Why Celebrities Love Bahamas Real Estate

 

A lot of famous people have purchased bahamas real estate real estate in The Bahamas. There are hundreds of islands to explore, a tax-friendly regime, and world-class golf, shopping, and spas. Many of the celebrities also own real estate here, including Mario Carey, Maria Carey, and Sean Connery. You can also find some of the most opulent homes in the Caribbean here. Read on to find out why these celebs love living in The Bahamas.

One of the most important things to consider when buying or selling Bahamas real estate is its cost. While it’s true that the price can be extremely high, you should be prepared for the extra expense. You’ll also need to spend a fair amount of time preparing and negotiating. Fortunately, the Bahamas Real Estate Association has published a handbook to make the process as smooth and painless as possible. It will help you understand Bahamas real estate laws better and be able to protect yourself in the long run.

Another key factor to consider is the property market in The Bahamas. The market is stable, and prices are much higher than in other Caribbean countries. This is an advantage for many buyers and sellers of luxury real estate. A recent Bahamas Guides article shows that average real estate prices in The Bahamas are 37% higher than in its Caribbean neighbours. Furthermore, its proximity to the USA and the strong political stability of the island nation make it a top destination for luxury home buyers.

Non-Bahamians are encouraged to purchase Bahamian real estate. The Bahamas’ International Land Holdings Act 1993 encourages non-Bahamians to invest in the country. Generally, buying Bahamian property requires a registration with the Central Bank and Investments Board. This registration fee can range from $25 to $100. Once you’ve completed the registration process, you’ll have all of the necessary documentation.

The Bahamas Real Estate Act does not prevent foreigners from buying property. However, the price of realtors’ fees, lawyers’ fees, and other transaction costs are quite high. Purchasing foreign property is now easier and faster thanks to the International Persons Landholding Act, which replaced the Immovable Property Act of 1981. Only properties that are larger than five acres or 20232 square meters need to be registered with the Government, and foreign property must be registered with the Central Bank and the Investment Board after purchase.

However, the demand for residential properties in The Bahamas is ebbing away. According to Engel & Volkers, residential sales in the Bahamas declined by 20% in 2019. In addition, the government closed the country’s borders to international travelers beginning in March 2020 to prevent the spread of the disease. This cutback has affected tourism numbers, which fell 14.7% year-over-year in Q1 2020. Air travel also fell by 28% and tourism is expected to decline more in Q2 of 2020.

If you’re looking to buy property in the Bahamas, consider investing in one of the islands. The Abacos are 120 miles long, covering 650 square miles. Two-bedroom beachfront villas in Staniard Creek are currently listed for US$2.1 million, while a four-bedroom home in Fresh Creek is priced at US$850,000. Eleuthera, located fifty miles east of Nassau, is home to 110 miles of white sands.

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