EE NE FR NLI O &
Terra Caribbean - Page 2
Vuemont - Page 21
Boarded Hall Green - Page 30
Endorsed by the Barbados Estate Agents and Valuers Association Inc.
NEWS www.barbadospropertynews.com • October - November 2013 • Issue 89
Alleyne Real Estate - Footprints - Pages 27 & 50
Editor’s Comments Tourism drives the Barbados economy and indeed most of the economies in the Caribbean islands, but it can’t carry the full burden and in these tough times so much more support needs to be directed across other key industries like construction and real estate. It was disappointing that the recent Budget missed the opportunity to inject life into these sectors as overall, the Barbados real estate market continues to tread water. This is in contrast to the US and UK markets where house prices and valuations have been on the increase. London is an exception with an annual 10% increase distorting the UK averages, but throughout the UK most regions are showing increases. The same could be said for house prices in the top 20 US cities where 12% has been the revolving annual increase in recent times. This is important for islands like Barbados, as it has taken longer than predicted for confidence to return to the property market. Our main sources of overseas property investors come from the UK and the US, so when their markets show improvement the spin-off will eventually filter into the Caribbean. Like most places we took an undeserved hit with global recession so we welcome any positive change that will help restore former prosperity. After all, it seems unfair as our lovely island hasn’t lost its charm or beauty and remains an idyllic place to live and holiday. That’s why so many people have second homes here and why it is the wish of every Barbadian to own a home. We hope through the pages of Barbados Property News or our website at www.barbadospropertynews.com you find the property to fill your dreams. Pamela Hiles On the Cover: Footprints Editor
Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: email@example.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
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Life After Budget
There is a life after Budget, although the long running saga of criticism, uncertainty, justification, punitive measures, reduced wages, misunderstandings, and in some instances self-denial, might keep the kettle boiling forever. Robbing Peter to pay Paul has always been an integral part of Budgets worldwide and this Budget was no exception. The Government had to show an austerity strategy and it did it without fear, but at the end of the day the shortage of money within their coffers meant it was largely a case of punitive action. It remains to be seen if the proposed measures achieve the expected results, but it hardly matters, as governments are only accountable for their actions every five years. They answer only to their electorate and the results of the last election showed clearly not everyone understands the gravity of the current Barbados economic mire. Worse still, we appear to be treading water awaiting the IMF lifeboat or lifebelt and unable to swim to safety under our own steam. This Budget won’t jet-ski us to safety no matter what rhetoric is used by the key players. It begs the question why do we need Budgets? After all, a Government has the mandate to rule 24/7 during its term in office and doesn’t need to present a Holywood-style presentation on any particular day to shift fiscal direction. If it is doing its job properly we have to assume that it takes the appropriate measures as and when they are needed rather than build up to a crescendo of give-and-take measures aimed at controlling expenditure and increasing revenue. Budgets take more than they give and in tough times they can destroy the spirit of a nation. Ask the UWI undergraduates or the high school students who won’t be going to university because they don’t have any Government financial support. With regard to property, investment and helping young people get onto the property ladder, the Finance Minister missed an opportunity to make a meaningful contribution across several sectors and help stimulate investment, employment, foreign
exchange earnings, tourism and local business. Of course, he could still make life better by taking measures outside the glare of publicity, but in the business of winning Kudos and public acclamation this seems unlikely. He could have stimulated the construction industry with tax concessions on the import of materials and worker’s schemes to encourage aspiring young artisans to earn qualifications in the workplace. He could have stimulated the real estate and tourism industries by encouraging overseas purchase at a time when it is a fraction of what it was five years ago. Lower Land Tax tariffs, tax concessions on rental income, and lower Property Transfer Tax are straightforward incentives, but he could also tackle the high cost issues associated with buying and selling property. Legal costs are outrageous and worse still the level of customer service is probably the worst of any industry in Barbados. Why Government continues to ignore it and at the same time laud our strong business ethic and high standards is simply selfdenial. Our Finance Minister could also have helped people buying homes with a tax relief scheme to ease the burden of mortgage repayments and he could have introduced a scheme for firsttime buyers that would give them a lower mortgage interest rate to help them get on the property ladder. Schemes already exist for small business so why not for the small property buyer? This would cost the Government nothing, as the interest rate charged would still be higher than the cost of funds. Stimulating the construction and real estate industries is vital for Barbados’ prosperity. We can’t expect the tourism industry to fund everything and we are not aligning the synergies of key industries for mutual benefit. We need innovation, stimulation and motivation or we’ll stop treading water and sink! Clarence Hiles is a Director of Caribbean Mortgage Services and Editor of Caribbean Property Magazine. He has written extensively on Caribbean business matters over the past 20 years. He can be contacted at email@example.com
Sagicor General Appoints New President and CEO Sagicor General is pleased to announce the appointment of Mr. David Alleyne as its new President and CEO. Mr. Alleyne succeeds Mr. David Deane, who was at the helm of the organization for over 20 years. Mr. Deane lauded the appointment of his successor as an exceptional choice, whose academic qualifications, expertise and outstanding qualities will redound to the benefit of Sagicor General. Mr. Alleyne praised the outstanding contribution made by Mr. Deane and promised to maintain the excellence exhibited by the company; while introducing initiatives to ensure that the organization remains relevant in an increasingly difficult and competitive environment. Mr. Alleyne’s appointment started September 1, 2013.
