Posted March 04, 2019 06:32:23As the nation’s second-largest city, Barbadas real estate market is expected to grow to about $4 billion this year, from about $2 billion in 2019, according to the National Association of Realtors.
Real estate sales and rental agents are finding it harder to compete with new developments in the city, said Michael Peevey, the NAR’s director of real estate.
“People have been looking for places to live, but they’ve been having a hard time finding places to rent,” he said.
Barbados is a big city, but it has less than 1 percent of the nation as a whole.
The state has more than 70 percent of Barbays real estate and its population is about 4 million.
“Barbadas is a good place to start a real estate business, but if you’re a realtor, you have to go into other places to get good leads,” Peevey said.
Barbadans median home price is $1.9 million, compared with $2.3 million in Manhattan and $3.1 million in Miami, according the Real Estate Board of New York.
The real estate industry has grown quickly in recent years, thanks to the surge in demand for luxury homes.
Sales have grown at more than four times the rate of the national average, according a report by Zillow.
Real estate agents say they need to be prepared for the new realities in the area.
“We have a lot of challenges, and we’re just getting started,” said Steve Sperling, who works as a real-estate agent in the Greater Houston area.
“We’re going to be working through some tough times and a lot more competition,” he added.