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Altman Real Estate Group is a smart and long established real estate agency based on the West Coast of Barbados. The company deals in all types of property in all parts of the island, though often along the West Coast itself. These include the sale of many of the island’s famous private villas of course, but also the sale of villas and apartments in new holiday developments (which Altman themselves back in some cases), in project management, commercial property and urban development. Led by Barbadian Paul Altman, the company is one of the leading forces in the industry on the island. It has arms in several other islands in the area under the name Altman Caribbean Inc and it is the exclusive affiliate of Christie's Great Estates on Barbados.
Altman also has a property management and villa rental arm, through which you can rent holiday villas in Barbados. Please see our review of Altman Villa Rentals.
Since the 1970s the real estate business in Barbados has grown out of all proportion. And Altman has grown in parallel with it. For example, in keeping with the growth of importance of the South Coast, they opened an office there in 2007. Altman is quite a large company now, with around 70 employees altogether (working in both arms of the company), located in offices just opposite the Cliff restaurant in Derricks, on the West Coast, and in Worthing on the South Coast. But like the business, Altman started off fairly informally, actually under a different name. In the 1970s, when the Barbados real estate industry was in its infancy (houses tended to be sold through lawyers at that stage), the two founders, Richie Alleyne and Heather Aguilar worked ad hoc for friends, selling houses for home-owners that they knew. This was often around the Sandy Lane Estate and along the west coast itself. And then, for the new buyers they began to offer other services, redevelopment, decoration and landscape gardening, along with the rental and management of the villas. Paul Altman himself joined the company in 1980 and has been there ever since.
Over the next 20 years the industry began to change as Barbados itself developed. In addition to the private houses along the coast and in Sandy Lane, villa developments began to appear, for which Alleyne, Aguilar and Altman, as it came to be known, did the marketing and sometimes the project management. Villa resorts also began to be themed. The company was involved in the creation of Royal Westmoreland, for instance, with its many villas around a golf course. It has been behind many of the most famous properties around the island. Gradually the company developed its complete strategy, of offering everything that buyers need. They will sell the property to you, help you redevelop it, manage it and if you want to they will put it up for rental. Much of their work is in the tourism industry, but they also deal in commercial property and its development around Barbados.
Barbados has seen considerable development over the years, and recently there has been building nearly all over the island (though the majority of projects that Altman deal with are around the West Coast). The recession has put a brake on things for the moment, but it is worth noting that otherwise the industry has done consistently well as a general trend and prices have only increased. There have been many themed developments, around golf courses (with more on the cards at the moment) and a theme of tennis, even villas around a polo pitch at Lion Castle. Some of their leading properties include Sugar Hill, Mullins Bay, Old Trees, Schooner Bay, The Lakes, Sandy Cove and most recently the Limegrove Lifestyle Centre, an upscale residential and retail development in Holetown.
Barbados still has some of the highest value property in the Caribbean. The top villas on the west coast, which rate among the most elegant private houses in the Caribbean, have been known to change hands at US$20 million or more. Paul Altman’s advice about buying property in Barbados is to do so because you can afford it and because you love the island enough to return again and again, rather than simply as an investment.
Altman Real Estate is the representative for Christies’ Great Estates in Barbados, which brings interest from the metropolitan countries, and the company’s interest extends beyond the island as well. In islands closer to hand they represent both free-standing villas and apartments or villa developments in Antigua, St Lucia, Grenada and in Canouan.
Paul Altman has headed up the company for many years. He didn’t start off in real estate, but property was always in his family. His father was still doing developments at the handsome age of 93. His own first project was actually a redevelopment in Speightstown, a commercial property which he still owns. But as the tourism industry in Barbados developed, so he and his company have been prime movers. He was involved in the development of Royal Westmoreland and is a director of Sugar Hill. In other areas he set up Fortress Caribbean, a property fund within the Caribbean. He is a former President of the Barbados National Trust and in 2000 he was awarded the Centennial Honour by the Barbados government. More recently, in 2007, Paul was awarded The Gold Crown of Merit, which is presented to a 'prominent businessman...for his significant contribution to the development of the tourism sector and the preservation of the heritage of Barbados' (quoted from Nation Newspaper).
If you wish to contact Altman Real Estate, please use DIRECT ENQUIRY facility or the web link at the top of this page.