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BEAVA News BEAVA EXPO AT BARBADOS YACHT CLUB Members of the board of BEAVA are excited and ready to greet you with smiles and open arms at its EXPO on Saturday October 19, at Barbados Yacht Club. A special team of sponsors has joined BEAVA and will host a series of mini-seminars in the Club’s Ball Room, aimed at educating potential home owners and those who are simply curious about home ownership or home remodeling or upgrading. These sessions will be held at various times throughout the day of the EXPO which runs from 10 a.m. to 5 p.m. BEAVA is thrilled that CIBC First Caribbean, Flow (Columbus Barbados) and Globe Finance Incorporated accepted its invitation to partner as sponsors of this inaugural event. Patrons will have many a presentation from which to choose as these sponsors deliver on a range of interesting topics home owners never tire of hearing: • Home Improvement – How Can Financing Help Me; • Sellers & The Law: What you Should Know Before You Sell Your Property; • Things To Consider When Designing Your Home; • Home Sweet Home – Telecommunications & Entertainment Advances; • The Importance of Using A BEAVA Real Estate Agent; • I’m Ready To Buy, Now What and Buyers And The Law: What You Should Know Before You Purchase A Property.
Real Estate News
Some 30 vendors will showcase their products and services in the covered, but outdoor area to the front of the property. Visitors will mingle, browse and ask questions of real estate agents, residential and security experts, bankers, insurance brokers, housing developers, interior design and furnishing experts, property managers and surveyors.
BEAVA AGENTS GRADUATE Sixteen men and women in the local real estate industry had lots to smile about when they graduated from a course organised by their membership body, Barbados Estate Agents and Valuers Association Inc (BEAVA). The members were formally acknowledged at a meeting and cocktail event in September at Barbados Yacht Club for completing the four-week real estate course hosted by BEAVA in association with Barbados Community College, home of the course. Course topics covered included Code of Ethics and Standards of Practice; The Real Estate Process; Comparative Market Analysis and Valuation; The Sales Process, A Legal Prospective and Leases and were taught by members and associates of BEAVA Inc as well as attorneys from the law firm, Clarke Gittens and Farmer.
(L-R) A. Michael Wood, Diana Marshall, Allan Kinch, Allison Maynard-Taylor,Cindy Coombes, Lara Jones, Jonathan Simpson, Anna Lee Warren, Luther Miller, Suelan Hart. 46
Real Estate News Realtors Real Estate Limited joins The ERA Real Estate Global Network Mrs. Suzanne Davis, Managing Director of Realtors Real Estate Limited is happy to announce that Realtors Real Estate Limited has joined forces with ERA Real Estate Global Network as of October 1, 2013. Mrs. Davis said that we realise the benefits of making the global resources and top tools of ERA Real Estate available to our customers and that is why we are proud to be an ERA Network Member. The ERA Network includes approximately 2,400 offices throughout the United States and 36 countries and territories. Realtors Real Estate Limited has a wide selection of properties and a wealth of experience in the Real Estate business. Mrs. Davis said that the company has seven agents including herself, and two administrative staff and is still affiliated with Mayfair out of London. We feel this gives us the best reach across the world and we are proud to be affiliated with both of these companies and look forward to a long and prosperous association.
Footprints: A Building of Distinction Sitting on approximately 12,000 sq ft of prime beachfront land, Footprints is a property of quality and distinction. This Avant-Garde luxury beachfront villa is the first of its kind on Barbados’ Platinum West Coast and features clean lined and contemporary architecture by Jeremy Gunn of Italica Design. The luxurious interiors have been designed, furnished and accessorized exclusively by “Kelly Hoppen.” The striking contemporary style and overall ambience takes full advantage of this unique elevated location to create the ultimate in Caribbean living. Two of the features are very specialThe shimmering infinity edge pool softly blends into the striking blue Caribbean Sea and an enticing meandering garden path through radiant tropical vegetation leads to an idyllic white sandy beach where you can relax with a tropical cocktail and enjoy the amazing array of burning colours from an unbelievable West Coast sunset. The house is approximately 6,500 sq ft of covered space with five bedrooms and five and a half bathrooms. The very spacious Master-Suite is elevated with a stunning view of the ocean and the majestic Caribbean Sea. Footprints is what luxury beach front living in the Caribbean is all about. For information on this exclusive listing contact Alleyne Real Estate email firstname.lastname@example.org tel 246 432 1159.