Thought of as an island paradise Barbados has long been a luxury holiday destination and a playground for the rich and famous. Sunshine throughout the year, crystal clear waters, white sandy beaches and some of the most lavish hotels in the world attract over 1 million visitors to the island every year.
A 2 bedroom apartment on the West Coasts classic beaches costs on average 880,000 according to Estate Agents Knight Frank. But on the beautiful east coast which is wild and undeveloped investors can own their own slice of 5-Star Barbados for a quarter of the price.
Construction will soon commence on the Merricks Residence development located in St Philip on the south east coast of Barbados close to the famous Sam Lords Castle, a beautiful Georgian mansion built in 1820. The development will cover some 70 acres and will include leisure areas, entertainment facilities and restaurants together with the focal point 5 star Hotel Resort & Spa, from which property owners will have full use of the facilities.
The British developer of the project has brought in non other than the construction company behind the Royal West Moreland Golf and Country Club on the West Coast as well as Richard Williams, the former Managing Director of Sandy Lane Hotel Group to oversee the management of the resort. There are 700 units planned for the development comprising of luxury apartments, cabanas and villas with a clip top setting and its own private beach.
Greg Walters from overseas investment property specialists offplanpropertyabroad.com says:-
The Merricks Residence development gives investors the chance to purchase property in Barbados at least 40% below market value
His statement is evident, just a few minutes down the coast at the neighboring Crane Resort a 1200 square foot apartment has a starting price of 400,000 with the same size property at Merricks Residence at 225,000.
We expect values at Merricks to be comparable to that of the nearby Crane once it is complete and with the onsite management through the 5 star Hotel, investors can be sure that their properties are rented out on day one
In 2004 property purchase in Barbados became more attractive with the removal of the 10% purchase tax applied meaning there are now no purchase taxes payable, although investors need to budget for around a 1.5% for legal and notary costs.
Studio apartments at Merricks Residence start from 150,000 and buyers will enjoy an 8% Guaranteed Rental Income for the first two years from completion. Only 30% of the purchase price is required at outset with nothing else to pay until you receive the keys to your property, with completion due late 2008. A major Caribbean Bank is providing bank guarantees for the remaining 70% which gives investors added security.
The bank guarantee gives investors peace of mind and underpins the financial stability of the project as a whole, something that too many people take for granted
Barbados will be the focal point of the world of cricket in 2007 when it plays host to the Cricket World Cup which is expected to attract more visitors than ever and send the already prohibitive property prices in Barbados up by a further 10% next year.
For more information on Merricks Residence contact Greg Walters at offplanpropertyabroad.com on 0121 314 8110 or visit www.merricksresidence.co.uk
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