Independence Day always brings about a feeling of national pride and reflection on the Bahamian past alongside hopes for a brighter Bahamian future. For Bahamian Independence #49, we’re reflecting on these words from former Bahamian Prime Minister, The Hon. Hubert Ingrahram, when he said, “fewer things are of greater importance to humanity than land… I believe that persons holding real estate anywhere in The Bahamas are privileged and especially enriched, for there are few places that have managed to retain so much natural beauty while pursuing development.”
The Bahamas has well over 700 islands and cays and I believe that every Bahamian deserves to own a piece of them. So today, I’m highlighting 4 reasons to buy land on the Family Islands, where real estate sales are beginning to boom.
Land is relatively cheaper
A common sentiment that I encounter when speaking to Nassuvians about real estate is that property feels, and in many cases it realistically is, priced over what’s affordable to many people in Nassau. Millennials and younger folks often groan at the fact that if they were born just a few years earlier, they would’ve had the opportunity to purchase property for significantly less. Since Nassau is the capital and has seen substantial development, property prices have consequently risen. However, some of the less developed family islands still offer an opportunity to invest while land is cheaper and increase your value later on. For example, lots can be found in mainland Eleuthera for $2 per square footage compared to a common $10-$20 per square footage on New Providence. We have Eleuthera lots at 1 OAK available for as low as $40,000, ask one of our agents for more info!
2. Increasing Family Island Developments
Eleuthera in particular has seen significant foreign investment recently from major developments such as Disney’s Lighthouse Point and the Ritz Carlton, whose projected economic benefits have boosted real estate sales throughout the island. Abaco has also seen an impressive and hopeful bounce-back in real estate activity during the rebuilding period after Hurricane Dorian. Several islands including Great Harbour Cay in the Berry Islands, Exuma and Long Island have also seen (or are slated to see) investments in their airports, with Great Harbour Cay’s new airport expected to open shortly. This will increase traffic to the island and as a result, boost the economy and property values along with it. Check out this beachfront property that’s ideal for investment on the island while it lasts: https://www.1oakbahamas.com/homes-for-sale-details/BARDOT-BEACH-GREAT-HARBO-31-32-BERRY-ISLANDS/48892/516/
3. Generational Wealth
“Generational wealth” seems like such a buzzword in real estate, but there really is a huge opportunity for it especially in our family islands. Too many families know the tragic story of losing family land on these islands as the younger generations migrated and lost ownership. This can cause such a lost opportunity to develop and pass down wealth, particularly on the islands which are now seeing property values rise with surrounding developments. So many young adults find themselves thinking how much easier coming into adulthood would have been if they had property in their name. Why not give that gift to your future family while you have the opportunity?
4. Views, views, views!
Last but absolutely not least, we all know that the family islands are stunning. New Providence has its benefits, but the other rocks in our island chain boast unspoiled views that we frankly struggle to find on "the rock" these days. Moreover, so much of the beachfront land in Nassau has already been purchased and built on, it’s almost impossible for many to make their mark there. The family islands present an opportunity to get your foot in the door before it closes. So many people in the world dream of making a home overlooking our powdery sand and crystal blue water that sits quite literally at our footsteps.
Long Island, 2021
Great Harbour Cay (Berry Islands), 2020
Ready to get a headstart on your family island investment? Lift up your head and send me an email at email@example.com to pick your piece of The Bahamas this Independence Day!