NASSAU, BAHAMAS — Strong demand in the second home segment is driving positive growth in the country’s real estate industry, according to Bahamas Real Estate Association (BREA) President Nikki Boeuf, noting that while there is high demand, inventory is now in short supply.
“We have seen continued growth and movement in the real estate sector this year,” she said.
“We’re in a seller’s market, certainly more so than in previous years.
“There is significant demand in the second home market.
“That is one of the main drivers in the industry right now. There is strong demand for mid to high-end rentals.
“We are seeing quite a lot of transactions on a monthly basis.
“We are at the stage where there is more demand than there is inventory especially in certain parts of the country and for waterfront properties.
Everything is being snapped up quickly.”
She added: “We are seeing a lot of activity in Nassau obviously. One of my colleagues said that the level of sales transactions in Bimini is also very high.
“They are doing really well, with sales anywhere from $500,000 to $2 million.
“Eleuthera has been doing extremely well for a number of reasons.
“The island is very attractive and has significant investments from Disney and other major developers in the pipeline.”
“There was a point in the pandemic when nothing was happening and we weren’t even allowed to show vacant land.
“With there being a steady stream of migration throughout the US and people being able to work remotely we saw a number of persons who decided to move to destinations like The Bahamas where they felt safe and at ease.
“We saw a lot of persons coming and purchasing second homes.
“The government caught on and provided some nice incentives to aid the industry,” she said.
Boeuf also noted that the industry is also seeking increased interest from individuals in the cryptocurrency space looking to relocate or do business in The Bahamas.
She added: “Airbnb is also another growing segment and a number of Bahamians have been capitalizing on that business.”
