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From:TheBahamasWeekly.com Opinions
Real Estate Agent ‘2018 will be Banner Year for Bahamas’ A real estate agent whose sales total more than $70 million and who just completed his best year yet is predicting even better days ahead, projecting ‘a banner year for The Bahamas’ in 2018. HG Christie superstar Ryan Knowles made the positive prediction yesterday, saying that two distinct factors point to overall success for the real estate market in both the Family Islands and New Providence. “There are two independent engines that I believe will drive buyers to purchase in The Bahamas this year,” said Knowles, who handled $28 million in transactions to take honours as HG Christie’s top producer in 2017. The first, he said, will be the affluent corporate and investor market that is flourishing under a less regulated, lower corporate tax regime in the U.S. “A booming Wall Street and a U.S. president who is business-friendly may not be popular with a lot of people, but the reality is that the top corporate executives and major shareholders who benefit from less regulation and lower taxes are the same people who are going to be looking at The Bahamas,” said Knowles. “With greater disposable income and increased confidence, they have more money for second, third or fourth homes. They want to invest in a place that is close to the mainland, is stable and, above all, where both their family and their investment are secure. Safety and security are the number one concerns among the super wealthy, an economic category enjoying unprecedented growth. They are the clients who will buy or build in Albany, Old Fort Bay, Lyford Cay, Ocean Club Estates or make a lifelong fantasy of owning an island their 2018 reality.” The second engine Knowles believes will drive real estate sales is demand by millennials for starter condos and homes or an upgrade from their first home. “There are thousands of millennials who want to take advantage of affordable mortgage rates and who understand the value of owning rather than renting,” Knowles said. “Their challenge is going to be finding inventory in the right location at the right price.” The lack of inventory in the below $500,000 market propelled Knowles and colleague Shamon Campbell to back a 20-unit condo project in Coral Harbour called Aqua. Knowles calls the intimate waterfront community on the south coast of New Providence “the best value for money on the waterfront today.” Community features prominently in Knowles’ life. Wanting to give back to the community, Ryan played a critical role in establishing the Community Leadership Centre – a not for profit organization dedicated to improving the reading, math and all around leadership skills of underprivileged, inner-city children in Nassau. And it is a sense of community that has helped propel sales at developments like Venito and Venetian West, both located in the western areas of New Providence, both of which sold out almost immediately, said Knowles. “The thirst is greater than the supply to quench it,” said Knowles, who recognized the desire for home ownership among young professionals years ago and began courting the market with open houses complete with cocktails, art and entertainment. His White Parties became legendary and a highlight of the social season. “Greater disposable income for Americans and lower mortgage interest rates for young professionals in The Bahamas will combine to create a banner year for real estate in The Bahamas in 2018,” predicted the innovative agent who has created his own brand, The Ryan Knowles Team, under the umbrella of HG Christie Ltd., the oldest and largest real estate brokerage in the country. His one piece of advice for developers: “Get busy and build for the millennials for their needs now and their growth five years from now.”
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