After years of a market downturn, the tropical paradise of the Bahamas is finally seeing a light at the end of the tunnel. Seeing a downfall in property values from 2008-2010, many new developments were put on hold or completely disintegrated due to a lack of funds from investors. This put a damper on home buying as properties became scarce and a line of credit from the bank became almost impossible to get. Skip ahead to the more recent real estate market and you will see as property values and sales have increased, international developers are once again taking an interest in purchasing homes in this Caribbean paradise. The real estate market in this oasis of ocean beauty has rebounded and is currently sitting at high tide. Although prices are on the rise, this is still a great time to think about homeownership in the Bahamas. The rise in home prices has really got the interest of large housing developers who are turning this upswing in the market into an opportunity to build some of the most magnificent and luxurious developments ever built in the Bahamas.
One of the top tourist destinations in the world, known for its crystal-clear turquoise water and miles of pure white sand, the Bahamas is a prime location to purchase a home. Whether you want to relocate permanently to the bustling city of Nassau or you want a quiet vacation getaway in the quaint Hope Town, the picturesque quality of the islands of the Bahamas makes a perfect setting for a new home. There is hope for those who wish to establish residency in the Bahamas. Home prices have stabilized in recent years and are currently on the rise adding a renewed growth of development leading to an upturn in the real estate market. As the market rebounds, the desires of the new home buyers are changing as well. There is more of a demand for mixed-use developments where homeowners can have all conveniences at their fingertips. Mixed-use developments offer a full-service area that offers retail shopping and restaurants without having to travel long distances.
Many international developers, from countries such as America and China, have gained a new interest in investing in the real estate market of the Bahamas. The European countries such as France and Great Britain are also seeing a turnaround in the Bahamas market and make up around 20 percent of the purchases of new homes. What are they looking for? Privacy and luxury are key components for those who are investing in and buying real estate in the Bahamas. There are now multi-million dollar hotel-condo developments popping up across the country in areas such as Old Fort Bay and Lyford Cay. There is also an increase in magnificent private homes on the market. Buyers are looking into private gated communities with the luxuries of a hotel resort. In Nassau, China is financing the largest development in the country, Baha Mar. The 1,000-acre complex will add an additional 284 units for purchase in Bahama’s most populous city.
If you are looking for a country that is a rising star in the real estate market, check out the Bahamas and see why so many tourists come back year after year. You can start looking for houses for sale in the Bahamas by searching through our classifieds section.
What’s your experience living in the Bahamas? Leave a comment and sharing your experience with us.
