The economy has been sluggish for years, but real estate in The Bahamas has finally begun to show a sign of life. The influx of foreign and local investors has pushed prices up double digits in the past quarter. With prices soaring, it is a great time to buy or sell property in The Bahamas.
The Bahamas is one of the most popular locations for vacation properties and second homes. The islands are surrounded by clear blue waters, stunning coral reef, and an idyllic, resort-style lifestyle. The country is also a great option for expats because it offers many residency options. The government of The Bahamas encourages business investment in the country. Its tax advantages make the Bahamas a good choice for both second home and real estate investment.
However, the Bahamas is not without its problems. There are cases of shady businesses stealing money from American citizens. Some people have lost their entire life savings after acquiring property in The Bahamas. There have also been incidents involving high-end real estate projects that failed to be completed. If you want to make sure your investment is safe, make sure you research the country’s real estate market.
Foreign buyers typically come from the United States, Canada, France, Britain, and Italy. Since the economy is in transition, there is a strong demand for property in The Bahamas. The cost of property is low, and rental yields are moderate to good. Most foreign buyers buy property in cash. There are some restrictions, however, for foreign buyers. For example, if you plan to buy a property in the ecotourism zone, you need to be a resident.
When it comes to buying property, it is wise to seek the advice of a local real estate agent who specializes in the region. There are several ways to find a reliable real estate agent in The Bahamas. The Bahamas Multiple Listing Service is a cooperative data exchange program that lists properties with participating brokers. Listings with other brokers are marked with the IDX symbol.
If you are interested in buying property in The Bahamas, you may want to consider purchasing property in the capital city of Nassau. This city has the most variety of real estate in The Bahamas. There are single family homes, condominiums, townhouses, vacant land, and rental properties. Whether you’re looking for a vacation home or a permanent residence, you can find the perfect home in Nassau.
When searching for real estate in The Bahamas, it’s important to consider price and location. Property prices were slashed by up to 20% during the global financial crisis, but have since stabilized. Prices of ocean front units in The Bahamas have now reached US$150,000. Bahamas real estate In addition to the price, you can also narrow your search based on the number of bedrooms and bathrooms you want.