Barbados Beckons: The Latest in Luxury Island Living

To those of a certain age – old enough, let’s say, to remember Queen Elizabeth’s Silver Jubilee and Fawlty Towers the first time around – Barbados is indelibly imbued with a reputation for old-school elegance. It’s where, for decades, wealthy Brits from self-made business billionaires to aristo grandees were whisked by Concorde to their palatial West Coast beachfront homes to escape the winter gloom back home.

Nowadays, the buyers of Barbados’s prime properties are just as likely to be entrepreneurs under 30 as they are rich retirees. Chris Parra, founder of One Caribbean Estates, mentions a 25-year-old British client who has just sold his AI business for £200m and is looking to plough some of his new-found wealth in Bajan property. And while the island’s West – or “Platinum” – Coast, with its white sand beaches, turquoise sea and lively hub of Holetown, remains the epicentre for much of the wealth, foreign ultra-high-net-worth buyers are branching out across the island – which is bringing a new energy to Barbados. In the south, traditionally the package tour and party coast, Bridgetown, the capital, is getting a $160m upgrade with its Pierhead project, to include a luxury yacht marina and high-end retail outlets.

The wild, Atlantic east coast is attracting eco-minded developers and buyers. Walker’s Reserve, the largest regeneration project in the Caribbean, is an emerging, self-sustaining ecosystem that will include ecotourism projects such as luxury glamping and off-grid villas in the future. “Being green here is about Barbados protecting its beaches and nature for future generations,” says Parra. And Speightstown, located on the northwest coast, is home to a burgeoning creative and entrepreneurial community, including Local & Co, the first restaurant to introduce farm-to-table sustainability and homegrown self-sufficiency to the island’s foodie scene. These pockets of innovation around the island are having the knock-on effect of opening up the property market “beyond recognition”, says Parra. One Caribbean Estates’ research shows a 75 per cent increase in property sales since the start of this year. Average sales prices have also risen by 25 per cent in that time, and activity has increased across all price ranges.

“Lots of foreign buyers are dipping their toe into Barbados property with around $1.5m to spend, but I’m seeing 29-year-olds buying $16m homes,” adds Parra. For them, he recommends “anything on the beach”, including One Beachlands, a super-prime scheme in Holetown with a six-bedroom villa on sale for $25m. For buyers seeking to capitalise on UHWN holiday rents too, these villas can fetch up to $16,500 a night through One Caribbean Estates’ rental arm, with a chef, butler, housekeeper, gardener and night security guard all part of the package. Parra also suggests the young super-rich  look at Sandy Lane, the island’s eternal golden beachfront address, saying that while less than 10 per cent of the properties are beachfront, all owners are able to use the famed Sandy Lane Club and facilities. The Royal Westmoreland golf resort is another suggestion, where villas such as the six-bedroom Monkey Manor, priced at $7.95m, are typical of the aesthetic blend that buyers seek of contemporary interiors paired with classical Caribbean features such as vaulted roofs and open verandas.

Buyers don’t just want glass boxes. They want St George’s Hill or Wentworth in Barbados,” says Parra, referring to the two gated estates in Surrey prized by the rich and famous with a soft spot for Neo-Georgian grandeur alongside their golfing greens. The real gems, particularly those on the beachfront, aren’t necessarily for sale, Parra adds, “but for the right money – well north of $150m – could be purchased”. The fusion of high-tech modernity and classic Barbados character isn’t just reserved for its palatial properties. It also underpins the lifestyle, which is proving an attractive combination for a younger breed of relocator than the island is used to seeing.

“The government is giving people the ability to move here, by investing in its banking system, and improving its tax infrastructure and residency options,” says Parra. Strengthening ties with the Middle East is a clear part of Prime Minister Mia Mottley’s vision, with much of Barbados’s urban renewal – and the airport’s proposed $150m expansion. “But the experience of living and working here all comes wrapped in an authentic Caribbean lifestyle,” says Parra. “There are no Dubai-style high-rise towers here. You can move here and set up a business quickly, effectively and transparently, and you can also still find rum shops and to go the Friday night fish fry.”

The lifestyle perks – whether it’s drinking rum punch at the new toes-in-the-sand beach bar La Cabane or sweating it out at the 24-hour Level Up gym in Holetown – are a pivotal part of Barbados’s appeal to younger UHWNIs. The super-rich aren’t just seeking to move their money to fiscal havens; they want to move themselves and their family there too. “We’re seeing the migration of wealth and people to Barbados. People know we’re open for enjoyment and business and they’re applying for residency because they want to live here,” says Parra.

On that score, the island’s Welcome Stamp is still available to anyone who wants to work remotely from Barbados for a year and can prove an annual income of at least $50,000. Residency will require a property investment of at least $2.5m. Should you need someone to handle all the admin, Parra can assist – wearing multiple hats. “One Caribbean Estates will help you buy a house and relocate, and we handle property rentals and management. We’ll assist you with your tax play and legal set-up, set up an international business company (IBC), and do your accounting,” says Parra. As head of Colliers Barbados too, he can also handle  the commercial property side of clients’ relocation. He is also part of the UK-based, FCA-authorised foreign exchange company, Capitex, and he runs a renovation company in Barbados. It also leaves his clients to focus on the really important matters – like sinking those toes into the sand and ordering another rum punch.

onecaribbeanestates.com