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Last Updated: Mar 5, 2021 - 12:13:02 PM |
 Nassau, Bahamas - With the Bahamian real estate market in recovery mode, realtors say now is the time for prospective home buyers to scout for deals before those bargain properties disappear.
This comes in the aftermath of a major fallout from Hurricane Dorian in 2019, and the onset of the global coronavirus pandemic in the first three quarters of 2020, which saw demand for real estate purchases and rentals on the Bahamas archipelago plummeting.
Realtor Carlyle Campbell, president of Carlyle Realty Ltd, says some momentum has returned to the market as prospective home buyers are now actively seeking out deals. Campbell also shared that there are a number of properties, being sold as low as 30 per cent below value in the mid to lower end of the market.
On the higher end, Paul Antonas, co-owner of luxury real estate outfit LX Bahamas, says there is also an uptick in demand for single-family dwellings, as well as beachfront properties
The LX Bahamas co-owner, also shared that the added demand for single-family properties is being driven by locals with growing families as they seek space outside of condos and townhouse settings away from populated areas. He says this has made single-family properties from $750,000 and upwards in high demand.
Antonas also says real estate developers have since taken notice of the positive trends and are moving to capitalize on it. He commended the islands’ financial institutions, such as Scotiabank, for also responding to the market with improved mortgage rates and fees, as well as processing times.
Scotiabank’s Director, Retail Banking, Na-amah Barker says the bank is constantly assessing the needs of customers and is always prepared to respond with matching products and services.
She also pointed out that property acquisition has now become even more attractive with an increasing number of persons working from home.
“Since COVID-19, a number of Bahamians are still working from home, their families are also working or studying from home and so there is a greater desire to own property. Real estate also remains among the most stable asset classes, and so is considered a good investment for those looking to invest at this time,” says Barker.
She also highlighted that for customers whose income was not adversely impacted throughout the pandemic, activity is returning to normal after hitting a slump last year.
The senior banker noted that Scotiabank remains very keen on real estate financing and has been working assiduously to help its customers realize their goal of home ownership notwithstanding the current period of uncertainty as a result of the global coronavirus pandemic.
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