Realtors say Bahamas real estate market on upswing
NASSAU, BAHAMAS — With the Bahamian real estate market in recovery mode, some realtors assert now is the time for prospective home buyers to scout for deals before those bargain properties disappear.
This comes in the aftermath of a major fallout from Hurricane Dorian in 2019, and the onset of the global coronavirus pandemic in the first three quarters of 2020, which saw demand for real estate purchases and rentals in The Bahamas archipelago plummet.
Realtor Carlyle Campbell, president of Carlyle Realty Ltd, said some momentum has returned to the market as prospective homebuyers are now actively seeking out deals.
Campbell also shared that there are a number of properties being sold as low as 30 percent below value in the mid to lower-end of the market.
On the higher end, Paul Antonas, co-owner of luxury real estate outfit LX Bahamas, said there is also an uptick in demand for single-family dwellings, as well as beachfront properties
The LX Bahamas co-owner also shared that the added demand for single-family properties is being driven by locals with growing families as they seek space outside of condos and townhouse settings away from populated areas. He said this has made single-family properties from $750,000 and upwards in high demand.
Antonas also said real estate developers have since taken notice of the positive trends and are moving to capitalize on it. He commended the islands’ financial institutions, such as Scotiabank, for also responding to the market with improved mortgage rates and fees, as well as processing times.
Scotiabank Director of Retail Banking Na-amah Barker said the bank is constantly assessing the needs of customers and is always prepared to respond with matching products and services.
She also pointed out that property acquisition has now become even more attractive with an increasing number of individuals working from home.
“Since COVID-19, a number of Bahamians are still working from home, their families are also working or studying from home and so there is a greater desire to own property,” said Barker.
“Real estate also remains among the most stable asset classes, and so is considered a good investment for those looking to invest at this time.”
She also highlighted that for customers whose income was not adversely impacted throughout the pandemic, activity is returning to normal after hitting a slump last year.
The senior banker noted that Scotiabank remains very keen on real estate financing and has been working assiduously to help its customers realize their goal of homeownership notwithstanding the current period of uncertainty as a result of the global coronavirus pandemic.