Barbadians will have a new avenue through which to get answers and be inspired to own “a piece of the rock” when The Real Estate Expo comes off on Saturday, February 7.
The event, which will be held at the Lloyd Erskine Sandiford Centre, will bring together a group of experts in the real estate industry and finance, attorneys-at-law, as well as homeowners, to help provide answers to various questions and provide insight into the process of owning land or a house.
Announcing the event this morning at a media briefing, organizers say they were responding to the growing demand of residents to be more equipped to own a piece of real estate.
Derrick Frederick, one of the directors of the expo, said the expo was designed to inspire Barbadians from all walks of life to invest in real estate.
“We have observed that a lot of Barbadians are sometimes challenged when it comes to the process of investing in real estate [and] when it comes to obtaining a mortgage. We have seen instances where people say ‘I don’t have enough money to invest in real estate’, but they go invest in a vehicle which may be a similar cost to the land itself; or persons may have the resources to acquire the land but they may be investing in other things that may not have the same lasting value as acquiring a property,” he explained.
Meanwhile Lisa Cole, senior marketing manager of Scotiabank – one of the major sponsors of the event – said even with the economic downturn, “Barbadians continue to strive to own their homes”.
“We’ve noticed an increase in the number of customers doing their research online and engaging with our online tools before contacting us. One of the other developments in the homeownership market is the interest in green energy,” she said.
“Increasingly, we are finding that homeowners who are coming to us to finance their home renovations or switching their mortgages are trying to incorporate green solutions, whether it’s adding solar panels or low-flow toilets or putting in energy saving air conditioning units.”
In addition to getting answers for their questions, visitors to the expo will have the opportunity to do business on the spot, and learn new ways of designing homes to suit this tropical climate.
Frederick said the plan was to make the event an annual one, given the demand for real estate.