There's no denying that this has been an interesting year. The global crisis has affected countries and people in many different ways, and in The Bahamas, we've seen some interesting trends in the Real Estate market.
Although our tourism industry took a big hit due to the closure of our hotels, the vacation rental market remained quite strong. There's countless reasons why people that have the luxury of owning or renting a second home choose The Bahamas. Beautiful climate year round, pristine beaches and crystal clear waters, in addition to a relaxed and safe environment, and proximity to the US and Canada, to name a few.
All of this coming together has created a renewed in Real Estate in The Bahamas. Our vacation rental visitors are staying! Technology has made it very easy for visitors to work while residing in The Bahamas and the government now offers a special residence opportunity called BEATS (Bahamas Extended Access Travel Stay) which allows visitors to call the islands "home" for up to one year. Vacation renters, are now becoming long term renters which in turn has stimulated the real estate sales market. Buying a home on any island in The Bahamas is a very sound investment.
For further information on buying or renting property in The Bahamas and the BEATS opportunity, please give me a call or send me an email. I'd love to talk to you!
Silvina Andrews | Engel & Völkers Bahamas