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.
… continue reading the rest at CBC News (link here).
Mr. Boyce and his clients obviously believe that whatever is good for their pocketbooks must be good for Barbados and Bajans – and, seeing as the present Government of Barbados hasn’t bothered with any overall development plan or public debate on development, the condos are coming.
On the eve of our 40th anniversary as an independent nation, don’t we owe it to ourselves and to our children to hold a public debate about where we want this country to be in the years ahead? Should we not have the right as citizens to be fully aware of how today’s decisions will impact the character of our country in the future?
Extensive high-rise condo development will change more than just the view. On such a small island, there must be social, economic and environmental impacts that will result from the fundamental re-structuring that Mr. Boyce is talking about.
So far, our government is approving condo developments on a piecemeal basis, with no overall plan – and with zero public dialogue about where this will take Barbados or if the citizens want this to happen.
What are the social, cultural, environmental and economic changes that will result from more extensive condo development? Bajans can only guess.
Mr. Boyce and his friends say that condos are a good investment.
We should all be asking, “Good for whom?”
* Story Links *
CTIM Inc. – Caribbean Tourism Investment Management Inc. (website here)