Business Barbados

Overview

Barbados is a property owning democracy with 350 years of history of property ownership. There are about 90,000 households and most property is owned freehold. Title is evidenced by deeds filed in the land registry and every transfer to title requires a conveyance which is recorded in the land registry. Properties are developed in accordance with a series of regulations and guidelines established continuously since 1972. Every new property, or addition or change to an existing property, requires planning permission.During development, the Town & Country Planning Department also requires periodic inspections. They issue a certificate of compliance on completion of works. This certificate evidences that the development is in accordance with planning codes and regulations. Purchasers of properties normally require sight of these certificates of compliance to satisfy themselves that they are buying a property which is compliant with those regulations.

Recent History

In the last ten years there has been a boom in the development of new residential and commercial properties. This has been fuelled by economic growth, prosperity, cheaper and more readily available finance and a large number of competent building contractors. Even at the lower income levels of society, there has been a rapid increase in the percentage of families building permanent freehold properties and a departure from the moveable chattel houses which were sited on rental lands in the past.

This has been stimulated by the housing policies of successive governments.

Fast Facts

Comparison of Average Price Per Square Foot (PSF) South Coast Vs West Coast

real-estate-PSF

Web & Other Resources

Property Consultancy Services Inc.
www.altmanbarbados.com/propertyconsultancy
Barbados Estate Agents and Valuers Association (BEAVA)
A website developed to facilitate communication between members of BEAVA and the public. It will also highlight real estate issues and matters of interest to the industry as they arise. www.beavainc.com
Town & Country Development Planning Office
A source of compliance information for developers, owners, and builders. This website provides information about the various stages in property development that relates to the Town & Country Development Planning office. www.townplanning.gov.bb