Condo the way to go in Caribbean

Condo the way to go - CBC.bb

Managing Director of the Caribbean Tourism Investment Management Company predicts that condominiums will replace hotels in Barbados in the not too distant future.

Timothy Boyce says the trend is already taking place in other destinations across the globe.

He argues that research has found the return on investment from hotels is not as great as from condominiums.

Boyce dismissed the argument that hotels generate more employment than the condominium market.

Barbados developer, Island Properties, says it is anxious to develop a number of luxury housing projects on the south and west coasts, but is frustrated by government bureaucracy.

Director, Colin Brewer, says the company has bought for development, two beach front properties in St. James and land on the south coast to build more that 60 condos.

But he tells the Business Report that he fears these two developments may not be realised.

Brewer made the comments following the official opening of his company's St. Lawrence Beach Condominiums which was converted from a hotel.

He says condominiums are the way to go.

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