||GRIFFITH, RONNIE; MOORE, ALVON; (2011)
In the Caribbean, the condominium/villa sector is the fastest growing segment of the market. Such developments have brought the bi-products of amenities such as marinas, golf, and polo to the Caribbean, especially to Barbados. They are responsible for the improvement of Barbados’ tourism product and there is evidence that theoretically and empirically supports the suggested reasons why condominiums are more efficient and desirable alternatives for housing and accommodation investments. Such developments generate a substantial capital base for the accumulation of foreign exchange earnings on which small open economies like Barbados are most dependent and subsequently increase the gross domestic product of the economy. This study investigates the feasibility of the construction of condominium development to the tourism industry and by extension the Barbadian economy. Some major findings are that the sale of these condominiums accumulated foreign exchange earnings in excess of US$ 400 million in 2007, attracted capital in the form of foreign direct investment, expanded the tourism product as it relates to accommodation capacity, and created sources of employment opportunities that increased incomes earned, consumption, and capital expenditure on goods and services.
Feasibility of Condominiums as a means of Accommodation to the Barbados Tourism Industry and its contribution to the Development of the Barbados Economy.pdf