Bahamas real estate is on the way up
With several multi-million dollar investments coming to the Bahamas and a new $3 billion resort in Nassau opening later this year, the Bahamas is on its way back, according to Prime Minister Perry Christie.
Tourism is strong, accounting for around 60% of Bahamas’ GDP and 50% of employment. Bahamas’ second-largest industry is financial services, which accounts for 20% of GDP. There has been a steady year-on year rise in the number of visitors and the last recorded figure was for 2012, at 5.7 million.
Improved tourism and a better economic outlook, as well as stabilising prices, suggest that a market recovery will not long be delayed.
According to Crystal Investment and Real Estate, sales volumes are picking up: “The Bahamas’ tax situation is very attractive to foreigners, many of whom choose to become residents. There are no taxes on income, sales, estates or inheritances and there is no capital gains tax on real estate.
“Foreigners who own properties in the Bahamas are eligible for a homeowner’s residence card (renewable annually) and those who purchase properties valued at least US$500,000 are given priority in permanent residence applications.
“There are many good investment opportunities, but one that stands out is The Rum Cay Bahamas Ocean Resort Hotel & Spa is currently being developed and there are 182, one and two bedroom beach cottages, fully furnished and air-conditioned, starting at £81,500 (50% below market value).
“Rum Cay is an island and district of the Bahamas. It measures 30 square miles in area and has many rolling hills that rise to about 120 feet (37 m). The island is believed to have acquired its modern name from a shipwrecked cargo of rum. The main settlement is Port Nelson.
“The new resort will be completed on or before mid 2015 and incorporates a 5 star luxurious hotel with wellbeing spa facilities, scuba diving, horse riding, sport fishing, tennis, yachting, sailing and marina. The objectives of this resort is to construct a Mediterranean style atmosphere which would include marinas, two hotels, a broad range of vacation homes from large exclusive villa estates to two bedroom condominiums and a variety of leisure activities.
“With further phases in and around the existing settlement of Port Nelson on the Southern coast of the island offering 5 star luxury in restaurants, shopping, cafes and music venues. These stunning beach cottages offer both rental and personal usage flexible to your own needs.
“A 30% deposit starting from £24,500 is required with 70% finance available over 5,10 and 15 years. This investment offers a 13% average rental return after monthly repayment and there is a 5 year guaranteed buy back at twice rate of deposit paid.”
Crystal Investment and Real Estate is a leading real estate investment firm specialising in finding its clients the safest, most profitable investment opportunities through extensive market research, complete due diligence and a very careful selection process. Crystal Investment and Real Estate has many years of experience, covering over 20 emerging markets.