The money is on Barbados. The Caribbean island nation is becoming a favorite of the world’s wealthiest households, according to a recent report from Wealth-X. Since 2013, the number of ultra-high-net-worth individuals with a primary business address in Barbados increased 2.4%. The island’s stable economy is a major factor. So, too, is a permit introduced in 2014 that allows foreign nationals who spend $2 million or more on property to establish residency. Real estate brokers and developers are courting the island’s ultra-rich newcomers. A listing on the island’s west coast hit the market for $125 million last week, making it among the most expensive listings in the Caribbean. Known as the Palazzate, the sprawling waterfront estate features four houses totaling some 75,000 square feet.
Located on the west coast of Barbados, the Palazzate estate features four houses, a health club, a spa and underground parking with room for 18 cars.
Palazzate, BarbadosBarbados is not the only hotspot for the ultra-rich in the Caribbean, according to the Wealth-X report. More than 1,150 ultra-high-net-worth individuals, or those with at least $30 million in assets, now live in the region at least part time. Although luxury-home values in the Caribbean are 10%-15% lower than their 2008 highs, sales of prime properties rose more than 10% in 2013 and 2014, according to Wealth-X. At $875 a square foot, Barbados prices are lower than other resort destinations such as Saint Tropez ($925) and Saint Barts ($950).
Each of the Palazzate's four homes includes a swimming pool.
Palazzate, BarbadosHere’s a look at what’s on the market in Barbados. These four properties, all listed on Mansion Global, range in price from $1.8 million to $25 million. Visit the links below for the complete listings. Holetown, $25 millionPaynes Bay, about $7 millionCrane Bay, $2.7 millionSion Hill, about $1.8 million Listings on Mansion Global as of June 16, 2015 Write to Gina Faridniya at gina.faridniya@dowjones.com