If you are looking to buy or sell real estate in The Bahamas, you have probably heard about the celebrity owners. Many celebrities, including Nicolas Cage, Maria Carey, Sean Connery, and Michael Jordan, own real estate in The Bahamas. Even celebrities like Tiger Woods and Maria Carey own real estate in the country. So why not invest in real estate in The Bahamas? Here are some things to keep in mind when buying or selling property in The Bahamas.
First and foremost, be prepared for delays. The Bahamas government recently shut down its registrar general, which means that it is only operating part time and with a limited staff. As a result, the Registrar General is not in a position to verify your identity or the title to your property. Moreover, you won’t be able to get a copy of your documents, which could mean a big real estate bahamas delay in the process. Luckily, there are many other ways to purchase property in the Bahamas.
The Bahamas’ economy continues to improve. The country saw an annual average growth rate of 0.7% from 2010 to 2017, and then increased to 1.7% in both 2018 and 2019. In addition, the opening of the Baha Mar resort, increased foreign direct investment, and post-hurricane construction activity have all helped boost the country’s economy. While a slowdown in the economy has affected the Bahamas property market, the overall housing market has stabilised.
While the Bahamas’ most well-known city, Nassau, is the largest island in the country. Its commercial hub is Freeport, which is the second-most-populated city in the archipelago. As a result, Freeport has an active vacationer population. Ocean Club Estates, an exclusive development on the eastern tip of Paradise Island, has ocean front units priced as high as US$14 million.
If you’re looking for a beachfront property in The Bahamas, Eleuthera is the place for you. This island offers one of the best private beaches in the Bahamas. You can purchase a waterfront property with unparalleled privacy and enjoy lush courtyards and swimming pools. The island also offers luxurious kitchens and upgraded bathrooms. And if you don’t want to buy a beachfront property, you can also buy a property with a waterfront location on Eleuthera.
There are several luxury islands in The Bahamas. The Abacos are a 120-mile string of islands. The largest island is Great Abaco, and the smaller, less popular Little Abaco is the next island down. Elbow Cay is an eight-mile-long cay. You can purchase a house on Elbow Cay for less than US$300,000. In the Caribbean, you’ll find beachfront properties for anywhere from US$1 million to $8 million.