Sir Paul: A boom is coming
‘Expect upswing’ in luxury market construction
BARBADOS’ LUXURY real estate market is set for a boom.
“I think you will see construction flying in Barbados [this year]; you will see new investment coming in and new purchases in second homes, which is a big support to our economy,” leading real estate developer Sir Paul Altman told the Barbados Nation.
One of the leading developers in the luxury real estate market, Sir Paul painted an encouraging picture of major projects due to come on stream in the tourism sector, including hotel expansion and construction and the restart of overseas-funded private residential developments, while revealing that dormant plans for other developments were being dusted off in preparation for their being put back on the table.
Sir Paul said he was confident that a full Bridgetown redevelopment will be on the cards.
He disclosed that studies commissioned on the Marshall Hall project at Hincks Street, and the Pierhead Project on the southern side of the Careenage had been completed. He also spoke of the benefits of the Hyatt Centric Hotel set for Lower Bay Street, St Michael.
He also indicated Barbados would see many of the For Sale signs that had increasingly become a familiar sight on upscale properties along the West Coast coming down, while pointing out Barbados had gone through “some tough times with real estate, certainly in the tourist end of it”.
“We had reached a build-up of inventory of unsold properties like never before,” he said, and breathed a sigh of relief that the huge inventory of properties for sale was slowly “clearing itself”.
It is the light from the other end of that gloomy real estate tunnel that was beginning to push its way through as the tourism market was making its way back, Altman observed.
Sir Paul has just returned from the United Kingdom with a team who went there on a Government-supported mission to win back interest in investment in Barbados. “We went there with a theme and we were selling Barbados under the theme Barbados Is
Open For business and he is upbeat about the projected outcome.
“I am excited,” the real estate magnate said, adding: “I believe there is no question that Barbados is right there, ready to fly new investment and they [investors] are ready to come.”
“The new Barbados is now maybe more exciting than it has ever been,” Altman concluded.
THIS AREA on Hincks Street is expected to be part of the Marshall Hall project.
SIR PAUL ALTMAN SIR PAUL ALTMAN says the Platinum Bay Development is about to take off.
Four Seasons is still a real project, says Sir Paul Altman.