The Bahamas' property market, according to Brookes & Company, is making a comeback with investors.
The Caribbean property market, like most of the rest of the world, has suffered since the global financial crisis of 2007. Property in the Caribbean lost about 30% of its value in the years following the economic downturn, according to the recently published Savills Prime Residential Retreats 2014 Study. Between 2007 and 2010, real estate prices in some regions, such as the Bahamas, fell by as much as 40%. pearl apartments
The Caribbean, on the other hand, seems to be reviving.
Resort investments in top locations, such as the Baha Mar Resort, Atlantis Resort, and Royal Ocean Club in the Bahamas, are being flagged by Savills as some of the hottest property investments in the global marketplace, as previously stated by World Property Channel. The report's two main terms were'retreat' and'resort,' with investment in exclusive vacation spots on the rise.
"The recovery that began in cities in 2009 is now rolling out to the hinterlands and boltholes occupied by equity rich homeowners during weekends and vacations," according to the study.
"The Caribbean luxury property market - and in particular the Bahamian market - was undeniably impacted by the economic downturn," says Philip Button, Managing Director of property investment specialists Brookes & Co. "However, now that rates have bottomed out, we are seeing a significant increase in interest, with clients taking advantage of the opportunity to purchase five-star properties at lower prices, anticipating price increases in the months and years ahead." When it comes to the Bahamas, investors are looking for high returns, which is why the Royal Ocean Club on Grand Bahama has gotten so much publicity. Clients are eager to get a piece of the resort before prices in the Caribbean return to their former peaks, with deposits as low as £29,790 and ocean front units starting at £99,300, plus non-status developer financing at 70% LTV."
The Bahamas attracted 1,136,898 stop-over arrivals in 2013, according to the Caribbean Tourism Organization's Latest Statistics 2013 survey, published in early 2014. The Bahamas is the fifth most popular Caribbean destination for the year, according to the data.
Many visitors fall in love with the Bahamas' allure, from its crystal-clear waters teeming with darting, brightly colored fish to rum cocktails sipped on powdery white sand beaches to spicy and tasty cuisine that takes advantage of the islands' diverse natural food sources. The Bahamas' tax benefits also appeal to investors, with many opting to take advantage of the home owner's residence scheme as well as the absence of taxes on wages, sales, estates, inheritance, and real estate capital gains.
With so many attractions, it's no surprise that the Bahamas is regarded as one of the most exciting property investment markets in 2014, with buyers rushing to snap up bargain properties and be a part of the islands' renaissance.