There has been a noticeable increase in demand for prime Barbados houses since the beginning of 2012, according to Christian de Meillac, head of Knight Frank's Caribbean desk.

The new Barbados Residential Insight assesses the market's performance over the past year and looks at who's buying where and which properties are in greatest demand. The report, the first of its kind, also analyses data from Knight Frank's Global Property Search Website which, with 550,000 hits per month, is a unique barometer of demand for prime international property.

Discussing the latest market trends in Barbados, Christian says: "2011 saw prices fall by between 5% and 10% on the island with the average price for a prime property now around $900 per sq ft."

This downward trend in prices can largely be attributed to those vendors who, keen to sell, were more realistic ahead of the traditional selling season, a development Global Briefing explored in September last year, click here to read more.

As a result Christian is upbeat about market prospects in 2012: He says: "Momentum in the market is improving as buyers are reacting to price corrections and supply remains limited. If we add to this the scale of wealth generation globally, the island's tax-friendly regime for HNWIs and the quality of the homes on offer, I believe prices will stabilise and possibly start to rise again in the most desirable locations."

"Most prime property in Barbados is purchased by UK, Canadian, US, Irish and French nationals. Most are looking for a long-term lifestyle investment which they aim to use as a second home. Others choose to make Barbados their primary residence due to its benign tax environment" Christian adds.

When it comes to the properties in greatest demand Christian explains "Most buyers that approach us are seeking a turnkey home on the island. Few want to undertake renovations, buy off-plan or take on a self-build. Frontline beach or golf properties are perennial favourites."

Click here to view some of the Barbados properties available, others are available privately please contact Christian de Meillac for details.

To view the new Barbados Residential Insight report please click here