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Condos / Apartment Sales
Please see below for a selection from Altman Real Estate Group's listing of Barbados apartments for sale:
| | | Oceanic
Oceanic is a seafront condominium complex with six 2 bedroom, 2.5 bathroom units all facing the sea. There is 3250 sq. ft. of living space (an entire floor) a private Jacuzzi, stainless steel appliances, a study/third bedroom and direct access to Turtle Beach. Oceanic sits in a quiet cul de sac next to the Dover Beach Hotel and within walking distnace to St Lawrence Gap and its many attractions. Only three units remaining.
Price: US$1,720,000
submit enquiry to agent for more information
  
| | | Rosalie Apartments
On the Atlantic Shores of Barbados you will find this block of 2 bedroom and 4 bedroom apartments sitting on the beachfront, just behind the communal pool. Floor areas are 1100 sq ft and 2500 sq ft respectively, giving a large amount of entertainment and relaxation space in these fully furnished apartments.
Price: From US$675,000
submit enquiry to agent for more information
| | | Beach View
Designed by local architects Gillespie and Steel, the mix of 2 and 3 bedroom condominiums at Beach View surround a free-form communal pool and offer direct access to Paynes Bay, one of the best beaches on Barbados. Holetown, Barbados’ second largest town is a short bus ride away with its array of duty-free shopping and fine dining.
Price: From US$625,000
see here for more information
| | | Sandy Cove
Sandy Cove’s magnitude hits you at the start with an impressive colonial style façade on entrance. The interior does not disappoint either with 12 spacious 3 bedroom apartments spread over 5 floors - each with their own plunge pool and ocean-facing patio. Designed by Gillespie& Steel, all homes are fitted with air-conditioning, fully-equipped kitchens and a communal gym, sauna, parking, hi-tech communications network and on-site management.
Price: From US$3,500,000
see here for more information
| | | Brownes Barbados
A collection of 1 and 2 bedroom apartments at Brownes Gap, conveniently located on a quite lane in Hastings near to the best South Coast beaches, bars shops and restaurants. Each unit is fully furnished, completed with high quality European finishes and the development offers a business centre, fitness centre, garden gazebo, communal pool, onsite management programme and private parking with gated access. Only 2 bedroom units still available.
Price: From US$465,000
submit enquiry to agent for more information
| | | 551 The Crane Resort and Residences
This 3,900-square-foot penthouse is modelled on the original 1887 resort and has recently been lowered in price to below market comparables. Comprised of 3 bedrooms, 4 bathrooms, a large sitting room with pitched ceiling, a 42-foot seafacing verandah with an 11-foot plunge pool, a private roof terrace with hot tub, outdoor dining and bar area and elevator beach access.
Price: Withdrawn
see here for more information
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Villa Sales
Please see below for a sample range of the company's villas for sale on Barbados:
| | | Inch by Inch
Inch by Inch is made up of two plots avaiable together or separately on just under an acre of land at Mile Tree Lane, Silver Sands. Lot 1 is a two-storey entertainment deck. Lot 2 is a 3 bedroom, 3 bathroom villa that wraps round a glass-tiled pool with views to the ocean. Both lots offer private access to the sea and Silver Sands Beach. It is possbile to just purchase the house and the lot which it sits on at a reduced price.
Price: US$1,350,000
submit enquiry to agent for more information
| | | Monkeys
Situated on Flamboyant Drive, a very sought after area of the Royal Westmoreland Estate, Monkeys is a two storey, four bedroom home designed by Ian Morrison. As such, you will find coral stone walls, high tray ceilings, spacious living and dining areas and private terraces for outdoor dining or relaxation. The property overlooks the pool terrace and lake and offers a private guest cottage on the grounds as well.
Price: US$3,500,000
submit enquiry to agent for more information
| | | 2 Pavilion Grove
Pavilion Grove is a well maintained community of six detached homes across from the Royal Pavilion Hotel. Number 2 is a two storey unit with four bedrooms, four bathrooms, a kitchen, and a wooden deck with a plunge pool off the living area. Hardwood flooring, granite countertops and pickled pine ceilings lend the unit an air of west coast sophistication.
Price: US$850,000
submit enquiry to agent for more information
| | | Aurora Lusso
Aurora Lusso is an impressive 5 bedroom, 4 bathroom villa set in an acre of landscaped gardens in Wild Cane, St James. Inside you will find a unique master bedroom with open plan bathroom, two en suite bedrooms, an en suite study with sofa bed, a fully-equipped modern kitchen and an expansive sitting room that opens onto a full length veranda. Outside you will find plenty of space to entertain by the pool or even in the 20-seater Jacuzzi.
Price: US$6,500,000
submit enquiry to agent for more information
| | | Isabelle
A charming pitched-roof, colonial style villa set in carefully manicured gardens in the exclusive Royal Westmoreland Estate. Isabelle is an extremely child-friendly, 4 bedroom, 4 or 5 bathroom property which allows membership to the 18-hole championship Royal Westmoreland Golf Course.
