Business
The second home market has made a huge contribution to the economies of several islands across the region, but over the past four years it has slumped. What can be done to stimulate sales and foreign investment? The second home market has indeed become a main player in our tourism accommodation. It is more than accommodation - it represents a vested commitment in our economy. People who buy vacation homes spend foreign exchange, create significant employment and are ambassadors for Barbados. They pay land tax, spend fortunes on maintaining their investments (supporting a major service industry), spend on other local services, rent and purchase cars, eat in restaurants, buy in our retail establishments etc. This arm of foreign investment can easily be tuned to the engine of our tourism plant. We should also highlight their philanthropic contributions - they feel committed to improve the quality of life on this island and give millions of dollars annually to help in almost every area of development and need. Once this is recognized, then it is up to our tourism sector to highlight this contribution and help to build it into a much stronger economic contributor. Maybe World Travel Market in London and ITB in Berlin could highlight the villa component. A tourism survey is currently updating statistics on the villa sector. This will help to demonstrate its importance.
Limegrove is there as a reality for all to enjoy. There is no doubt that it has made a difference to Barbados as a destination. What excites me most is the fact that so many Barbadians, who first saw it as only for visitors, have warmed up to the enjoyment of liming at Limegrove.
What has kept Altman real Estate at the forefront of the industry over the past two decades? Altman Real Estate has diversified. Our main lines of business are still real estate sales, rentals and management. However our partner business - Property Consultancy Services – provides professional services to the industry - including valuations, reports and project management - while focusing on our significant involvement in the Fortress property Fund as partners and investment advisors. We not only act as Principals, but we also get directly involved. We have helped to shape the industry over the past three decades (plus) and are proud of our continued contribution. Do you see yourself continuing in your current role or have you other challenges on the horizon? I have no intention of leaving my position. It is my work and my enjoyment. It keeps me focused each day and, as long as I feel I can make a contribution to this industry and to Barbados, I will continue. I am, at the same time surrounding myself with some of the brightest minds -who help to inspire me. That speaks well to the future of Altman Real Estate and to our industry.
Paul Altman has been involved in the real estate profession for over thirty years. He is the Managing Director of Altman Real Estate. He has been at the forefront of developments in the luxury residential market: he was among those instrumental in the establishment of the Royal Westmoreland golf residential community; led the development of the highly successful Sugar Hill Resort; and helped to set the tone for resort communities in Barbados on a whole. He is at the helm of the development of the Limegrove Lifestyle Centre, Barbados’ first mixed-use centre. Mr. Altman is involved in urban renewal programs in Speightstown, Holetown and Bridgetown. He is a Past President of the Barbados National Trust and led the development of two museums, which are both linked to the Trust, the Nidhe Israel Museum in Bridgetown and Arlington Museum in Speightstown. Currently, he serves as Chairman of the Masonic Lodge Restoration and Preservation Trust.
72