Why Is Everything So Expensive in Barbados (and What Are the Prices Like)? (2024)

FAQs

Why is everything so expensive in Barbados? ›

On the whole Barbados tends to be expensive, in part because most everything has to be imported and in part because the standard of living is higher than most other places in the Caribbean. That said, to the extent you focus on local items, it can be outright cheap.

Because Barbados caters to thousands of tourists every year and food is one of the ways people like to experience new places, eating out can get very expensive. Restaurants in the city's center and those that cater to main tourists sell costly food. Even fast food is expensive.

In fact Barbados imports much of its food supply. Most products are imported from the USA, Canada and the Caribbean. Many British brands are also available locally. Due to shipping costs, import duties and taxes the cost of imported products is typically higher than you pay at home.

A family of four estimated monthly costs are 4,319.9$ (8,639.9Bds$) without rent. A single person estimated monthly costs are 1,174.1$ (2,348.3Bds$) without rent. Cost of living in Barbados is, on average, 13.5% higher than in United States. Rent in Barbados is, on average, 56.4% lower than in United States.

Barbados 5th most expensive place in the world to live.

The Sandy Lane estate is one of the most exclusive areas on the west coast of Barbados. It is a few miles south of Hole Town. This is where many of the celebrities and the super- rich buy properties and property prices on the Sandy Lane estate reflect that.

Barbados and the Bahamas have the highest cost of living among independent Caribbean countries. Monthly expenses for one person without rent and utilities are $704 and $924, respectively. This is almost twice as expensive as living in the most affordable Caribbean states, Haiti and the Dominican Republic.

The average cost of living in Barbados ($1292) is 42% less expensive than in the United States ($2213). Barbados ranked 38th vs 5th for the United States in the list of the most expensive countries in the world.

While meal prices in Barbados can vary, the average cost of food in Barbados is B$192 per day. Based on the spending habits of previous travelers, when dining out an average meal in Barbados should cost around B$77 per person. Breakfast prices are usually a little cheaper than lunch or dinner.

Thanks to a combination of inflation, pandemic-related supply-chain disruptions and tariffs on certain foreign imports, food prices have steadily risen since 2020. But inflation has been slowing in the past year and the latest data shows the cost of groceries aren't rising as fast as they once were.

Why are gas prices so high in Barbados? ›

Fuel prices in Barbados are indeed higher than the world average and its regional neighbours. Given countries face similar international prices, notwithstanding any action countries may take to source at better prices, government taxation policy does play a significant role in explaining the final price of fuel.

Disruptions and changes to the food supply chain can affect the prices consumers see at the grocery store. Some of these are long-standing challenges. For example, weather events as well as animal and plant diseases, are common disruptions that can impact the supply available—causing prices to increase.

Retire in Barbados – Visas and Residence Permit

For those who want to retire in Barbados, the process is relatively simple. Individuals over 60 with sufficient funds to support themselves can apply for immigrant status. After living in the country for five years, those people can then apply for permanent residence.

A 500ml Soda would cost $1.85 BBD on average in the supermarket.

The average accommodation in Barbados is priced at $65 per night. If you are looking for a apartment rental, the nightly price is $387 on average. A house rental Barbados will cost $1,056 per night on average.

Most shops and restaurants in Barbados are happy to accept US dollars as well as BBD, but you'll always get more for your money when paying in Barbadian dollars. You'll also receive any change in BBD, not USD. Budget-wise, Barbados isn't the cheapest destination, but it's well worth the price.

Singapore tops the list of most expensive cities in the world for luxury living. Swiss banking corporation Julius Baer Group has named Singapore at the top of their list of the 10 most expensive cities in the world. Published on 20 June 2023, the rankings show Shanghai and Hong Kong at the second and third spots.

Eating out in Barbados can be very expensive, and food costs can exceed those of accommodation. Happily, though, there are plenty of good inexpensive eateries on both sides of the island.

Barbados Economy

Is Barbados a wealthy country? Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities.

Is Barbados a luxury island? ›

From world-class food and cultural sights to some of the most beautiful beaches and scenery in the world, Barbados is a dream destination that should be on every luxury traveller's bucket list.

In order to stay in Barbados you will need a visa. Temporary permits are available for visitors and last up to six months. If you wish to stay longer than this then it will be necessary to obtain another visa which must be in duplicate and accompanied by 2 passport sized photographs.

Renting a one-bedroom apartment in the city center costs 1,083.33 BBD ($541.67) per month or 2,125 BBD ($1,062.50) for a three-bedroom apartment. Outside the city center, the prices drop down significantly to 830 BBD ($415) and 1,700.00 BBD ($850) for one- and three-bedroom apartments, respectively.

Wherever you go in the world, the purchase of a property will need to follow established procedures to ensure legal requirements are met and that the process goes ahead smoothly. Barbados is no exception and there are measures in place to safeguard both the buyer and the seller of the property.

In bars $4-$12 generally but the average is about $7. If you are staying at Sapphire Beach I recommend buying two cases of Banks from Massy Stores Rendevous. They will be about $42 plus bottle return of $0.20 BBD each.

In Barbados the price of the most sold brand of cigarettes is USD 5.50 and taxes comprise 49% of the retail price.

Back in 1996, McDonald's ventured off to the Caribbean and opened a store in Barbados, which now is the Consolidated Finance building, much to the delight of most locals.

