New Wave Hits Caribbean

The pandemic is drawing a new wave of younger buyers to the Caribbean. People in their 40s, which is 10–15 years younger than the pre-pandemic buyer, are making the move, reports Caribbean specialist Chris Parra, Founder and CEO of One Caribbean Estates.

“Previously, we would have seen people aged 55 plus, who were looking at early retirement and spending more time in Barbados. Now we have tech entrepreneurs, young professionals, self-employed freelancers looking to buy. With people no longer confined to working in an office, the pandemic has focused people’s minds on what kind of lifestyle they want to lead,” says Chris.

Property portal Rightmove has reported a record number of Brits are searching for homes abroad and received over one million searches for overseas properties in the first quarter of 2021 – a 16% jump compared to the same time in 2020.

Chris says, “We have experienced record transactions for real estate sales and villa rentals over the last 12 months as people have realised the exceptional lifestyle the islands can offer.”

Low interest rates in the current economic climate means savers have been reluctant to simply keep their money sitting in current accounts and are deciding to bring forward their decision to relocate and buy sooner.

The UK pound has climbed as high as $1.411 recently, its strongest in more than two months, fuelled by a weaker dollar, improved UK economic outlook and market relief that a Scottish independence referendum looks unlikely in the near term.

“Typically, the busy period is from November onwards, but we are receiving the same level of interest for July this year despite the weather being unpredictable at this time of year,” reports Parra, “Real estate can serve as a good store of value in crises like the pandemic.”

Covid-19 has emphasized amenities buyers are looking for and One Caribbean Estates have reported that buyers are looking for larger homes with multiple offices and larger kitchens. They have also seen a rise in buyers looking for homes away from the coast with more space.

Apes Hill Golf & Beach Club – which, now under new ownership and seeing a £30 million investment - is also seeing interest from younger buyers and those looking for community living. Three-bed homes on the resort are available to rent for £3,850 a month, and off-plan three-bed villas start from £1.2 million.

“The pandemic suddenly and fundamentally shifted people’s definition of home. They want recreational amenities that will help improve the quality of their lives. After several lockdowns, people want community living in a low-density location with a social hub, and great sports and wellness facilities on their doorstep,” says Kim Goddard at Apes Hill Golf & Beach Club.

Once completed in 2022, owners at Apes Hill will have access to a wide range of leisure opportunities including a 18-hole golf course, TPI performance academy, fitness and yoga centre with lap pool, tennis and Padel courts, hiking trails with a Calisthenics outdoor gym, and lake reservoir with fishing, spa and farm shop.

The golf course at Apes Hill is undergoing a renovation by the legendary golf course architect Ron Kirby, with nine holes expected to open this year and the full eighteen in July 2022.

Some destinations have been capitalizing on the increased interest from younger buyers by offering visas and Barbados has led the way with its’ Welcome Stamp programme, which allows foreigners to live and work visa-free for a year provided they can prove an annual income of at least $50,000.

Kim Goddard says, “The solid internet connectivity in Barbados allows remote work to occur seamlessly, and all the services and vibrant expat community make it a fun place to live and work.”

Chris Parra adds “Welcome Stamp Visa has attracted a lot of new visitors and investors to Barbados and invigorated the market. It is perfect for those that can work remotely and want to live in a warmer climate.”