The CG United team is excited to share that you can now get home and motor insurance wherever & whenever you want. If that means you get your home or motor insurance before you put your pants on, who are we to judge? Get your home and motor insurance at cgcoralisle.com
FOR SALE
Golden View 209 - Sunset Crest, St. James
1 bed, 1 bath apartment minutes away from the beach & amenities with great rental potential
US $187,500
Frangipani 8 - Sunset Crest, St. James
3 bed, 2 bath villa in a prime Holetown location, walking distance to the beach and amenities US $650,000
FOR SALE
Lower Carlton Land - St. James
3505 Sq. Ft. lot located on prime West Coast Road, an ideal investment opportunity
US $350,500
FOR RENT
Forest Hills 6 - Royal Westmoreland, St. James
3 bed, 3.5 bath luxurious semi-detached townhouse in prime end unit position with serene views US $6,500 per month (furnished)
FOR SALE
Belle Farm Lots 1A & 2A - St. John
25.94 acres of prime agricultural land improved by a main house, cottage, and other buildings US $1,900,000
US $187,500 FOR SALE
FOR SALE
Stevmar House - Rockley, Christ Church
Executive o ce building in fantastic South Coast location
US $3,475,000
FOR SALE
Montview Terrace Lot 1 - St. George
28,470 Sq. Ft. centrally located hillside lot with spectacular panoramic views
FOR RENT
Lloyd's Court 39 - Durants, Christ Church
3 bed, 2.5 bath family home walking distance to Barbados Golf Club and a 5-minute drive to beach US $1,900 per month (semi-furnished)
FOR RENT
Highlands - Westmoreland Ridge, St. James 4 bed, 4 bath stunning villa on 4 acres of land just minutes away from the beach and amenities US $8,500 per month (furnished)
Editor’s Comments
We say goodbye to Crop Over and all the festivities and enter the summer holiday period. At this time of the summer, the sea is warm and calm, the beaches are a picture! Beryl showed us how easily that can change. In a matter of hours, we took a hit and it was not pleasant. We are blessed that it was not as bad as many of our sister islands but it was still frightening and the sea showed it’s might on the South Coast especially, wrecking boats, sinking the Jolly Roger, washing ashore in Hastings Main Road taking The Chill Bar and others with it. Within hours the crews were out, restoring the island’s power, clearing the mess and now it’s just a memory.
But beware… It’s still hurricane season and this edition of BPN is always dedicated to hurricane preparedness. We still have a long way to go before the season is over. Thanks to David Brooks and Gregory Rose for their wise and informative words. Every year we hammer home the same message – be prepared –clean up around your property – get supplies and water in – look after your pets – insure your property adequately and yet we still see people scurrying at the last moment, long lines in hardware stores and supermarkets. Human nature is such that we think it will never happen to us. Janet many years ago, Tomas and now Beryl are a reminder that it can so take action. Many of our advertisers have great hurricane supplies so don’t wait to the last moment, get out there and get stocked up. In the meantime, enjoy the beautiful beach days and sunsets. This island is paradise so enjoy every moment. If you fancy living here – read on – BPN is full of stunning properties for sale and for rent. We are also on line www.barbadospropertynews.com.
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The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.
The Crane Resort Unveils Final Phase of Luxurious Private Residences
Nestled on Barbados’ picturesque southeast coast, The Crane Resort has long been synonymous with luxury and elegance. The latest announcement marks an exciting milestone with the launch of pre-construction sales for Phase 4 of The Crane Private Residences, set to open in 2027. This eagerly anticipated phase will be the final chapter in the development of this prestigious residential community.
Since the launch in May, Phase 4 has seen a remarkable start with seven units already sold. This phase offers an exquisite collection of residences and penthouses, each blending contemporary luxury with serene island charm.
Architectural Elegance Meets Modern Luxury
Prospective buyers can choose from studios starting at 497 sq. ft. to expansive two-bedroom residences exceeding 3,500 sq. ft. Ground-floor residences feature private pools in lush gardens, while the exclusive penthouses will offer two-storey layouts with private infinity-edge pools, providing unparalleled luxury and privacy.
