NASSAU, BAHAMAS — The country’s high-end real estate market is ‘booming”, according to Bahamas Real Estate Association (BREA) President Christine Wallace Whitfield, who noted the segment appears to be outperforming pre-pandemic levels.
Wallace-Whitfield, in an interview with Eyewitness News, noted: “It’s the high-end market that is doing very well. That market is booming. It’s crazy. The high-end market here in New Providence and the Family Islands is doing very well.
“Given the circumstances, it’s kind of better than it should have been.
“With the high-end market, the majority of the buyers are cash buyers. They don’t need financing. They’re looking for peace of mind, a place to escape amid what’s going on globally with the pandemic, and that’s why I believe we are seeing this influx.”
In contrast, however, Wallace-Whitfield noted the local market is not performing nearly as well.
“There appears to be movement in the local market, but it just seems like the local market has slowed down,.” she said.
“The focus has really been on the high-end market. The local market is what really helps to sustain us and keeps us going in the long-run. We need that continuity in the local market.”
Wallace-Whitfield noted the pandemic has affected the ability of some potential buyers to secure the necessary financing as banks have become more stringent with their lending criteria.
“People want to own a piece of the rock. People want to build their family,” said Wallace-Whitfield.
“COVID has impacted a lot of people because a lot of people lost their job and some have had to move in with family. I think people are doing more saving — if they can — as opposed to buying a home right now.
“There are also some persons still trying to get back on their feet from Hurricane Dorian.”
