NASSAU, BAHAMAS – The local real estate market is likely to see increased activity and sales this year, according to a well-known property specialist, noting that it remains a ‘buyer’s market’.
Monica Knowles, a Bahamas Realty Top Producer, told Eyewitness News: “We anticipate increased activity and sales this year 2020. It is exciting to have so many developments to showcase to buyers and each one has a unique appeal.
“One Particular Harbour at The Pointe is launching move-in ready luxury residences and limited 6,000 square feet penthouses for sale in Spring 2020. Also, 36 Paradise Island has limited penthouses remaining with private rooftop terraces and a guaranteed leaseback program.
Knowles continued: “Baha Mar residences are in full swing and have recently introduced four luxury oceanside villas for sale with full access to hotel amenities, club Nexus and a secluded private island. The list goes on and on. Buyers seem to like to have the option to purchase into the condo hotel program or outright as a freehold condominium residence.”
Knowles noted that in 2019, luxury waterfront condos are topping the wish-list for high-end home buyers.
“These buyers are looking specifically for new construction with luxury finishes and smart floor plans that maximize interior and exterior square footage,” she said.
“Residences that offer resort-style amenities and privileges are proving to be very desirable.”
She noted that in 2019 there were significant sales in the Rosewood Bahama Mar, Goldwyn Cable Beach, and Hurricane Hole Paradise Island developments.
According to Knowles, with the amount of inventory and the variety of product available, “we remain a buyer’s market”.
Speaking to some of the government’s policies impacting the real estate sector, she noted: “The recently implemented VAT breaks on real estate sales for Abaco and Grand Bahamas are a much needed incentive and we look for continued progress and assistance in those areas.
“The government increased the cap on annual real property tax from $50,000 to $60,000- a 20 per cent increase for higher end properties, which has not had an adverse effect so far. The rates of transactions under the VAT act are identical to the previous Stamp Act.”