The Booming Real Estate Market - Reprioritizing of People's Values
Since the pandemic, we've seen a reprioritization of people’s values. A second home where one can be with family and friends in comfortable seclusion is driving buyers to the The Bahamas and other Caribbean islands.
Buyers who prioritize location, are making a smart investment. The pandemic has taught people to enjoy spending time together in their homes and this fundamental shift in mindsets has had a tremendous impact on what buyers are looking for in a second home. Demand is growing from high-net-worth buyers ready to commit to second homes in countries with warm climates and a stable environment. With new remote-work policies and attractive residency options in countries like The Bahamas, this new trend will not be changing any time soon.
The Condo Market
In The Bahamas, condominium developments are exploding into the market. Sales of luxury condos are moving at an incredibly fast pace. For many, owning a condo versus a house, just makes sense. There is the ease of coming and going without maintenance and security worries and also the lure of built in amenities. Condo developers have started taking amenities to a new level by offering sophisticated options for residents and guests. Captain-driven boat cruises, private clubs in exotic destinations, and spas, just to name a few.
For many who are already familiar with island destinations, a need for change has persuaded them to look into second or third-home purchases—even if that means buying sight unseen, and branded condo developments give the buyer added confidence.
We have definitely seen an increase in buyers seeking private residences in The Bahamas. A strong desire for individualism, privacy and control of the asset has impacted the sales of stand-alone homes. Of particular interest have been luxury communities offering golf courses, beach and other amenities.
The Vacation Rental Market
As a pure investment, the numbers are very attractive for a buyer. Many of these properties can end up in a rental pool, and based on the demand that we are seeing, those numbers could end up quite high. Given the uncertainty of the last couple of years, a buyer should still be primarily motivated by their desire for a different lifestyle and invest in a property that they will also enjoy.
For those that are not very familiar with the island destination they have chosen, there are some factors they may want to consider. For example, the location of The Bahamas is ideal being just a 30-minute flight from the coast of Florida with an abundance of daily flights. The international airport offers direct flights to many major cities in the US, Canada and Europe. There are two FBOs' providing outstanding service for people traveling privately. For those that plan to work or study remotely, there is reliable internet coverage and technical infrastructure. Entertainment and fine dining are also a huge draw for potential buyers and the Bahamas offers amazing choices. Working with a reliable and knowledgeable real estate advisor is the best way to get the information needed to make a sound home purchase decision.
Real Estate Broker
Engel & Völkers Bahamas
Nassau, The Bahamas