Inflation is so high because many consumers are spending more money than they usually do, and because supply chain issues and global fuel shortages have lingered since the pandemic. That high demand and low supply have led to an increase in prices.

Why are prices so high? ›

"One of the main factors is the supply chain disruptions caused by the COVID-19 pandemic, which have led to shortages and bottlenecks in producing and distributing goods," said Epps. But there's also a higher demand for goods and services, coupled with a lack of labor -- leading to pressure on prices, he added.

Is It Cheaper to Cook or Eat Out? For those who want a quick and easy answer: It's generally cheaper to cook food at home than eat out.

In Barbados, drivers are not permitted to pump their own fuel. You must park at an available pump, turn off your engine and wait for a gas attendant. However, you can leave your car during pumping if desired. You will be asked what type of fuel you need and how much fuel you require (expressed in Barbados Dollars).

Domestic Production

The Barbados National Petroleum Corporation (NPC) is responsible for the distribution of locally produced and imported natural gas. Barbados has no onshore reserves of oil or gas.

Diesel will cost $3.48...

A key reason why wholesale egg prices are higher is that the state is importing nearly two-thirds of its eggs from cage-free hens in other states, reflecting lower in-state production. And importing eggs from other states means higher transportation costs.

Chickens eat a lot of feed, about half a bag each over the eight weeks or so it takes them to reach a market weight of around four kilos. Feed costs, plus the initial outlay for chicks, represent about 70 per cent of a producer's costs, Edwards said.

There are no restrictions on foreigners purchasing properties in Barbados, though they are required, through their lawyer, to obtain permission from the Central Bank of Barbados to close on a property purchase and register foreign currency.

U.S. citizens must have a valid U.S. passport to enter Barbados. No visa is needed for stays up to 6 months. NOTE: Generally, all U.S. citizens are required to present a valid U.S. passport when traveling to Barbados, as well as proof of anticipated departure from Barbados.

How long can you stay in Barbados if you own property? ›

You can usually reside in Barbados without a visa or any permits for up to 6 consecutive months. This is often long enough for homeowners wishing to spend winters in Barbados.

What alcohol is Barbados known for? Barbados is also known as “The Rum Island”, making it more than apparent what the most popular thing to drink there is: rum! This equates to Rum Punch and lots of it, starting with your welcome rum punch drink, and sampling rum punch specials at local bars.

On a hot day (and there are many of those in Barbados), many Bajans reach for a refreshing glass of mauby to quench their thirst and cool down. Mauby is made from the bark of the Mauby tree, boiled with cinnamon, orange peel, nutmeg and cloves, and sweetened to taste.

When deciding on the best area to stay in Barbados, consider the following four regions: the upscale west coast, the rugged north coast, the modern south coast, and the rustic east coast. The most popular areas to stay in Barbados are situated along the south and west coast of the island.

This Barbados visa allows visitors to stay in Barbados for 28 days to a maximum of six months. This Barbados visa is issued for many travel purposes, for example: Tourism: to roam around the beautiful beaches.

- Guest House BDS $5.00 per bedroom per night.

In total, the national gross income amounted to 16,900 U.S. dollars in 2021. Gross national income (GNI) per capita is the total value of money received by a country, from both domestic or foreign sources, divided by the midyear population.

The island consistently ranks as one of the most expensive places in the Caribbean, stacked with luxury hotels that charge upwards of $1000 a night.

Described as a 'Mecca of luxury, charm and elegance', tourism is Barbados' main sector and source of foreign revenue. Over 10% of the labour force are employed within tourism.

The most expensive countries for travel in the Caribbean Islands are currently Barbados ($374.20), Antigua and Barbuda ($352.43), British Virgin Islands ($330.40), Curacao ($330.17), and Turks and Caicos Islands ($327.76).

How much does it cost to build a house in Barbados? ›

On average, at the time of writing this guide (early 2021), we can indicate a starting point of about BB$ 10-12 per sq. ft. for an inland lot in a parish like St. George and about BB$ 13-15 for a similar lot in St.

Most shops and restaurants in Barbados are happy to accept US dollars as well as BBD, but you'll always get more for your money when paying in Barbadian dollars. You'll also receive any change in BBD, not USD.

Renting a one-bedroom apartment in the city center costs 1,083.33 BBD ($541.67) per month or 2,125 BBD ($1,062.50) for a three-bedroom apartment. Outside the city center, the prices drop down significantly to 830 BBD ($415) and 1,700.00 BBD ($850) for one- and three-bedroom apartments, respectively.

It's no secret that Barbados is known for having some of the most beautiful beaches in the world. The serene Caribbean coast on the west is famed for its aquamarine waters and soft sands, while the wilder beaches in Barbados on the east coast are exhilarating to visit, with big rollers and dramatic scenery.

Barbados is known as an iconic luxury destination and is rated alongside the world's most outstanding vacation locales.

If you think of where celebrities stay in Barbados, the biggest draw on the island has got to be Sandy Lane. This fashionable resort undeniably offers all the serenity and peace a superstar needs.

The import of local currency is unlimited but amounts of over BDS$10,000 must be declared on arrival. The export of local currency is prohibited. There are no restrictions on the import of foreign currencies and monetary instruments provided amounts with the equivalent of over BDS$10,000 are declared on arrival.