Sir Paul Altman calls for protection of ‘Brand Barbados’

Sir Paul Altman, Managing Director, Altman Real Estate stated he is still excited about the future for Barbados despite the challenges, however he reaffirmed that it is
important to protect ‘Brand Barbados’.

He was speaking to the media at the launch of Beach View Villas & Suites in association with Altman Real Estate. Beach View Villas & Suites is an exclusive new development of 19 apartments which connects to the award winning Beach View Hotel.

Sir Paul pointed out, “We have Beach View, a product that gives opportunities for Barbadians to invest. We hear about the banks overflowing with people’s savings and banks can’t afford to pay interest on deposits, and here you can invest in a property like Beach View and be guaranteed a return on your investment right up front.”

When we describe the real estate market in Barbados, there is a local market, a foreign market, a commercial market and an agriculture market. Generally, we have had a weak market over the past five years but we are noticing little spells of strides. We are having one right now.”

He revealed, “I met someone recently who will be doing a major project in Barbados and the injection of confidence that comes from a project like this is sufficient to change the picture and measure of what Barbados has to offer.

Barbados is still perceived as the number one place in the Caribbean where people want to live, the building up of inventory has forced prices down. There was Brexit and a number of external issues that have affected us but the real Barbados brand is as strong as ever. We have to value what we have in Barbados, crime in Barbados is localised but it effects everything in the island and crime needs to be dealt with. It is not a topic that is discussed in our business but as Barbadians we want it to be dealt with.”

Sir Altman added, “Barbados is not inexpensive, it is not one of the most expensive places, but we compete at every level with the top tier of properties that exist anywhere the world in terms of holiday destination and our facilities, restaurants, sports etcetera.”

The quality of people we have in Barbados, you can’t have all those components and expect it will be at the mid-level in terms of pricing. We make no apologies to the fact we are an expensive destination; prices have gone down… the sellers are willing to negotiate but we have to protect the brand.” (NB)