Are you looking to sell property in Bahamas fast? Bahamas is one real estate market that has been performing very well. This coral-shaped archipelago, which lies on the Atlantic Ocean just off the coast of Cuba has always been a massively popular tourism spot.
It was the scene of many James Bond movies. Today, the Bahamas are emerging as an overseas property market success story. The property market in this 700-island archipelago has been surging. Bahamas witnessed a 20 percent increase in property sales last year, according to the data obtained from the Bahamas Real Estate Association.
There has been a 5 percent increase in the average sales price, which is impressive. In 2016, the sales volume was $216.14 million, and the average sale price of properties sold was $517,086.
There has certainly been a major recovery in the property market of this archipelago. What makes it all the more impressive is that this is the case even after the devastation brought to this region by Hurricane Matthew.
Mario Carey, a real estate agent based here in the Bahamas remembers how Hurricane Matthew barrelled through Nassau and Paradise Island. That was a really hard time for the locals and a dreadful experience for sure. It was the worst natural disaster that these islands experienced in nearly 80 years.
Yet, as Carey explains, the islands were able to weather the storm. “While we did not get a direct hit, we got winds of up to 145 miles an hour. A storm surge at high tide at midnight drove sea level up by an unheard-of 12 to 14 feet. Yet almost every building in the capital and on Paradise Island was left still standing. That is powerful stuff and speaks volumes for The Bahamas’ building code, the quality of our construction and our common sense design,” Carey says, in an interview with a local Bahamas newspaper.
There is a huge demand for properties in the Bahamas from wealthy foreign investors. They are attracted by the relaxed lifestyle and picture-perfect climate, as well as by the unspoiled beaches. Albany, Bahamas, in particular, is a popular luxury resort.
Christopher Anand, who works for the real estate developer Tavistock said in an interview with The Financial Times, “We broke ground [with Albany] in 2008 when the financial crisis was just beginning to take hold. But we had enormous confidence that the design and amenities would be very attractive to investors despite a slowing economy.”
James Burdess, who leads the Caribbean desk at Savills says, “By late 2022, we began seeing international buyers coming back into the market.” He expects property prices to increase by about 15 percent over the next two years.
Mr. Burdess says, “The newer developments that have come to market, or are about to, are helping bring more buyers back to the top end of this market.”
George Damianos of Sotheby’s International Realty says, “The amount of development and investment in the past few years is astounding. All of this new development really illustrates the amount of confidence there is in the Bahamian marketplace right now.”