The Bahamas is a great place to invest in as more people are considering a move to a less populated place
Real Estate in The Bahamas is something that many people are now considering as a viable option to live and work from, said Tim Rodland, Partner and Broker at Better Homes and Gardens MCR Bahamas Group.
As he noted, the state of the market in 2020 has solidified the fact that real estate is still deemed one of the safest long-term investment options there is. This year, millions of Americans have been forced to work from home, which has led to a dramatic shift in how many are reconsidering where they live and where they'd rather be. After millions of people around the globe have been stuck inside, many have fantasized about a new life or a vacation home to where they can escape. For many people, travel has been non-existent, which has amplified the need for wanting to escape from their current reality. As Rodland noted, a recently published article by IBM Newsroom suggests that more than 40 percent of Americans would prefer to work from home even after being cleared to go back to work in the office. The IBM poll further suggests that working remotely has become more popular than ever, and as a result, many are considering locations that are less populated than major cities.
The Bahamas is strategic, he said, not only because of its gorgeous white sand beaches and perfect weather, but also because it's a quick and easy flight for many Americans and Canadians with flights in and out daily. "It's roughly a 2.5-hour flight from New York, 3 hours from Toronto and 3.5 hours from Dallas; it's just easy," Rodland said.
"We received lots of inquiries from persons looking to get out of major cities looking for private enclaves and beachfront estates."
Private Islands have also been a topic of conversation for many, which are starting anywhere from 3 million up to 60 million-plus U.S Dollars.
The Bahamas is known as a highly attractive destination for decades, especially for those seeking investment opportunities and second homes. It's a boater's paradise and no longer considered just a vacation destination but also as a strong investment market. With 20 major islands to choose from The Bahamas seems to have something for everyone and every lifestyle.
Some buyers like the appeal of Eleuthera and Harbour Island; these two islands are adjacent to each other and offer a relaxed and rustic atmosphere. With 60 miles of beaches and only a few boutique hotels, Eleuthera is made for beach lovers who enjoy privacy and unspoiled natural environments. Harbour island, a golf cart island and frequented by the rich and famous, has a population of 8,000 and is known for its world-famous Pink Sands beach and classic colonial architecture.
Still other buyers are drawn to the capital, Nassau, which is home to the major resorts but also has the majority of the population, schools, and amenities, which is typically ideal for families looking to establish The Bahamas as their primary residence. The Abacos and Exuma Cays are the most popular amongst the boating and yachting community due to their beautiful cruising routes and lots of full-service marinas and several major resorts and residential developments.
As Rodland noted, the tax neutrality and business-friendly environment along with the ease of travel, availability of skilled professionals, modern infrastructure, and currency being on par with the US dollar only adds to its global appeal.
Property values in The Bahamas have held firm over the years and the rental market has proven to provide good yields, which many second-home buyers take advantage of when they are not using their property, Rodland said.
About Tim Rodland: Tim Rodland is a luxury real estate broker who has been in business for 8 years. He specializes in Bahamas Real estate. His brokerage is Better Homes and Gardens MCR Bahamas Group.