The Bahamas Real Estate Market: Why We Have Survived!
August 8, 2010 by Caribbean Vacation and Island Tips
Filed under Caribbean Islands
The Bahamas Real Estate Market: Why We Have Survived!
I am often approached by buyers, foreign and local alike, asking if the real estate market has suffered like that of our neighbours to the north. The answer is a resounding “Not even close!” Typically there is an uncomfortable silence on the other end of the line and then I begin to explain.
The Bahamas real estate market is a very unique creature indeed! We are geographically close to the US and our government and currency are stable. We enjoy a year around climate that is sunny and warm and our islands and our people are equally as beautiful. Our banking industry has very prudent lending practices which enables them to minimize their risks while maximizing their returns. We did not experience a “credit crisis”. Another interesting contrast with the US real estate market is that we do not have an over abundance of inventory. We do not have neighbourhoods that are 50% or more in foreclosure. We have not seen a huge sell off of foreign or locally owned properties. We have enjoyed a relatively balanced supply and demand situation.
While I would be remiss in not mentioning a correction in pricing, all markets across the globe will, from time to time, experience some correction. This is healthy for the market and healthy for the economy as it allows the more prudent investors the opportunity to enjoy the benefits of home ownership in a slower market.
If you are interested in learning more about our market and it’s dynamics I would be happy to discuss it with you. There is much to learn but one thing is for sure: There is no better time to get into the Bahamas real estate market!
Zack is a licensed broker with The Bahamas Real Estate Association (BREA), has achieved the CRS Designation, the Bahamas Realtors Institute (BRI) Designation and is a member of The Board of Directors for BREA as well as The Bahamas MLS. In his first year as a RE/MAX professional, Zack received the prestigious “Executive Club” Award, which recognizes outstanding sales performance and achievements in the real estate profession.
RE/MAX Bahamas real estate experts dedicated to making your real estate experience as informative, pleasurable, and rewarding as possible!
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Not to mention that the Bahamas is one of the world’s premier tax haven and represents the perfect real estate investment opportunity. With no personal, corporate, income, capital gains, estate, gift or inheritance taxes to be concerned about.