Before the coronavirus, demand for residential properties in the Bahamas was declining. Real estate brokerage Engel & Volkers reported a 20% decrease in residential sales last year. The government shut down the island’s borders to international tourists in March 2020 to prevent the spread bahamas real estate of the disease. As a result, tourism numbers in Q1 2020 dropped 14.7% y-o-y, while air travel declined by 28%. This trend is expected to continue into Q2 2020.
Celebrities and sports stars are buying up island homes in The Bahamas for luxury and beachfront properties. Hollywood stars and athletes like Nicolas Cage and Maria Carey own real estate in The Bahamas. Other high-profile celebrities with Bahamas properties include Michael Jordan, Shakira, and Sean Connery. Those looking to buy luxury real estate can expect to pay more than US$50 million for a two-story villa or luxury condo in Nassau.
Foreign investors can take advantage of a stable economy and attractive tax benefits when buying Bahamas real estate. Investors from the United States are attracted to the Bahamas’s low tax rates and stable economy. For a second-home buyer, Bahamas real estate is a fantastic way to invest in a new lifestyle or vacation property. However, it is essential to know that there are legal requirements and restrictions associated with investing in property in The Bahamas. You must register as a foreign buyer before you can make any purchases, and you must pay a fee ranging from $25 to $100.
In Bahama, real estate transactions are handled through an attorney or counsel. These professionals act on behalf of clients on both sides of the transaction. They can take action on the client’s behalf and act on their oral or written instructions to ensure the title is clear and good. And they can also arrange the completion of the transaction. And in the Bahamas, it’s important to note that if you’re buying a property for business purposes, you’ll likely need the assistance of an attorney.
You can find luxury homes in The Bahamas at an affordable price. The Abacos are a chain of islands comprising 650 square miles. The largest island is Great Abaco, while the smaller islands include Little Abaco and Elbow Cay. Houses in Elbow Cay start at $300,000. Beachfront properties, on the other hand, can fetch upwards of $8 million. Whether you’re looking for a single family home or a full-fledged condo, ERA Dupuch can help.
The Bahamas is a great place for businesses, and they promote a friendly investor environment to encourage investments in real estate. There are two distinct pillars of the Bahamas economy: financial services and tourism. Both sectors are supported by government policy. A minister of financial services was appointed in October 2002, and he announced his intention to streamline property purchase procedures. The minister of finance is a good example of government support for real estate in The Bahamas.