The residences combine timeless elegance with modern features like coral render accent walls, floor-to-ceiling windows, and spacious balconies. Each unit boasts breathtaking ocean views, roomy bedrooms, and natural stone bathrooms with glass spa showers. Unique to this development, many residences will feature direct-to-foyer internal elevators from an underground garage, a rare luxury in the Caribbean.
“Following the complete sell-out of Phases 1 and 2, and with only a handful of residences remaining in Phase 3, we’re delighted to unveil the spectacular residences of Phase 4,” says Michael Ashton, Director of Sales for Crane Resorts. “This Phase represents our final opportunity to offer buyers new options in
our highly coveted ocean-view residences, and the demand has been extraordinary, with almost all of our ground-floor residences reserved pre-launch!”
Resort Living, Perfected
Residents will enjoy a vibrant community with access to worldclass amenities. The historic Crane Resort offers concierge services, duty-free shopping, a grocery store, five restaurants, a café, three bars, a spa, a fitness center, a golf simulator, five pools, tennis and pickleball courts, a kids’ club, and glass-fronted elevator access to the renowned Crane Beach, voted Best Caribbean Beach by USA Today.
Phase 4 will also introduce an expansive communal pool, and a casual eatery styled as a traditional Barbados ‘rum shop,’ offering light bites and cocktails. This will provide a perfect setting for residents and guests to relax and connect.
Hassle-Free, Turnkey Ownership
The Crane Private Residences promise a seamless, turnkey ownership experience. Led by dedicated Property Managers and supported by the resort operations team, residents can enjoy resort-style services, including pre-stocked groceries, restaurant reservations, and more, all from the comfort of home.
The developer management also offers an optional rental program, providing investors and second-home buyers with a hassle-free investment opportunity. With pre-construction pricing starting from US$287,000, Phase 4 presents an attractive option for those seeking a luxurious residence or investment in paradise. For more information on Phase 4 of The Crane Private Residences, visit craneresidences.com or email property@thecrane.com.
What should the occurrence of Hurricane Beryl mean to us?
By David G Brooks
Over the last few years there has been much talk of Climate Change - the term Global Warming is really an incorrect term, as we’re seeing weather patterns going to the extremes of too hot and too cold and/or too dry or too wet – so the former term is far more relevant. Also, for anyone studying patterns over the years, we know that something is happening that has not happened like this before in such a short
Time frame. It could be a combination of human based activities that are out of sync with nature and/or it could also be part of a natural cycle and, if both then, the two are exacerbating each other, but the fact is we cannot ignore this anymore.
Two years ago we had Hurricane Elsa blow past us on July 2nd 2022 scraping our south coast, this too was an early season system that was against the norm, now we have experienced Category 4 Hurricane Beryl pass within a 100 miles south of us on July 1st. This is unheard of over the last 175 years of Storm/ Hurricane databeing recorded and even when you look up extrapolated information prior to that – hurricanes rarely, if at all, form so far south over the Atlantic, between Africa and the Windward Islands so early in the season.
So what made Beryl even more special that it developed so rapidly just before it got into our area?
There were a few climate factors that sync’ed up fairly well, that normally would not have – low wind shear, good moisture and absence of any Sahara Dust at that time and others like the Madden-Julian Oscillation (MJO), Kelvin Wave that were is good positions, like they were two years too. I won’t get into explaining these but suffice to say they are major factors that can make or break a developing cyclone. Of course, the Sub-Tropical Ridge or High Pressure system in the mid Atlantic was very strong and this kept Beryl on a mostly westward track.
The main answer lies in the Sea Surface Temperatures (SST’S) that were present when Beryl passed north of Suriname in the 5N to 12N latitude and between 50W to 55W longitude area and that was 30 Celsius SST’s which was much higher than the average for that time of year. Normally you do not get that until August or even September.
3: Average SST’s versus Actual or SSTA’s or Sea Surface Temperature Anomalies.
Beryl may well be an Anomaly but recent occurrences shows that it is unlikely so.