Price: US$2,300,000
submit enquiry to agent for more information
| | | Todmorden
This traditional 3 bedroom coral stone house is set in a quiet cul-de-sac close to the beach in Gibbs. Sold fully furnished but there is room for modernisation in keeping with the original stone work and high wooden ceilings all within 2,500 sq ft and 21,532 sq ft of beautiful gardens.
Price: US$1,500,000
submit enquiry to agent for more information
| | | 3 Emerald Beach
Situated in the tranquil residential area of Gibbs Bay, Emerald Beach consists of six luxury villas, around a communal freshwater pool, in over an acre of landscaped gardens. Each villa has two air-conditioned, en suite bedrooms on the upper level and one on the ground floor with the rest of the living areas.
Price: US$2,300,000
submit enquiry to agent for more information
| | | Limegrove
The Limegrove Lifestyle Centre and Residential Garden Community is a proposal to marry the affluent visitors to the famed ‘Platinum West Coast’ with luxury residences and superb shopping facilities to create a lifestyle suitable for owners that are ‘designer-brand aware’. Currently the Hillside Villas are available which are 3 bedroom, 3 storey villas at around 3,433 sq. ft.
Price: From US$1,325,000
see here for more information
| | | Blue Lagoon
A rare opportunity to own a beachfront villa in Barbados. Blue Lagoon is an elegant three bedroom, three bathroom house set on a bluff overlooking the sea with a swimming pool and private access to the beach.
Price: US$4,500,000
submit enquiry to agent for more information
| | | Malvern House
Perched on a bluff by Long Beach, Malvern House is a 4 bedroom, 4.5 bathroom villa for sale in Barbados with an open-plan design that flows from the entrance porch through the 6,000 sq. ft. of living space to the pool terrace and sea views beyond. With 22,000 sq. ft. of land in an up and coming area of Christ Church and additional space under the swimming pool for extra bedrooms, Malvern House is ideal for immediate use as a family home or a rental investment property.
Price: US$2,500,000
submit enquiry to agent for more information
| | | The Residences at Lion Castle Estate
The Residences at Lion Castle Polo Estate are a collection of 10 three bedroom, three bathroom semi-detached houses with private plunge pools, patios and south facing sea views. There are four completed homes available for sale or long term rental offering 2900 sq ft of covered living space. The Residences are part of three property categories at Lion Caste Estate, a 13 acre open space with Estate Lots, Club Lots set around the Lion Castle Polo Club.
Price: US$1,450,000
see here for more information
| | | Sandcastle
Currently used as two apartments Sandcastle is a beachfront villa, designed by Ian Morrison, that offers superb development opportunities. The lower apartment offers three en suite bedrooms with an open plan living/dining area and kitchen that open onto a large deck with plunge pool. The upper levels comprise two en suite bedrooms, a study, and an open plan living/dining room and kitchen that open onto a balcony with a plunge pool. Both apartments have stairs leading to the manicured gardens and beach beyond.
Price: US$4,500,000
submit enquiry to agent for more information
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Residential Sales
Please see below for a sample range of the company's residential sales on Barbados
| | | Shara
Built in the 1940’s Shara is a 3 bedroom, 2 bathroom villa with 3611 sq ft built area on a plot of almost 70,000 sq. ft. of land. Located on Gun Hill, Warrens, Bridgetown and the rest of the South Coast are all in close proximity. At present there is a living room, kitchen and covered terrace as well as a partially finished basement with a bedroom and bathroom, laundry room and storage space. The extensive grounds have huge development potential.
Price: US$950,000
submit enquiry to agent for more information
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Commercial Sales
Please see below for a sample range of the company's commercial sales on Barbados
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Buyer’s Guide
Introduction
Altman Real Estate Group has been helping purchasers identify and acquire the right property for over 30 years. This article is intended as a guide to both residents and non-residents alike. It is not intended to be exhaustive, and purchasers should always consult an attorney.
Legal Issues
On Barbados property passes by conveyance of title, evidenced by the recording of title deeds and certified survey plans at the registry of title. A purchaser will require a registered Barbadian attorney to search the register and establish title to the property prior to the completion of a sale.
On Barbados the purchaser agrees terms with the vendor and enters into a contract prepared by the vendor's attorney, which provides for a deposit to be made securing the property. This deposit is held by the vendors' attorney in escrow until completion, when the balance of the purchase price is paid and the title passes to the purchaser by way of the conveyance. Between the time of executing the contract and the completion of the sale, the legal representative of the purchaser will search the title, and ensure that there are no encumbrances, charges, encroachments, or other impediments to the sale.
