Barbados Property News - April / May 2024

Welcome to the 150th Edition of Barbados Property News! It’s been an amazing journey and thanks to all of you we’re still here, stronger than ever!

As I start to write these comments, the sound of lovely rain! This is the Green Edition of BPN and most of the island looks brown! We have had glorious weather but now we need some rain and we are all thankful!

The ‘winter’ season has been wonderful in Barbados with the island busy and real estate buzzing. Rentals are going well and it appears to be a challenge to find rentals in the $2000 - $5000 pm range. Developers and agents report steady interest and commitment from the sales end.

British Airways have just announced the arrival of the Dreamliner to the island and increasing flights from twelve to fourteen per week. Other airlines out of the US and Canada and also reputed to be increasing their load. It all looks great for the future! And on our doorstep we have the ICC T20 Cricket World Cup in June.

In this Green Edition of BPN, we look at building in a sustainable way as well as getting an insite into what the Government is doing to delay the impacts of climate change from specialist Maxine Beaugrand. It’s more important than ever to make sure the small islands get heard! There will be an important event here from April 21st – 23rd - an historic hearing of the Court of Inter American Court of Human Rights. Read more on page 32. Remember we can also contribute in our daily lives by recycling, using less water and electricity in the home. BPN April May is on line on www.barbadospropertynews.com and on social media. Pamela.

Residential Lots for Sale, located in the parish of St Thomas, with panoramic views of the countryside.

Lots sizes 8184 to 13,877 sq. ft.

Prices range from $140,000 to $315,000.

Phone: (246) 425-4064

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Circular Economy in Construction: Embracing Sustainability and Resource Efficiency

In a progressive world where sustainability is increasingly being prioritized, the construction industry – once a significant contributor to climate change – is doing its part to actively embrace more eco-friendly practices and sustainable building solutions. While key players in this sector have long prioritized responsible construction methods, the adoption of a circular economy represents an exciting new frontier to further enhance sustainability and resource efficiency. By embracing the core principles of the circular economy, the construction field can play a pivotal role in reducing waste, promoting material reuse, and creating a sustainable future for all.

A critical aspect of the circular economy in construction is its utilization of high-quality materials. Building materials that contribute to a circular economy focus on sustainability - these materials not only ensure durability and longevity but also significantly reduce the need for frequent maintenance and replacements. By investing in premium quality products, these construction projects can extend the lifespan of buildings and infrastructure, ultimately minimizing waste generation and resource consumption over time.

Moreover, the circular economy encourages the reuse of quality materials such as reclaimed wood and recycled materials like steel, concrete and bamboo, as the incorporation of such materials offers several benefits during renovations and retrofitting projects. Contractors can carefully dismantle and repurpose these materials for new construction, thereby reducing waste and offering cost-effective solutions through eliminating the need to purchase new materials. Beyond material reuse, the circular economy in construction also places a distinct emphasis on waste prevention throughout a structure’s entire lifecycle as from the outset, this concept includes designing structures with

not just flow, but adaptability and flexibility as well in mind, which allows for an easy reconfiguration, or repurposing, should needs evolve in the future.

Important to note however, is that the drive for the adoption of circular economy principles requires a comprehensive project management approach, or a prioritized collaboration between the various elements in designers, contractors and material suppliers. This cohesive alliance is crucial for creating an efficient, end-toend system that maximizes resource efficiency in a closed end loop.

The environmental benefits of embracing the circular economy in construction are just as substantial - by minimizing waste generation and promoting material reuse, the industry can significantly reduce its carbon footprint and contribute to the overall sustainability of our planet. Furthermore, the circular approach aligns with the growing demand for environmentally responsible practices, appealing substantially to all eco-conscious stakeholders.

Blueprint Management is proud to consistently offer a comprehensive suite of services to support every project from inception to completion, regardless of scale. We embrace the opportunity to foster partnerships that will implement innovative solutions and drive the adoption of circular economy principles.

The consideration of a circular economy in construction is a step in the right direction and offers a promising path toward a more sustainable and resource-efficient future. By prioritizing the key concepts of utilizing high-quality materials, material reuse and waste prevention throughout the building lifecycle, we are leading the way in creating a sustainably built environment for generations to come.

Climate Change and what Barbados is doing

What does IGSD do?

Maxime Beaugrand is a French lawyer with the international (non government organisation) NGO IGSD (the Institute for Governance and Sustainable Development), and is in charge of the Paris office.

IGSD is an international NGO working on strategies to reduce the impacts of climate change. As the world is facing a risk to see unmanageable impacts and points of no return (such as for instance the melting of the Greenland Ice Sheet), IGSD is focusing on the strategies available to slow climate warming in the near term to 2050. These strategies focus on reducing super climate pollutants such as methane, and harmful refrigerants used in airconditioners and cooling systems while making sure the systems are energy efficient.

In the course of this work, IGSD has been working with leading governments for decades to explain and deploy these strategies, and recently with Barbados.

Why Barbados?

Under the leadership of its Prime Minister Mia Mottley, Barbados is a leading voice for the populations most vulnerable to climate change impacts including islands such as Barbados, in a region where temperatures and sea levels will rise the most. This vulnerability makes it imperative that impacts are delayed as much as possible.

Prime Minister Mottley’s leadership has been a game changer of the international finance conversation, with the Bridgetown initiative, a proposal to rethink international finance and make it fit to support the transformation needed in the face of the climate emergency for the vulnerable and for the world.

