Buyer-friendly real estate market in Barbados
Wed, 04/06/2016 - 12:00am
When it comes to the sale of property and land, one banker says the market in Barbados remains buyer friendly at this time.
Gregory Blackman, Manager of Sales and Business Development with CIBC FirstCaribbean International Bank, made the point while speaking to the media following the press launch of the Real Estate Expo at the Lloyd Erskine Sandiford Centre.
He explained that since 2008 the prices have become more negotiable, making it more of a “buyers’ market”.
“So whereas persons may have been asking for X thousand in years past, when they realise that it is not being sold, there is no interest, they are having to revise their listing price and adapt to market demands,” he explained.
Blackman noted that not only are potential buyers able to access better deals regarding the purchase of house and land, but by partnering with a responsible banking institution they can also get an attractive rate of interest. He made the point while noting that CIBC FirstCaribbean has been seeing persons taking advantage of these deals.
“We are seeing both a combination of clients switching their mortgage from other institutions which may not be as responsive as they would like when it comes to adjusting their rates from their previously higher levels to the current market levels, and where that happens, we are saying once they demonstrate they are paying their facility in a consistent manner and their income is steady, we are happy to provide them with an alternative at the reasonable current market rates,” he said.
(JRT)