Real Estate in Barbados
Last updated on Oct 22, 2023
Summary: An expat looking to buy a home in Barbados should start by researching the different areas of the island and the types of properties available. It is also important to consider the budget and the type of amenities desired. The types of amenities typically included in Barbados homes vary depending on the property and the price range. Common amenities include swimming pools, air conditioning, and outdoor living spaces. Some properties may also include a private beach, a golf course, or a tennis court. Foreigners are allowed to purchase property in Barbados, but there are certain restrictions. Non-residents must obtain a Certificate of Registration from the Barbados Ministry of Home Affairs before they can purchase a property. Additionally, non-residents are subject to a 15% transfer tax on the purchase price of the property.
How do I find a place to live in Barbados?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Barbados is to use online resources such as real estate websites. These websites typically list a variety of properties for rent or sale, including apartments, villas, and houses. Additionally, you can search for properties on social media platforms such as Facebook and Instagram. You can also contact local real estate agents who can help you find the perfect place to live in Barbados. Additionally, you can look for rental postings in local newspapers and magazines. Finally, you can also ask friends and family who live in Barbados for recommendations," said one expat who made the move to Barbados.
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What is a typical expat home or apartment like in Barbados?
"Expat homes and apartments in Barbados are typically luxurious and spacious, with modern amenities and plenty of outdoor space. Many expat homes feature private pools, outdoor patios, and lush gardens, while apartments often have access to shared pools and other amenities. Expat homes and apartments in Barbados are typically well-equipped with air conditioning, modern appliances, and high-speed internet. Most expat homes and apartments also come with a housekeeper or maid service, making it easy to keep the home clean and comfortable," said one person in Barbados.
SJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
Click connect to have our partner contact you via e-mail and/or phone.
SJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
Click connect to have our partner contact you via e-mail and/or phone.
What is the average cost of housing in Barbados?
If you are thinking about moving to Barbados, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Barbados varies depending on the location and type of property. Generally, the average cost of a two-bedroom apartment in Barbados is around $1,000 per month, while a three-bedroom house can cost up to $2,500 per month. Prices for luxury villas and beachfront properties can be significantly higher," explained one person living in Barbados.
Should I buy or rent a home in Barbados?
If you have not spent a lot of time in Barbados, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Barbados can be a great investment, as the island is a popular tourist destination and real estate prices are expected to rise in the future. However, it is important to consider the cost of living in Barbados, as well as the cost of maintaining a home, before making a decision. Renting a home in Barbados can be a great option for those who are not ready to commit to buying a home, as it allows for more flexibility and can be more cost-effective in the short-term. Ultimately, the decision to buy or rent a home in Barbados should be based on individual needs and preferences," explained one expat living in Barbados.
"We rented at first so we could "test" out the different regions and be sure of a location before investing in purchasing a place," said one person in Clapham Ridge.
What do I need to know when buying property in Barbados?
When we asked expats what advice they would give a foreigner before buying a property in Barbados, they said:
"1. It is important to research the area you are interested in buying property in, as well as the local laws and regulations that may affect your purchase. 2. It is also important to understand the tax implications of buying property in Barbados, as there are certain taxes that must be paid when purchasing property. 3. It is recommended to hire a local lawyer to assist with the purchase process, as they will be able to provide advice and guidance on the legal aspects of the purchase. 4. It is also important to be aware of the local currency, as most transactions in Barbados are conducted in Barbadian dollars. 5. It is also important to be aware of the local customs and culture, as this can affect the way you interact with the locals and the way you conduct business," explained one person living in Barbados.
Are foreigners allowed to own property in Barbados?
When we asked expats what advice they would give a foreigner before buying a property in Barbados, they said...
"Yes, foreigners are allowed to own property in Barbados. The Barbados government has implemented a number of measures to make it easier for non-nationals to purchase property in the country. Foreigners are able to purchase land and property in Barbados with the same rights as a citizen of the country. The process of purchasing property in Barbados is relatively straightforward and can be done through a local real estate agent or lawyer. Additionally, the Barbados government has implemented a number of tax incentives to encourage foreign investment in the country," said one foreigner living in Barbados.
What appliances are typically included in a rental?
We asked foreigners in Barbados what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Barbados typically include a refrigerator, stove, oven, microwave, dishwasher, washing machine, and dryer. Additionally, some properties may include air conditioning units, ceiling fans, and other amenities," explained one foreigner living in Barbados.
Additional Information about Searching for a Home in Barbados:
We asked foreigners in Barbados what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats can search for homes in Barbados by looking online for real estate listings, contacting a local real estate agent, or searching for rental properties on websites such as Airbnb. Additionally, expats can look for homes in Barbados by attending open houses, networking with other expats, and asking friends and family for recommendations," said one person in Barbados.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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