Again, later this month, Barbados will show leadership by hosting an international event related to climate change: a historic hearing of the Inter-American Court of Human Rights from the 21 to 23rd of April. A little bit of the context: the Inter-American Court of Human Rights has been asked by two countries, Colombia and Chile, to give its opinion (referred to as an “advisory Opinion”) on the following question: What are the obligations of countries in the face of the climate emergency and how delay in addressing the

climate emergency is breaching human rights.

To help respond to this question and related ones, the Court has invited countries, civil society, NGOs, think tanks, UN bodies and agencies, experts and academic institutions to submit their opinion and answer questions during two sets of hearings. The first hearing will happen during three days in Barbados, while the other will happen in the heart of the Amazon, in Brazil, at the end of May. This is an historic opportunity for the international judicial system to give its legal opinion on the state of the climate emergency and what is required from countries to slow climate warming in the near term to prevent catastrophic impacts and protect the human right to resilience.

5 Steps to Buying Vacant Land in Barbados

By Junior Sparks

One of the biggest lifetime investments is purchasing a land or house, especially if it’s your first purchase. The Barbados real estate market is very active in relation to land sales. Here are five helpful tips to guide you through the land buying process, from arranging your finances to having your attorney close the deal!

NOT A CASH BUYER? GET PRE-QUALIFIED FIRST!

This step is a critical one that will save you time and money if you follow as guided. If you are not a cash buyer, I suggest that you get in contact with a lender to get pre-qualified before going shopping. A pre-qualification is a letter that states that you qualify as a loan applicant for an estimated amount to make an offer on the land you’re inquiring about. Your lender outlines your finances, including your debts, income, employment, cash available for a down payment, among other things to determine your qualification. Your creditor prepares the letter after assessing your details, including your name, address of the property, and the property type. After getting pre-qualified, you are at liberty to shop around like any cash buyer. Pre-qualification is to avoid submitting an offer, which gets accepted, and you spend on a valuation report, making a 10% deposit, then visiting your lender only to find out that you aren’t qualified for the agreed sale price.

HIRE THE RIGHT REAL ESTATE AGENT

Make extensive research and ensure you hire an agent who has a Barbados real estate license. Additionally, the real estate agent should be a member of the Barbados Estate Agents and Valuers Association (BEAVA), to make sure you’re dealing with a qualified professional. BEAVA has a membership of over one hundred and twenty, which gives the agent a wide range of listings to show you. You can visit the agent’s website to read feedback and comments about their service. Visiting the website should provide answers to questions including:

• Do they represent plots of land in the price range you’re looking for?

• Are they showcasing any recently sold land listings?

The more details you can provide your agent about your land search, the better. This would help your agent narrow down the options that fit your criteria.

We, at Global Estate Agency have been in the real estate brokerage business for over 20 years. Our clientele includes both local and foreign buyers who purchase properties in Barbados. From our modern and user-friendly website to our impressive social media following. We also have an international reach via our marketing mediums in Europe, Canada, the USA, and more. I appeared on not one, but two episodes of HGTV’s popular top tv show, House Hunters International!

ASSESS THE LAND

Now that you have found a plot of land in your chosen neighbourhood, you must review the plot plan, check the boundary marks, and review the covenants. Not all plots of land have covenants attached, but the Covenants are the rules and regulations governing the neighbourhood, including building restrictions. You must ensure that you do a thorough review. Furthermore, you must ask yourself these questions:

• What is the land value?

• Have you seen a valuation report?

If your answer is no to the second question, you can arrange to get a valuation report done by a professional valuer. The valuer must be on your lender’s list of approved valuers.

One crucial assessment that is often overlooked is arranging test holes. You can get test holes done on the land to check the subsurface characteristics (soil quality and composition) and ensure that it can support a foundation for a home. This testing helps so to avoid financial loss in case the land isn’t right for a home. You can hire a licensed excavator to dig holes so you could see the depth before hitting rock.

TIME TO SUBMIT AN OFFER

Do not, for whatever reason, submit a low-ball offer! Sellers tend to take these offers less seriously and usually wouldn’t make a counteroffer. However, in rare instances, you can make offers that are slightly below the list price. If you have an eye on a plot of land in a sought-after neighbourhood, you most likely will not be allowed to pay less than the list price because multiple buyers will be interested in the same plot.

To make an offer, you have to complete a document called an Offer and Acceptance Form. This form entails the buyer’s details, offer amount, source of funds, photo ID, etc. After the buyer fills out the form, your agent will send a copy to the seller to submit the offer.

AGENT PREPARES THE ATTORNEYS INSTRUCTIONS

After executing the Offer and Acceptance Form, your agent can go ahead to prepare and send out the attorneys’ instructions to the lawyers who are representing both parties in the contract (buyer and seller). The attorneys’ instructions is a document also called a Memorandum of Sale. This document entails the confirmation of the agreed sale price for the property, the address, the buyer’s and seller’s details with the attorneys’ details that are representing both parties. The attorneys proceed to handle the legal process of the transaction after receiving the Memorandum of Sale. After your attorney receives the sale agreement from the seller’s attorney, you will be required to pay a 10% deposit and sign the agreement. Sale transactions usually take between three to six months to close, providing that there are no unforeseen complications. Please note that the buyer and seller are responsible for their legal fees. The attorneys prepare quotes and submit them to each party before embarking on their legal duties. - Junior Sparks, Real Estate Broker, Global Estate Agency Inc.

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