Friday, June 18, 2010

Property in the Caribbean: Welcome to Barbados

By Anna Tyzack Published: 4:00PM GMT 19 Feb 2010

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Previous of Images Next Property in Barbados:  Solana, St James, is on sale for $16m (£10.2m) through Knight Frank; Prince Harry Pooled resources: Solana, St James, is on sale for $16m (£10.2m) through Knight Frank; Prince Harry Photo: REX FEATURES Property in Barbados: A six-bedroom house in Sion Hill with open-plan living rooms and a marble terrace. It is within landscaped gardens, overlooking a private gully. Knight Frank: 020 7629 8171 Monkey Business $6.5m (£4.4m): A six-bedroom house in Sion Hill with open-plan living rooms and a marble terrace. It is within landscaped gardens, overlooking a private gully. Knight Frank: 020 7629 8171 Property in Barbados: Apartments at Royal Westmoreland include access to the golf and beach clubs and spa. Plans are afoot for a second 18-hole golf course. RWM: 01524 782649 Royal Westmoreland $350,000 (£222,000): Apartments at Royal Westmoreland include access to the golf and beach clubs and spa. Plans are afoot for a second 18-hole golf course. RWM: 01524 782649 Property in Barbados: A development of 45 apartments near Glitter Bay and Lone Star Restaurant (where Jerry Hall was recently spotted) with pool. Candelisa: 01943 882302; candelisa.com Candelisa Weston Resort $144,000 (£91,400): A development of 45 apartments near Glitter Bay and Lone Star Restaurant (where Jerry Hall was recently spotted) with pool. Candelisa: 01943 882302; candelisa.com

It"s a green monkey, not a fox or a rabbit that we swerve to avoid on the road to Apes Hill, a former sugar plantation in Barbados. There are polo ponies dozing in the fields beside the drive, shaded by palm trees, and the Caribbean Sea stretches out in front of us. But for all its exoticism - sun, white sand and rum punch - the island has plenty of Britain about it. According to Fay Davies, a former A Place in the Sun presenter who moved to Apes Hill last year with her dog, Rudy, it is rather like living in a Dorset village and this is why British people like it.

Barbados has a long-standing relationship with Britain. It was a colony and protectorate for three centuries until it gained independence in 1966. The Queen is still head of state and members of the Royal family are regular visitors to the island Prince Harry was playing polo at Apes Hill last month. Families, such as Guinness and Bamford, own large swathes of land and numerous British celebrities and socialites have homes there, including the Kidd family, Cliff Richard and Andrew Lloyd Webber. The red ER letterboxes, children in smart school uniforms and the recent arrival of Waitrose, are reminders of Barbados"s connection with Britain.

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It is hardly surprising then that 85 per cent of the island"s second home owners are British. They appreciate the sunny weather and British connections (English is spoken across the island), but also the sophisticated infrastructure. "I didn"t comprehend before I moved here how switched on Barbados is," Fay says "It has all the simplicity of the Caribbean, but everything works. And because it"s only a four-hour time difference, I can still be available for colleagues in London."

James Burdess, who has lived on the island for the past 13 years with his wife and two children, agrees that Barbados"s infrastructure sets it apart from other Caribbean islands. "The beaches, the sea breezes, the culture and the people are all fantastic, but it is the things you don"t see that make me want to live here the schools, the hospitals and the sport," he says. "Here it"s a return to old-school values the crime rate is negligible, people still get dressed up to go out in the evenings and the golf courses are incredible." There is a vibrant social scene, with international polo matches and Test cricket. "You can do everything you do in England, but it"s warm," James says.

The island is made up of parishes, rather like Guernsey or Jersey. Buyers can choose whether they want a home in the hills, on a golf course, or by the sea. The wild, Atlantic coast to the east is popular with surfers and walkers, while St Thomas, in the centre of the island, has large farms and plantations. Here Knight Frank is selling Clifton Plantation, a 241-acre polo estate with a great house and cottage for $15 million (£9.5 million). St James on the west or "platinum" coast contains some of the most expensive homes in the world, as well as three of the island"s five 18-hole golf courses (Sandy Lane, Royal Westmoreland and Apes Hill). There are fashionable restaurants and bars in the parish town of Holetown, as well as shops such as Prada, Louis Vuitton and Ralph Lauren. "St James has the most established property market," says Julian Cunningham, of estate agency Knight Frank.

Until three years ago, Apes Hill in St James was a working sugar plantation. Since then it has been transformed into a world class 18-hole golf course and polo club, with about 40 villas some with views of both the east and west coast. It is owned by the Williams family, who moved from Wales to Barbados in the 17th century and will eventually include a spa, fitness centre and clubhouse. "It"s a slowburn project," says Linda Williams, of Apes Hill. "The market will dictate when it will be finished."

Buyers can choose to buy a plot (from $500,000 to $12 million) and build their own home, invest in an off-plan villa at Moonshine Ridge ($3.5 million to $8 million) or buy a home already built (from $1.9 million). Most of the owners are British CEOs and entrepreneurs, who appreciate the traditional coralstone houses dotted around the golf course. Despite the economic crisis, there have been successful resales. "Homes bought for $300,000 off plan are already selling for $430,000 to $750,000," Linda says.

This tallies with recent research by Cluttons, which suggests inquiry levels in Barbados are up 80 per cent since the beginning of the year. At Beachlands, a development of 55 open-plan apartments on the beach near Holetown, a number of the most expensive properties have sold even though the project will not be finished until 2013. Prices range from $2 million to $8.5 million. All the apartments in the boomerang-shaped building will have sea views, there will be landscaped gardens and underground parking. "Beachlands is all about location," says Fay Davies, who is handling the marketing. "You can go snorkelling and swimming with turtles and walk along the new coastal footpath to Holetown in 10 minutes, plus Sandy Lane spa and golf course are just three minutes away."

The main downside for British buyers considering a home in Barbados is that property prices and living costs are similar to those in Britain in fact Waitrose sausages cost more. That"s not to say the island has been immune to the economic crisis. Knight Frank estimates that prices have fallen by 22 per cent over the past two years; the Barbadian government is bailing out the island"s unfinished Four Seasons resort (where Simon Cowell and Sir Philip Green have reserved homes) with a £38 million loan. "There were very few sales in 2008 and 2009," Knight Frank"s Julian Cunningham says.

Estate agents, however, are optimistic about the future. "During an economic downturn, it is always the exclusive locations that win through first," says Kieran Kelly, from Cluttons.

The recession has taught developers to be more realistic about the starting prices. It"s now possible to buy a home in Royal Westmoreland for less than £300,000. For this you will only get a one-bedroom apartment, but maybe that is good. "You don"t know how many friends you have until you have a home on Barbados," James Burdess says.

For more information about properties at Clifton Plantation, Apes Hill or Beachlands call Knight Frank on 020 7629 8171

WHY BUY IN BARBADOS

No capital gains tax, inheritance or estate taxStrong rental market five -10 per cent returnsHot, sunny weather, warm seaStable economy and governmentRegular direct flights to BritainLess time difference than other Caribbean islands