We in Barbados were very lucky with regard to wind and rainfall, but we all saw the magnitude of the Storm Surge that it unleashed on our coastlines,especially the south and west coasts. Hurricane Ivan passed even further south of us in 2004 as a strong category 3, but that was in September and more in keeping with the climatologically clock, yet we saw major storm surge then too.
So as you can see we are dealing with several factors that are not what they used to be for the time of year etc. Hurricane Beryl broke all the records and still has the experts scratching their heads. But one thing it should show is that we need to be more mindful of our environment and take better care of it – the evidence is piling up on the side of Climate Change and while even the experts are still not completely certain of all the factors and how they will finally interact, the consensus is growing more and more that everyone should start taking note.
In the couple weeks after its passage the SST’s in that area cooled but are now coming back up to same again and its now early August as I write this. So you can expect that anything coming along that path later in the season will have lots of that energy to pull on again. Take note of the present conditions ...
I will leave you will one of my pet peeves and I know it will be seen as controversial yet in no way am I saying that any direct action should be taken. Just consider that the Global Population has grown from nearly 2 Billion about a hundred years ago (and for millennia before its increase was very, veryslow), to 3.5 Billion in 1970 and we’re now over 8 Billion. It’s not the people, per se, but the demand, supply and effect on having to house (cool or heat) them, feed them, etc. that has put the increased demand on the global energy needs. Manufacturing etc has had to keep up with it all using mostly fossil fuels, so the sooner we find green alternatives the better. Just give some thought to this as potentially being part of the human factor that is being spoken about. We all have to play our part in protecting the environment.
Figure 2: Actual SST’s or Sea Surface Temperature
Figure
Figure 1: Path of Beryl and where those higher than normal SST’s were just south of its centre’s path but well within its larger system reach to pull energy from just Southeast of the Windward Islands.
Building Resilience
By Gregory Rose, Group Chief Executive Officer, Malcolm Investment Holdings Ltd & Lynch Insurance Brokers Ltd.
Building resilience in our businesses has been integral to success over the last few years. As we have progressed through 2024 our businesses and lives are faced with more uncertainty, inflationary markets, a continued war in Ukraine, instability in the Middle East, financial volatility, human and resource challenges and the impacts of climate change. Those businesses that have systems in place to manage these and other risks will not only survive but thrive. Traditional insurance still has a strong role to play in providing financial stability but has its limitations. We propose that a blended approach leveraging a range of risk management and financial tools will be necessary to build resilience in our evolving world.
Relevance of insurance
Traditional insurance response has been challenged given recent events such as the COVID-19 pandemic, the Soufriere ashfall and the impact from Hurricane Elsa in 2021, and most recently the passage of Hurricane Beryl. Coverage restrictions and policy deductibles limited the policy response to claims from this string of destructive events, and so there was a predictable apathy towards insurance that saw 90% of the Barbados commercial fishing fleet being uninsured during the decimation of the fleet by Hurricane Beryl. This situation is also instructive as it highlights a major conundrum of fishermen who face the highest risk as well as struggle to afford insurance premiums. They are really a microcosm of the larger problem faced by the Caribbean itself where we who live on the vanguard of Climate Change are least equipped to deal with the cost financially due to the systemic transfer of wealth during Industrialization to larger countries over the millennia. Thus, the systemic consumption of natural resources from vulnerable areas has left them exposed both climatically and financially.
Insurance therefore continues to play a fundamental role in correcting this imbalance as it is a means of transferring the localized risks here in the Caribbean to overseas financial markets
of Europe and North America. However, it is the final chapter in a disciplined risk management process in which your risks should be prioritized, cost effective controls implemented, and the catastrophic losses that otherwise cannot be financed or transferred to the insurance market. As a financing tool it is not without its limitations, and these must be fully understood and planned for in your approach. For your business the security insurance provides allows you to release funding for your investment opportunities.
Negotiating the current market
The insurance industry, like most operating in this difficult environment, is impacted by global uncertainty. Market volatility affects the performance of their investment portfolios established to fund losses. There is a direct correlation in increased likelihood of insurance claims with tough economic times. The costs of claims rise with the inflationary environment, supply chain costs and issues impact the logistics around the settlement of claims. Climate change is leading to increased natural disasters in terms of likelihood and costs. These among other reasons has led globally to a current hard insurance market cycle. This cycle
is characterized by a reduction of insurance supply as carriers withdraw cover from unprofitable lines of business, specific geographies or sectors, premium increases and more restrictive coverage terms. Reports coming from many quarters suggest that while the large increases of the last two years are slowing internationally, increases in property and motor rates of about 10% or more may continue as the year progresses.
