A growing wave of Trinidadian retirees and investors hunting a “safe haven” is reshaping demand at the top end of the property market, but Barbadian buyers are not being squeezed out and there is no need for alarm, a leading economist has suggested.
Speaking to Barbados TODAY on the impact of external buyers, particularly investors from Trinidad and Tobago, Dr Antonio Alleyne observed that while Barbados had maintained an open policy for high-end tourism-related real estate, a growing trend involved retirees and investors from within the region looking for stability.
He said: “I would foresee that Trinidadians are looking for a safe haven or what they think is a safe haven when it comes to retiring and stuff like that. They’ve been the first — we have a relatively expensive market, so it’s a good investment.”
He suggested that the social climate in Trinidad was driving interest towards Barbados as a secure location where investors could eventually “cash out and have a meaningful return at the end of the day”.
Addressing concerns that Barbadians were being priced out of their own market, the economist noted that foreign buyers typically targeted a different segment of the industry than the average citizen.
“They’re not coming here to buy government housing as you can tell — they’re not coming here to buy what we call starter homes, you know, these individuals are coming in investing in the more expensive areas,” Dr Alleyne explained.
Market data suggested land prices had remained relatively stable, hovering between $20 and $30 per square foot, consistent with pre- and post-COVID-19 levels, he added.
Asked whether a ceiling existed for foreign ownership to protect national development goals, Dr Alleyne argued that land ownership was not a strict prerequisite for national progress, emphasising that the land remained within the State’s jurisdiction.
He said: “The national development goals don’t necessarily dictate that we own land, right? Does it? No, it doesn’t. You have the right to live and… so nobody’s been forced out of the country and you can’t take the land anywhere.”
He further suggested that if housing affordability for the less fortunate were ever truly compromised, the government retained the power to intervene. “If it’s a case where we can’t provide housing for the less fortunate or the Barbadians who traditionally could have afforded them and no can’t, then policies will be made to adjust that.”
Dr Alleyne highlighted that while countries such as Guyana were seeing a massive surge in prices owing to the oil boom, Barbados remained an attractive, highly developed option for those seeking reliable returns.
“I honestly don’t really see it as a major problem right now. I know land is scarce, but nobody can take the land with [them], and that’s one of the good things about owning land or being a national in the country,” he concluded.
(RR)
