropped in recent times and therein lies an opportunity. For so Pamela Hiles, Editor long the seller was King, and could command the price, but there is a realization that this has changed. The decline in recent years has significantly altered the picture, and investors will be welcomed to the modern environment. Prices are now keenly costed, and bargains are available. It will not happen forever, with an election in the next few months there could be a fresh impetus. The good times will return.

Barbados Property News showcases excellent Real Estate to buy or rent and we offer a plethora of products and services. We hope you can find them here or on line at www.barbadospropertynews.com.

On the Cover: Gajah

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

An Update from the Barbados Valuers Council The Barbados Valuers Council marked its first anniversary in January. It is timely that we share our progress and continued efforts. Firstly, I am very pleased to say that we have a very active committee with all members making significant contributions. We have met almost every month and we have had near perfect attendance! That is quite unusual for a voluntary committee and I think it reflects the passion that our members have to the cause.

We have divided our work up into a number of areas including expanding membership, relations with the private and public sector, education and training and regulation.

Starting with membership, I am pleased to report that we have 34 members signed on. Each member has been classified according to their experience and education and all seems to be going smoothly. We were very encouraged by the number of experienced valuers who stepped forward to join taking advantage of the “grandfather clause�. We are all now practicing to the same standards and agreed to the same rules of regulation. While we cannot say for sure, we estimate that more than 70% by value of all valuations done today are conducted by our members. That is significant progress in just one year.

We have had very constructive meetings with the Bankers Association and individual risk management divisions within some banks. The industry has been crying out for the standards that we have adopted and all parties are convinced that we will raise the level of practice across the industry. We have also met with the various parties in the Government divisions including the PS of the Civil Service,

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BEAVA

the Ministry of Finance, the Chief Town Planner and the BRA. The reception was overwhelmingly positive and we will continue to work with Government to determine appropriate legislation to govern the industry.

It is clear that the market is crying out for regulation. We have put in place mechanisms for the public and users of valuations to raise concerns relating to the service that they receive from our members. We intend to fully investigate every concern raised and to ensure that our members are practicing to the high standards set by the IVSC. We have hosted 2 education events for our members and participate in even more in conjunction with the RICS and IPTI. We continue to work to provide opportunities for our members to access continued professional education.

There is a lot more work to be done but we have made great strides. When you choose a valuer in the future please request a member of the BVC to be sure that they are experienced, educated and regulated.

Andrew Mallalieu Chairman Barbados Valuers Council

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Harmony Hall Green

Real Estate News

second floor, for more privacy. The trees and plants, along with the gentle background white noise of the water garden’s incoming water, will also mask sound traveling between the units.”

Barbados’ newest condominium development on the South Coast is under way. With a projected handover date of June 2020, Harmony Hall Green (www.harmonyhallgreen.com) is a gated community of 48 units, comprising: • Twenty-one 1-bedroom, 1-bathroom condos • Eighteen 2-bed, 2-bathroom condos • Nine 3-bedroom, 2 1/2 -bathroom townhouses The principal feature that distinguishes this development is the “water garden” - all units face onto a large reflecting pool, with communal, landscaped 'islands” within the water garden, and walkways across the water connecting each block to the other.

The water used is harvested, filtered rain from the roofs.

“Our aim is to provide ways for our residents to interact with their outdoor surroundings. The combination of the water garden and tropical trees and plants will provide a soothing and naturally beautiful environment for socializing or simply enjoying nature”, says Tony Hoyos one of the developers. Along with his business partner Colin Brewer, the two have been developing commercial and residential projects for 24 years. “The interiors of all the units are open plan so that owners can define their own spaces with their furnishings. The ceilings heights are 10 ft to maximize cooling. The master suite in the townhouses features floor to ceiling glass windows overlooking the water garden. The trees and plants are carefully placed by our landscapers so that there is no direct line of sight between the units at ground, first or

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Other features include: • A communal swimming pool with sundecks.

• Beautiful perimeter landscaping, including many large, decades-old mahogany and casuarina trees.

• Reserved parking for residents, plus guest parking.

• Garbage areas for recyclable and non-recyclable items.

• Gated community • Night time security personnel.

• Underground utilities.

• A central photo voltaic system to power the pool and water garden circulation systems.

• Solar-powered street lighting.

