From Nassau to Abaco Island, The Bahamas has various options for resort-style living, making it a popular choice for real estate investors and those seeking second-home ownership. Buyers from the United States are particularly appreciative of the country’s stable economy and its attractive tax advantages.
Getting to Nassau, the capital of The Bahamas, is convenient thanks to a dozen daily flights (currently scheduled) from Miami that take about an hour. American, Delta, and Jet Blue fly from JFK to Nassau in about 3.5 hours. For private flyers, options include Odyssey Aviation Nassau, a 24-hour full-service FBO with on-site customs and immigration services. Easy to access second and third homes in remote locations have become more appealing to today’s luxury buyers.
I recently checked in with Ryan Knowles, founder and CEO of luxury brokerage MAISON Bahamas, to get the latest market news. Knowles is one of the leading realtors in the Bahamas.
Describe your current market dynamics?
The real estate market in The Bahamas can be described in one word: “hot.” We had the busiest year on record in 2021, with throngs of international buyers hitting our shores in search of their piece of paradise. Demand continues to outstrip supply and we expect this trend to continue throughout the year.
What changes have you seen so far in 2022?
Due to the sheer number of trades that occurred last year, there is simply less available inventory in the market for buyers to purchase. So, while demand remains incredibly high, deal volume has slowed a bit due to scarcity of product.
What potential changes do you forecast for the first half of 2022?
We anticipate two major adjustments, the first being that more buyers will opt for pre-construction or pre-completion offerings due to a lack of available inventory, and the second is that more and more sellers will come to the market, sensing an opportunity to take advantage of very favorable market conditions.
Do you see more sellers coming to market in your area. If so, how will that impact market conditions?
We’ve had an unprecedented surge of interest in recent months, and we don’t see that slowing down anytime soon. While we expect more sellers to enter the market, we believe that they will continue to be outnumbered by the number of buyers who want to get in. Everyone wants a piece of paradise and many of them are willing to pay full ask or more to get it!
MAISON Bahamas is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.