- Housing market revival from 2020 pandemic tourism blackout and 2019 Hurricane Dorian now in high gear
- Market moving again, particularly at upper end
The Bahamas Are Back
The housing market in the Bahamas was served a double-whammy by Hurricane Dorian in 2019 and then by COVID travel restrictions and lockdowns in 2020.
Such local and international restrictions and lockdowns eased in late winter 2020 and the Bahamian housing market is now considered â€œhot,â€ according to Vanessa Ansell with The Ansell Group, part of the Damianos Sothebyâ€™s International Realty.Â
Buyers â€œFindingâ€ Bahamas Again
John Christie, president and managing broker of H.G. Christie Limited, an affiliate of Christieâ€™s International Real Estate, said that now isÂ â€œâ€¦the hottest real estate market that weâ€™ve probably ever had.Â Once things started opening up after COVID, we just had a lot of people coming downâ€¦weâ€™ve had rapid sales in all the luxury communitiesâ€¦â€
Latest New Pricing Data
Sales are up at all price points.Â Luxury prices are up +10%-15% over pre-pandemic levels.Â And, the usual, inventory at both the middle and upper price points is skimpy
Ansell said that some properties within her groupâ€™s portfolio are seeing asking price increases as high as +30% due to lux properties selling at a revved up pace. Â â€œHomes that we would have seen be on the market for more than a year, we are now seeing them on the market for less than 30 days (and)â€¦weâ€™re talking price points of upward $1M, all the way up to $9M and above.â€
The latest data provided by Ansellâ€™s agency indicates that the average sale price across the Bahamas in 2020 was $359,079.Â During the first six months of 2021, the average sale price ballooned to $628,887.
Opportunities Remain for Mid-Tier Buyers
Despite slim pickings, desirable developments in Nassau (Old Fort Bay, Lyford Cay, Albany, Ocean Club Estates, Harbour Island off New Providenceâ€™s pink beach) are available for mid-tier buyers.Â Upscale condos in Nassau start at $700,000.Â Waterfront properties on New Providence are available for under 1M; small ocean-view lots on Eleuthera start at $25,000; and beachfront homes on Eleuthera and Exuma start at $800,000.
Outer, more remote Bahamian islands such as Abaco, north of Andros and New Providence, have few if any vacant lots and/or canal home inventory. However, common gossip is that, according to Ed Newell, broker and co-owner of Abaco Estate Services, buyers are preparing for the next pandemic â€¦the next pandemic after COVID.Â â€œEveryoneâ€™s of the opinion that this is not going to be the last pandemic.Â If they can afford it, theyâ€™re looking out for their families and adding a second place to go to.
Bahamian Buyers and Basics
Bahamians are buying mid-tier properties; foreign buyers, primarily American, Canadian and British, are buying luxury properties
First-time, international buyers can buy a developed home or less than two acres of vacant land without any restrictions.Â Those wanting to by a second home must get a permit to do so from the Bahamas Investment Authority.
International buyers of residences valued at $750,000 and more are eligible to apply for permanent residency in the Bahamas.
Thanks to The New York Times
URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.
P.S. Limited Space Available. 235 Spots Left.