Could Barbados appeal to those making international money transfers?

Making an international money transfer to Barbados may appeal to some property moguls following news sales of homes on the island are picking up.

According to Cluttons, Barbados is "back on track" and has seen an increase in the number of houses being sold and rental agreements signed.

So far in 2011, sales have risen by approximately 70 per cent compared with 2009, with many buyers now returning to the market.

Speaking on behalf of the organisation, Kieran Kelly said: "We do expect an increase in property values during the next 12 months, however this still remains an extremely good time for purchasers to negotiate.

He explained that the market is attractive to investors as there is potential to bargain a discounted price and then receive a high return on capital growth.

"Those buying now will do well, as Barbados has an exciting future ahead," the expert added.

It was noted that despite the knock-on effects of the recession, the island fared well compared with some destinations and has a strong economy, exchange rate and quality properties on offer.

Brits may be tempted to transfer money abroad and purchase a second home in Barbados as Mr Kelly commented that it is a firm favourite with celebrities.

Singer Sir Cliff Richard is among a host of famous faces that owns a villa on the Caribbean island, which is known for its sandy white beaches and relaxing pace of life.

Mr Kelly stated: "Barbados is a great place to own a holiday home or investment property; the people are lovely; the economy is stable; there is a host of top end restaurants and beach bars."

However, he noted that price ranges vary considerably from the lower end of the market to top-of-the-range mansions, so there is the opportunity for individuals of all backgrounds to invest in a home.

Posted by Chris Barber

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