NASSAU, BAHAMAS — Approximately 1,500 applications have been received for the 300 lots in the Prospect Ridge Community for young professionals with one local realtor noting, “there is clearly an appetite.”
The six-week application period opened on July 1 and closed on August 16 with applications received via the MyGateway platform, according to the Committee for the Development of Communities for Young Professionals.
Prime Minister Dr Hubert Minnis said: “Given that the Prospect Ridge community will only have approximately 300 lots, my Cabinet and I have agreed to make appropriate housing lots available in the western district of New Providence to all persons who have applied and meet the criteria which were established by the committee.”
According to yesterday’s statement, the application review process will continue until September 30 and applicants will be communicated with during October 1-15.
Matt Sweeting, CEO of 1OAK Bahamas, said: “The level of response I such a short window clearly indicates that there is an appetite but that acquiring real estate in New Providence is cost-prohibitive for this demographic. The Prime Minister offered some incentives which made it easier for them. If we are acknowledging that the information indicates a considerable demand, the government may consider alternative means to addressing.”
Sweeting suggested that one solution could be to extend similar exemptions and incentives outside of the Prospect Ridge development. He also suggested that government could incentivize private developers who have undertaken similar developments.
Forty percent of the lots within the development will be multi-family lots at $50,000, and 60 percent will be single-family lots at $40,000. The government will bear the cost to put in place all of the necessary infrastructures for the 95×100 lots, which will be valued at $150,000.
The program will also offer several concessions, including the waiver of customs duties on all the building materials and appliances, real property tax exemption for two years after construction, and one year without stamp tax.
Additionally, the government will make available 10 approved Ministry of Works architectural designs for homeowners to choose from at a cost of $1,000, eliminating significant architectural fees.
However, to ensure that the development is completed in a timely manner, the homes will have to be completed within two years of purchase.
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