Courtesy of Colin Lightbourn, Engel & Völkers Bahamas
Proudly serving communities in over 30 countries, Engel & Völkers advisors are equipped with local and global expertise—allowing us to create unmatched, tailored real estate experiences. Whether in the Americas, Europe, Asia, Africa, or somewhere in between, an Engel & Völkers advisor is ready to make a connection. This month, we’re featuring The Bahamas, an island country within the Lucayan Archipelago of the West Indies, as not only a beautiful destination but also a hot market for luxury real estate.
This island nation located in the Atlantic is made up of more than 3,000 islands, cays, and islets—only a few of which are inhabited. Its beaches’ pristine, powder-fine sands and turquoise waters make it a particular favorite of real estate buyers and vacationers alike. Celebrities have a particular affinity to the area with Eddie Murphy, Beyoncé, Jay Z, Mariah Carey, and Oprah Winfrey all realizing their property dreams in the Bahamas. Singer Lenny Kravitz even owns a recording studio alongside his home on Eleuthera.
Sought-after Islands and Towns
New Providence – Nassau
Located between the much larger but sparsely populated islands of Andros to the southwest and Eleuthera to the northeast, New Providence is the most populous island in The Bahamas. It is also home to Nassau, the capital. Nassau is the center of Bahamian culture and a melting pot of modern amenities and old, authentic island style. It affords both the advantages of urban life and the beauty associated with the Caribbean.
Paradise Island
Paradise Island sits just offshore from the island of New Providence, connected by two bridges that stretch over Nassau Harbour. It is famous for its resort history, including popular establishments like Atlantis Resort and Four Seasons Ocean Club. The island offers a wide variety of condominiums, several marinas, a golf course, and the exclusive Ocean Club Estates community. Boasting one of the most beautiful half-moon crescent beaches and the Atlantis waterparks, Paradise Island is one of the most sought-after islands with real estate buyers.
Governor’s Harbour
Governor’s Harbour is the main town in the heart of Eleuthera, named after its peaceful harbor setting. A central meeting place for dining, shopping, and excursions, it boasts both original colonial houses and beautiful beachfront estates.
Elbow Cay
Elbow Cay, an eight-mile-long island part of the Abaco Islands, is situated some four miles east of Great Abaco. Originally populated by British loyalists fleeing the newly independent United States of America in 1785, it then survived on fishing, boat building, and salvage. Now, the main settlement of Hope Town surrounds a protected harbour. The island is one of the few car-free zones in The Bahamas.
Buyer Profile
Above all else, buyers looking to purchase real estate in The Bahamas are looking for second homes.
Around 70% of buyers originate from the United States, Canada, and The Bahamas, with American buyers coming primarily from the East Coast.
Around 22% have primary residences in Europe—most coming from the United Kingdom, Switzerland, Germany, and France.
Around 8% are from South America and elsewhere.
Market Trends
Elegant oceanside resort communities
Resort communities offering a vast assortment of amenities are in vogue. Albany, one of the world’s most exclusive resort communities on the island of New Providence, is owned by British billionaire Joe Lewis and the Tavistock Group organization, as well as golfing star Tiger Woods and musician Justin Timberlake. The ambitious project opened in 2010 and remains an insider favorite.
Resilient development of the market
Property prices for premium real estate in the Bahamas continue to rise and are currently around 15% higher than in 2021. Rising interest rates on mortgage loans have yet to impact property prices.
Average Price in the Top Segments
Prices vary depending on the particular island. The top 10% of properties on New Providence currently sell for about $3.5 million USD. On Paradise Island, the average price is $2.5 million USD. On the Exumas, a property will cost buyers $1.5 million USD.
In exceptional cases when an entire island is marketed as an estate—like the listing below—the sale prices are much higher.
Listing Spotlight
Dream island in the heart of the Exumas
Little Pipe Cay is a private island within the Exumas archipelago, which consists of more than 360 small islands in total. The 5,300-square-foot main residence is surrounded by guest cottages, with a total of 11 bedrooms and 12 bathrooms.
The island offers 40 acres of stunning natural beauty that have been transformed into a breathtaking oceanfront paradise. The main house is immaculately maintained and tastefully decorated, with lush gardens, pristine beaches, and a hilltop infinity pool offering gorgeous views of the turquoise waters and surrounding islands. There are boats and watersports equipment, in addition to several locations for accommodating a superyacht. The island is just a short flight from New Providence and Florida, and a short boat ride from Staniel Cay.
For a look at all of Engel & Völkers’ current listings in The Bahamas, click here.
Contacts
For further information about the property market in The Bahamas and/or referrals please contact:
Silvina Andrews Broker, Engel & Völkers Bahamas +1 242 424 1643