Covid-19 draws a new wave of younger buyers to the Caribbean

The pandemic is drawing a new wave of younger buyers to the Caribbean and has motivated people in their 40s, which is 10–15 years younger than the pre-pandemic buyer, One Caribbean Estates is finding.

“Previously we would have people aged 55 plus, who were looking at early retirement and spending more time in Barbados. Now we’re seeing that we have more tech entrepreneurs, young professionals, self-employed freelancers looking to buy in Barbados. With people no longer confined to working in an office, the pandemic has focused people’s minds on what kind of lifestyle they want to lead,” says Chris Parra, Founder and CEO of One Caribbean Estates.

One Caribbean Estate’s website analytics reported that a record number of people are searching for homes and rentals abroad. Chris says: “We have experienced record transactions for real estate sales and villa rentals over the last 12 months as people have realised the exceptional lifestyle the islands can offer.”

 

 

 

 

Low interest rates in the current economic climate means savers have been reluctant to simply keep their money sitting in current accounts and are deciding to bring forward their decision to relocate and buy sooner.

The easing of travel restrictions anxiety for US, Canadian, and British citizens is also a factor. In the UK, Boris Johnson is rumoured to plan on scrapping the green, amber and red list travel rules in the coming weeks to replace it with a simpler system and fewer PCR tests requirements.

 

 

 

 

Low interest rates in the current economic climate means savers have been reluctant to simply keep their money sitting in current accounts and are deciding to bring forward their decision to relocate and buy sooner.

The easing of travel restrictions anxiety for US, Canadian, and British citizens is also a factor. In the UK, Boris Johnson is rumoured to plan on scrapping the green, amber and red list travel rules in the coming weeks to replace it with a simpler system and fewer PCR tests requirements.

“Typically, the busy period is from November onwards, but we received the same level of interest for July this year despite the weather being unpredictable at this time of year,” reports Chris. “Real estate can serve as a good store of value in crises like the pandemic.”

 

 

 

Covid-19 has emphasised amenities buyers are looking for and One Caribbean Estates have reported that buyers are looking for larger homes with multiple offices and larger kitchens and have also seen a rise in buyers looking for homes away from the coast with more space.

Some destinations have been capitalising on the increased interest from younger buyers by offering visas and Barbados has led the way with its “Welcome Stamp” programme, which allows foreigners to live and work there visa-free for a year provided they can prove an annual income of at least $50,000.

 

 

 

Covid-19 has emphasised amenities buyers are looking for and One Caribbean Estates have reported that buyers are looking for larger homes with multiple offices and larger kitchens and have also seen a rise in buyers looking for homes away from the coast with more space.

Some destinations have been capitalising on the increased interest from younger buyers by offering visas and Barbados has led the way with its “Welcome Stamp” programme, which allows foreigners to live and work there visa-free for a year provided they can prove an annual income of at least $50,000.

Chris says that the Welcome Stamp Visa has attracted a lot of new visitors and investors to Barbados and invigorated the market. “It is perfect for those that can work remotely and want to live in a warmer climate.”

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