What next
Faced with this tough environment, how does one not just survive but thrive? As indicated insurance must be considered properly as part of a disciplined risk management process otherwise you may be allocating your risk financing effort and funding to non-critical areas. Leveraging your advisors, start with a thorough analysis of your risk profile, the key risks priorities will likely have changed in the current environment and focusing on those most critical will allow you to control costs and resources. Improve your risk profile through cost effective risk control activities. Commence your insurance renewals 4-5 months in advance and work with your advisors to review your minimum acceptable limits of liability and insurance values ensuring that
these are adequate.
Vulnerable areas such as Fisheries and Agriculture need to also look to products such as the new Regional Economical AgriInsurance Programme (REAP) launched in partnership between Lynch Caribbean Insurance Brokers and the Caricom Secretariat in concert with the 25 by 2025 Food Security initiative, and which provides excellent mitigation of the uncertain future presented by Climate Change. This insurance will serve to help future proof farmers through de-risked lending for farming and fisheries sectors, reduced budget volatility through transferring climatic risk to the private sector, reduced shock to the sector following droughts, storms, or other climate events, food security for nations and job creation through stability and security for the sector. All of this is possible through the coming together of the Government and Private Sectors using the latest computer and weather technology to assess weather data at the smallest of levels to reduce basis risk and ensure easy access between farmers, the Governments and the insurance product.
Similar alternative approaches to insurance need to be explored for individuals and businesses to thrive in the coming years, and all as part of a disciplined risk management process.
AI: The Future of Barbados Real Estate
Artificial intelligence (AI) is rapidly transforming industries worldwide, and real estate is no exception. This powerful technology is poised to revolutionize how properties are bought, sold, and managed in Barbados. While the concept might seem futuristic, the implications for the island’s real estate market are profound and could shape its future landscape.
Traditionally, the Barbados real estate market has been characterized by personal relationships, local knowledge, and time-consuming processes. However, the integration of AI is set to disrupt this status quo, introducing efficiency, data-driven insights, and personalized experiences.
One of the most significant impacts of AI will be on property valuation. AI algorithms can analyze vast amounts of data, including property features, location, market trends, and economic indicators, to generate highly accurate property valuations. This will benefit both buyers and sellers by providing transparent and reliable pricing information, reducing the potential for overvaluation or undervaluation.
Moreover, AI-powered platforms can streamline the property search process. By understanding buyers’ preferences and requirements, these platforms can curate a selection of properties that perfectly match their needs. This will save buyers valuable time and effort, while also helping agents focus on properties that are most likely to generate interest. Additionally, virtual tours and augmented reality experiences, powered by AI, can provide potential buyers with immersive property viewings, regardless of their physical location.
AI can also enhance the marketing and sales process for properties. By analyzing buyer behavior and preferences, real estate agents can tailor their marketing campaigns to specific target audiences. AI-driven tools can also create compelling property listings and generate engaging content, such as virtual tours and property highlights.
Beyond these immediate benefits, AI has the potential to optimize property management. Predictive maintenance, powered
by AI, can identify potential issues with properties before they become major problems, saving property owners time and money. Additionally, AI can analyze energy consumption patterns to suggest energy-saving measures, contributing to sustainability efforts.
While the integration of AI into the Barbados real estate market is still in its early stages, the potential for positive change is immense. By embracing this technology, the industry can become more efficient, transparent, and customer-centric. As AI continues to evolve, it is essential for real estate professionals to stay informed and adapt to the changing landscape.
It is important to note that this article was generated by an AI language model. While it provides insights based on available data and trends, it is essential to consider the specific context of the Barbados real estate market and consult with human experts for tailored advice.
Disclaimer: This article is intended for informational purposes only and does not constitute financial or investment advice.
