Before the coronavirus swept across the Caribbean, demand for residential properties in The Bahamas was in decline. Engel & Volkers reported a 20% decline in residential sales in 2019. The government shut down the country’s borders to international tourists in March 2020 in an effort to contain the spread of the disease. Tourism to the Bahamas decreased by 14.7% y-o-y in Q1 2020, with air travel down nearly 28% and tourist arrivals down 10.5%. The tourism outlook is even worse for Q2 2020.
The Bahamas offers a diverse range of real estate properties, including luxury homes for sale, condominiums on Paradise Island, and waterfront and private island properties. Its tax regime is investor-friendly, and its renowned beaches and world-class shopping and spas are an additional plus. Property prices are more affordable than in other parts of the Caribbean, so investors are encouraged to move there. And if you’re looking to invest in Bahamas real estate, a comprehensive guide can help you make a smart decision.
The Bahamas Multiple Listing Service is a bahamas real estate valuable resource for navigating the process of buying, selling, and renting real estate in The country. The handbook contains detailed information on real estate laws and practices in the Bahamas. It also addresses the current trends in development in the country. As with any source of information, make sure to verify the information you’re getting. And remember: there’s no substitute for local knowledge. For instance, the Bahamas Real Estate Association’s handbook was first published in 1994 and has been updated many times since then.
When buying real estate, it is vital to consult a local attorney who can help you navigate the legal process. Most real estate transactions are done through a Bahamian attorney or counsel. These individuals will act on behalf of their client or on their instructions. Your attorney will ensure that your property’s title is clear and the purchase proceeds according to your terms. If the buyer is unavailable to sign the document, the attorney will complete the process.
Investors from the United States are a key group for buying real estate in the Bahamas. Because of its favorable tax situation, the country is an attractive second home location for both vacationers and real estate investors. The Bahamas’ economy is stable and is one of the richest nations in the Caribbean. This combination of stable economic conditions and a large expat community makes the Bahamas an excellent place for real estate investment. And the Bahamas’ location is perfect for both business and pleasure. It is only 2 hours 5 minutes away from Washington, DC and is also home to a thriving tourism industry.
Investors should be aware of the costs involved in buying real estate in The Bahamas. Realtors’ fees, lawyers’ fees, and other expenses can add up quickly. While the Bahamas’ economy is relatively stable, the costs involved in buying a property can still be high. A buyer should carefully research the market in advance. A guide to the international property market is available. There are many online tools to help buyers make an informed decision. But remember that there is a lot more to buying real estate in the Bahamas.