• Air-conditioned bedrooms; a/c-ready living rooms • 3 minute walk to beautiful Dover beach.

• Onsite management.

• Access to the facilities of a nearby resort, with tennis, mini golf, children’s playground, mini mart, spa and beach bar and restaurant Tony and Colin have priced their condos very competitively and believe that they will be attractive to potential owners as: • Short-term rental properties, earning rental income in foreign currency • Long-term rental properties • Vacation homes in Barbados • Modern, affordable homes in a desirable location for Barbados residents During the construction phase units may be purchased on an instalment basis at preferential, off-plan prices.

The company’s previous three residential projects - Clermont Green townhouses, St. Lawrence Beach Condos and Boarded Hall Green condos – have all been successful, both as residences or as investment properties achieving good rental results for their owners.

Evelyn Roach Enterprises Limited, THE KEY SHOP Evelyn Roach Enterprises Limited, THE KEY SHOP, is a family owned and operated business that has been operating in Barbados for 40 years, having been established in 1978. We have built the reputation of providing the most reliable locksmithing service on the isalnd and providing quality products and service in our retail store, THE KEY SHOP. We offer the complete range of locksmithing services whihc includes creating master key systems, keying alike locks, servicing and changing combinations on safe locks and supplying and installing access control systems. In our retail store, THE KEY SHOP, we offer a comprehensive range of safes, locks, padlocks, castors, wheels and hand trolleys along with other hardware and houseware items, and we are renown for stocking those items that you cannot find elsewhere on the island.

On the 1st of October 2016, we moved to our new location at 112 Roebuck Street, Bridgetown whihc has an expanded store where the products are better displayed for easy selection. Come and visit our new store and you are sure to find that item you’ve been looking for and that lock that is exactly what you need.

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Suzanne Davis of Luxe Caribbean Properties Inc tells us why to choose Barbados!

“Location, location, location” is the mantra touted when investing in real estate. And it is even more important when you are investing internationally. In addition to analyzing the financial commitment to purchasing investment real estate internationally you will want to consider the political environment, the accessibility, as well as quality of life of the region.

The beautiful island of Barbados is ready to welcome you with open arms. You need look no further for the perfect place for your next international real estate investment.

Why Barbados?

The Fabulous People • The people of Barbados are very warm and friendly • They speak English • They value education highly The Stable Political Environment • Barbados is the most developed country in the Eastern Caribbean • It is the 3rd oldest parliament in the British Commonwealth • The Government is stable The Welcoming and Solid Financial Environment • Barbados is an outstanding domicile for international business • Barbados has a variety of commercial banks • It offers a low tax rate • It has a well-developed tax treaty network • Real Estate Properties can be owned outright • Non-resident ownership is allowed • Residency can be established with minimum investment

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• It offers year-round rental income from vacation investment properties Easy Accessibility and Robust Infrastructure • Grantley Adams International Airport offers daily direct flights from Miami, New York, Canada and London.

• Many regional and international carriers including: British Airways, Virgin Atlantic, Air Canada, WestJet, American Airlines, Jet Blue and several charter airlines • Barbados hosts a modern telecommunications infrastructure with the latest in digital technology and fiber optics systems • Internet connectivity is available all over the island…and there are quite a few internet cafés • Barbados offers reliable utilities and electricity rates among the lowest in the Caribbean.

Barbados , also referred to as “The Gem of the Caribbean”, or” Little England” offers a wide selection of property types and something for everyone’s pocket. Properties in Barbados include beachfront apartments and condominiums, holiday homes, luxury villas, residential lifestyle communities and family homes. Luxury villas have become a popular option for discerning vacationers and property investors. The added privacy, dedicated staff, and bespoke service make this type of property an excellent choice for a vacation or an investment property. There are a number of luxury villas sprinkled around the island, particularly on the exclusive platinum coast of Barbados. These consist of standalone beachfront properties, villas in contained resort communities and homes that are located in exclusive neighborhoods such as the famous Sandy Lane Estate, Royal Westmoreland, Apes Hill and Sugar Hill. The Crane Resort also offers Time Share and Residential opportunities. Also catering to the yachting community are Port Ferdinand and Port St. Charles.

There are five golf courses, amazing restaurants, duty free shopping and many attractions not to mention the fabulous sandy beaches and crystal clear water!