NASSAU, BAHAMAS — A drastic uptick in demand for properties on Exuma has resulted in an inventory shortage and increased prices, according to one local real estate agent.
Andre Bowe, an agent with Island Living Real Estate said: “There is a shortage of inventory. I don’t see where that will change anytime soon, as ex-pats and Bahamians are looking, but very few people are of the mind to sell.”
Bowe said that the challenge has forced a greater focus on vacant lots.
“So, now we are trying to shift to selling vacant land and hoping prospective purchasers are willing to build,” he said.
“This, in turn, will be a help to the island economy and provide jobs in construction and related services. For realtors, it will after five to 10 years hopefully add the needed inventory.”
Unsurprisingly, Bowe said the increased demand has also had a significant impact on prices.
“I know of a pandemic purchase in a sought-after location being resold for double the original purchase price, so yes, demand has driven the price point on Exuma real estate,” said Bowe.
He continued: “I have had a surprising number of calls out of the blue from Bahamians looking for property, but most were modest lot inquires. Like most family islands, beach and waterfront properties are at a premium price point, and ultimately are sold in the ex-pat market, unlike the commercial property market, where Bahamians have made some premium property purchases.”
Bowe attributed the increased interest to pent-up demand and The Bahamas’ relatively good management of the pandemic.
“During most of the early pandemic when travel came back into play, real estate on the island vanished,” he said.
“Everything for sale was sold. Realtors were all showing and reshowing the few same pieces. So, the worldwide lockdown and our comparative low infection rate was a motivating boon possibly.”
Though he noted that interest in mainland Exuma has “cooled” slightly since the early days of the pandemic, Bowe said he expects the Exuma market to continue to thrive, believing that projects on the drawing board or undergoing stages of permitting, should drive exposure and demand.
Bahamas Real Estate Association (BREA) President Nikki Boeuf recently told Eyewitness News that while there is high demand for properties, inventory is now in short supply.
“We have seen continued growth and movement in the real estate sector this year. We’re in a seller’s market, certainly more so than in previous years,” she said.