The title may be taken in an individual's name or through a corporate vehicle set up to own the property. It is usual in the case of non-residents of Barbados that they purchase property through a company which may be incorporated outside Barbados, but which must be registered to do business on Barbados.
In many cases, non-residents use such a corporate vehicle in order to make the onward sale of the property simple.
Town and Country Planning Approval
If the purchaser is buying vacant land, the vendor will require a Certificate of Compliance from the Town and Country Planning Office (TCPO), which certifies that the roads and services have been provided in accordance with planning guidelines. It is therefore illegal for a vendor to sell a property without a Certificate of Compliance.
If the purchaser is buying a built property that is to be improved, or intends to build a property on the land, he will require planning permission from TCPO. The planning permission is granted in accordance with a set of guidelines established by acts of Parliament and statutory instruments, which govern such things as set backs from adjoining properties, roads, cliff tops, and the high water mark, if the property is on the beach. The guidelines also cover density and building height. In addition, TCPO would be guided by the zoning of the land and environmental issues, such as the method of effluent disposal, and the capturing of rainwater for irrigation purposes.
In all cases application is made to the TCPO and permission is usually granted within a period of two to six months.
Transaction Costs
In 1998 the Government abolished property transfer tax for non-national purchasers, which was previously set at 10%. Sales commissions and survey costs are borne by the vendor. Each party bears their own legal fees, which are based on a scale of fees ranging between 1.5% - 2%. This is the only purchase transaction cost other than incidental costs of forming and registering a company if a corporate vehicle is to be used.
When selling a property the vendor would normally incur sales commissions of 5%, transfer tax of 2%, stamp duty of 1% and legal fees of approximately 1.5%.
Operating Costs
The owner of land in Barbados will have to pay an annual land tax at the following rates
• 0% on first BDS$125,000
• 0.10% on next BDS$350,000
• 0.65% on next $500,000
• 0.75% on excess
The main other operating costs would include insurance, which ranges from 0.4% for residences; 0.6% for commercial buildings; 0.9% for hotels, and in all cases would depend on characteristics of the building and the site. Other major costs would include metered utilities, and any common assessments applicable to master planned communities.
Other Taxes
Property owners wishing to rent their property on the short-term rental market must apply 7.5% VAT to the rent. The registration for VAT allows the property to deduct VAT on input costs.
The profit derived from the rental activities will be subject to income tax in Barbados, and a remittance of a dividend or interest.
Important Notice
No description or information given whether or not in these particulars and whether written or verbal information about Barbados may be relied upon as a statement or representation of fact. Neither DefinitiveCaribbean, Altman Real Estate nor its joint agents have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of Altman Real Estate or DefinitiveCaribbean. |
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Currency Transactions
When buying property abroad, it pays to consider carefully the method of transferring the money. Do not assume your bank will provide the best rates or the best service when it comes to large currency transactions. By exchanging currency at commercial exchange rates it may be possible to save a significant amount. At DefinitiveCaribbean we have a good broker to recommend.
Currency brokers HIFX plc are based in Windsor in the UK, but they also have offices in San Francisco, Australia, New Zealand and Spain. Regardless of where you live, they are happy to assist you and – with their extremely competitive exchange rates - they should save you money on your currency transfer.
The price of Caribbean property is almost always quoted in US Dollars. However with floating exchange rates, the cost to you (in, say pounds or Canadian Dollars) will continue to change as the rate fluctuates between exchange and completion. HIFX can help you to fix the exchange rate, even if you don't have all the funds available up front. You should speak to their dealers to discuss this. On single transfers they have a minimum of £5000 or equivalent in another currency, but they have a facility for regular payments abroad, which works well in the case of a foreign mortgage or a pension transfer. This is via direct debit from your UK bank and carries no transfer fees.
HIFX consultants are consistently friendly and offer a good personal service to private clients and major corporate clients alike. Whether you are the Royal Mail or Mrs Jones from Devon, the company says, its job is to save you money and to keep the transfer process as simple as possible.
To read more about HIFX please use the banner below to link to their website, which also gives access to the online currency converter (there are just a few fields to complete before you gain access).
Alternatively, HIFX have assigned a dedicated broker to help customers that come via Definitive Caribbean. Her name is Polly Summers, you may reach her by email here. Just mention our name to get the best service. If you live in the UK you may also contact her on a dedicated number at 0845 3705227. |
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