One financial institution is reporting that locals are continuing to work towards home ownership despite the current economic climate.
Speaking at the second annual Home Expo, held at First Caribbean International Bank in Warrens at the weekend, Branch Manager Richard Kennedy told Barbados TODAY that the mortgage market has been robust.
“There are so many persons trying to get mortgages but it’s almost a challenge trying to get everything done,” Kennedy said.
He explained that the mortgage centre at FCIBC has been receiving a steady flow of traffic throughout the year as customers express an interest in owning their own property.
“People are still very much interested in owning a piece of the rock; owning their own home” said Kennedy, adding that the bank’s mortgage centre has also been assisting customers to obtain affordable financing.
Massy Realty, meanwhile, reported an improvement in their real estate sales, although not as robust as the bank’s.
“Since we have rebranded, and we have been advertising more and getting the word out there…the real estate part has been improving for us” said Diana Marshall, sales representative of the real estate division of Massy Properties.
She mentioned that most of the houses being sold were within the middle income bracket of BDS $600,000 to $900,000, with Barbadians opting for simple and practical houses.
“Before the Barbadian mentality was the bigger the better, and then they had difficulty paying and maybe at risk of losing the property. Now they prefer to go smaller, within their means and more cost conscious,” Marshall said.
President of Barbados Real Estate and Valuers Association (BREVA) and the Managing Director of Realtors Real Estate Ltd, Suzanne Davis noted there was an increasing trend of individuals buying land.
“Land is more popular now because it’s more affordable and then they can build a house when they are able to,” said Davis, who is also the Managing Director of Realtors Real Estate Ltd.
However she added there is a “gradual picking up”, as customers are beginning to look at homes again. (KK)