Barbados property remains the most popular of all the Caribbean islands, according to developers in the Caribbean and real estate agents from the Caribbean and around the world. This is despite the fact that Barbados property is among the most expensive in the Caribbean and the world.

Speaking of prices, again according to developers and agents, Barbados properties have not suffered any price drop since the start of the so-called international recession. This is because the demographic that buys property in Barbados (efficiently wealthy individuals from around the world) has not been directly affected by the recession and has therefore remained active in buying property.

Barbados has not been the only market in the world to see this effect. During the height of the foreign property media blackout, when foreign property editors and journalists were covering makeup or whatever else people were still interested in en masse, the Express ran an article on how the Turks and Caicos Islands were seeing activity at the same levels as during the boom. Again, this is because those who can afford to buy property in the Turks and Caicos Islands have not been directly affected by the recession.

Yes, it is true that not all markets favored by wealthy buyers have been so lucky. The French Riviera suffered greatly from the exodus of its foreign buyers. But this is because the people who bought on the French Riviera were young wealthy bankers who had made a fortune in bonds or the stock market. When this group discovered that they could lose money as fast as they could make it, markets like the French Riviera obviously suffered.

However, Barbados tends to be favored by the more mature buyer, who pays with life savings.

Now is a very good time to buy property in Barbados. Although prices have not fallen, there have been attempts to compensate for the reduction in sales that has been experienced. Developers offer things like free furniture packages and several years without paying maintenance fees. Some developers even offer guaranteed financing, although most sales are now done in cash.

There have also been reports in the media of developers removing non-essential luxuries like spas and moorings, in order to sell the same property at lower prices. However, we have not seen this with the developers we work with.