Barbados – Forward. Real Estate Activity is Ready to Take Off A

s the Barbadian economy moves from the brink of failure back to the summit of success, several lead sectors will act as locomotives to achieve this recovery. Real Estate is one.

The part of the economic sector labelled as Real Estate covers a wide spectrum of activity. For this sector to impact the economy, it requires significant foreign investment. The sale of individual properties, when viewed collectively, contributes in a big way. However, project development comes in bigger bites and anchors the sector while also encouraging total investor confidence. This type of development occurs in the form of hotels, mixed-use developments, office towers, and even ‘outside the box’ projects such as offshore islands, new transit systems and the restoration of heritage districts.

Real Estate activity in Barbados is ready to take off and, when completed, the Government Green Paper on Planning Law Reform will pave the way for this take-off to happen within a structured framework. Investment requires clear guidelines and an efficient process for granting permissions.

In its 2018 Manifesto, ‘Building the Best Barbados Together’, Government committed itself to improving the quality and speed of delivery of services, including Town and Country Planning permissions, to promote doing business with ease. The reform of this outdated legislation was, therefore, identified as ‘mission critical’.

‘Build it and they will come’ applies to a perfect world situation. Barbados stands out as the premier location in the Caribbean and commands the attention of the international investment world. However, for investment to occur, several factors must exist. These include: local (and global) stability; a clearly defined and efficient master plan; a surrounding welldeveloped infrastructure; and an educated workforce. Barbados can tick all of these boxes. The last requirement demands a well-defined marketing and sales programme, led through promoting the competitive advantage which exists here.

Opportunities

Barbados’ recovery in the property sector must follow stated objectives and target established or historical markets. The best opportunities lie with existing business partners. The International Business sector presents a unified effort when taking their programme overseas and, as a mission sells the Barbados destination as a home for global business. The Real Estate sector needs to follow this approach and encourage Government to participate in a similar effort. One approach which will gain immediate attention is the redefining and extension of incentives to the Real Estate sector.

Special Development Areas

Special Development Areas and concessions available to large projects should be made clear and easily accessible to investors. Our World Heritage area together with Special Development Areas are obvious places to promote. Success stories attract wider participation. Detailed studies exist for redevelopment opportunities. These include: Marshall Hall (Bridgetown), the Pierhead (Bridgetown), Roebuck Street (Bridgetown) and a detailed study on Speightstown. The offshore islands proposed in this Government’s recent manifesto are real opportunities. A study is currently being prepared to justify the idea.

There are other ideas that can be used to spark investment. Coastal land is difficult to identify for tourism projects. However, there is considerable marginal clifftop land on the south east and north coasts which would not qualify because of the lack of beach and swimming access. One creative approach to this challenge would be to step back from the cliff edge onto private property and to excavate a large area to below sea water level. A large pipe, tunnelled through the rock, would allow sea water to enter the massive pool – at no cost. With one or more sides gently sloping into this pool, with sand dropped to form a beach, and building all around it, this would create the largest ‘private’ beach that was truly private – no contest.

Barbados is beautiful and, as it grows its tourism sector, it has to be creative in attracting more high-end visitors and provide more and unique options. The Barbados factor must be upheld - that is, local participation in tourism investment. We have built an efficient service sector, represented by the rum shops, water sports, beach facilities, the hospitality sector and more. We need to encourage greater investment in accommodation and major amenities and add more attractions to the existing ones – boutique eco-lodge hotels, heritage properties, a train ride at St. Nicholas Abbey, unique shopping experiences at Limegrove Lifestyle Centre, and well-maintained sporting options including cricket, golf, tennis, road tennis, surfing, hiking, racing, polo, swimming and sailing.

Beaches are becoming crowded, so let’s be inventive. How about anchoring a few old schooners just offshore and using them as beach facilities, restaurants etc.? Why not guide Roebuck Street into becoming a true replica of New Orleans, transforming it into the jazz and music centre of the Caribbean? We already have the musicians, the quality heritage properties and the know-how. Maybe what needs to happen is for Government to appoint a tsar to manage the overall transformation. It all needs empowerment, efficiency and, most of all, a plan of action.

‘Build it and they will come’. Barbados has the ability to achieve a whole new level.

Let’s do it!