Bahamas Property Outlook

Bahamas Property Outlook

Residential properties in the country have been witnessing a downfall in the last two years. Even though some of it can be attributed to the current pandemic, but the data suggests that the trend had been dominant before the arrival of the pandemic. However, the further developments came when the Bahamas government announced closing the borders for the international tourists in march last year. That being said, it no doubt put a drastic impact on the properties in the county. In the quarter of the last year, the number of tourists coming to the country fell by 14.7%. It’s equally important to mention that the Bahamas attracts a touristy population of 1.7 million per year. This drastic downfall can be linked to various others factors as well.

However, the prices fell by drastic levels. In this regard, the price of a single-family home fell by 9.5%. Though the statistics from 2019 show a grim picture, the country is set to take the market head-on with the opening of the properties, and the country.

Bahamas Property Outlook

In 2019, the high-end communities witnessed a rise in prices by 16%. In cable beach, and sandy port, the prices rose by 19.8, and 5.8%. On the contrary, the property value in Lyford and Port Providence saw a downfall, and it fell by 6% to 15% in 2019. In some particular areas, the values fell from the top to the bottom, amounting to 60%. Though compared to 2010, the prices are much better and have improved. IN this regard, the price of an average house stands at the US $3.5 million.

The buyers of the properties in the country come from the US, Canada, as well as other European countries as far as foreign buyers are concerned. However, certain rules need to be followed before making the transaction. A permit is to be obtained of the property is more than five acres, and is in undeveloped land.

Bahamas Property Outlook

To further encourage the buyers, the government offers the buyers eligibility for the Homeowner’s residence card, and if the price of the property is at least USD 75,000, then they will qualify for permanent residency. However, this doesn’t entail that the owner can work in the country.

The pandemic has no doubt wreak havoc on the country, and according to some reports, it will continue to affect the prices in the nation. However, the aggressive and innovative steps taken by the government to open the country have been lauded. In addition to that, the world bank report has appreciated the country’s benefit options for its citizens as well. Compared to the economic growth of 0.7% in 2017, it has no doubt improved. The opening of the various properties in the country has further improved the GDP. This has attracted foreign investment. The country’s tourism is one of the factors that has led to a downfall in the last year due to the Covid-19, but as the nation is opening up, the values of the property are surely expected to rise.

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