2020 Recap

2020 Recap

Twenty Twenty began with optimism and an ironic national campaign called ‘2020 - We Gathering’ inviting Bajan diaspora to visit Barbados and celebrate the culture. But the global pandemic COVID-19 had other plans…

 

Tackling COVID 

In April 2020 Barbados went into lockdown. Airplanes were grounded globally, and the tourism market came to a halt. During this time Barbados did an exceptional job of preventing the community spread of COVID-19. Within a couple of months life went back to normal, with the exception of face masks, sanitizer and providing contacting tracing details upon visiting public areas. A few planes were seen landing at Grantley Adams Airport again, but the Barbados tourism industry had taken a serious hit!

The public and private sector worked together to develop safe ways to invite visitors to the island again. Tests are required for entry and quarantine procedures are in place. These added barriers to travel make short term stays less attractive while more long-term escapes are being booked. Barbados still has a long way to go, to recover from this economic blow, but if it’s one initiative that brings us hope, it is The Barbados Welcome Stamp.

 

Barbados Welcome Stamp 

The Barbados Welcome Stamp is the silver lining in the COVID-19 cloud. As a country that depends heavily on tourism, our Prime Minster had to act quickly to mitigate the effect of the travel bans experienced globally. 

We recognise more people are working remotely, sometimes in very stressful conditions, with little option for vacation. Our new 12 month Barbados Welcome Stamp, a visa that allows you to relocate and work from one of the world’s most beloved tourism destinations[Barbados].” – Prime Minister Mia Amor Mottley, Q.C., M.P.

By inviting the world to relocate to Barbados, Prime Minster Mia Mottley made headlines globally and attracted almost 2,000 applications within the first few months. But who are these applicants?  

 

  •       67% of applications were for individuals and 33% were for families 
  •       Over 75% of applicants were under 45 years 
  •       76% of applicants had never visited Barbados before!

 

 

The average rental budget for Welcome Stamp visitors is $2,500 – $5,000 USD / month (41.4% of applicants). People are choosing to relocate to Barbados thanks to the convenient time zone with the UK, US and Canada, the fabulous work life balance and the beaches of course!

COVID has changed the idea of 2020 being a chance for Barbadians from around the world to come home and learn more about their heritage and the beautiful island where their family roots began. But as Bajan’s always do, we make lemonade out of lemons and now welcome visitors from around the world to experience our island and learn why Barbados is one of the safest places in the world to be.

 

2020 Highlights 

Realtors Limited had a great year despite COVID’s interruptions. The year began with the launch of an exciting new development – Vineyards, St. Philip. The Open Day was a huge success selling many of the 78 lots, 15 lots received accepted offers at the fair!

El Sueno, a noted estate and past United States consulate located on the south coast of Barbados was sold by the Realtors Limited team this year. A huge success as this beautiful property had been sitting on the market for a while. We are excited to see what the new owners will create in this prime location.

 

A few other notable sales were La Manuia a stunning Sandy Lane Villa, Palm Beach Condo #302, a Mullins Beachfront home and many family homes throughout the island like Walkers Park East #5, Fortesque, St. Phillip and Sunset Crest, Almond Row. One of our agents sold their clients Glitter Bay condo and found them their stand-alone forever home in Polo Gardens. 

Rentals were slower over 2020 due to travel restrictions, but once boarders reopened we saw a steady increase in the mid to long term rentals island wide. We have a lot of hope with the vaccine being released and the positive spin placed on Barbados as being a destination which is safe and also well controlled in terms of the pandemic. Once people can travel, 2021 will be a good year.

 

Looking into 2021

As 2020 comes to an end we look forward to many exciting opportunities in 2021. The Welcome Stamp has put Barbados on the map as an attractive destination to relocate to. We anticipate a steady rise in the number of mid to long term rentals as the island attracts more young professionals looking to work from Barbados.

The Welcome Stamp arrivals are expected to bring short term rentals and sales as well. Many ‘new temporary Bajans’ are encouraging friends and family to visit the island. With more eye on Barbados and hearts falling in love with our island we can only anticipate an increase in real estate investors choosing to invest in Barbados. Here are some fabulous opportunities that we look forward to showing in 2021.

 

Harcliff, St. Lawrence - over 33,000 sq. Ff of Oceanfront land within the tourism belt.

Tropical Escapes – a 58 room hotel and west coast beachfront restaurant and bar.

Grendon House – a stunning Sandy Lane Villa with many amenities. 

Breathtaking Land Lots – ranging from oceanfront to country views.

Palm Beach Condos – beachfront, centrally located condos with many amenities.

 

Interested in learning more about our sales or rentals portfolio? Contact our team at info@realtorslimited.com

 

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