Buying Real Estate in The Bahamas
The Bahamas is an ideal place to purchase real estate, with its breathtaking natural views, stunning coral reef, diverse bird and flower species, and welcoming locals. Its steady economic growth and growing tourism industry also encourages investors to purchase property in the country. A handbook for property purchase and sale was published in 1994 by the Bahamas Real Estate Association, filling a need that existed for years. This book provides information on all aspects of purchasing real estate in The Bahamas, as well as ways to buy, sell, and rent properties.
Non-Bahamians can buy residential properties up to five acres without seeking prior government approval. Larger projects may require a permit, which is based on the assurances of the investor. Non-Bahamians who purchase land for development purposes should submit a project proposal, which includes financial projections and employment needs. Once approved, property owners can sell the property to other individuals or corporations for a profit. In order to sell the property, the buyer must pay a stamp duty to the government.
In order to sell real estate in The Bahamas, investors should contact local agents. Lightbourn Realty has offices in Nassau and Elbow Cay. It also has representatives in Cherokee Sound, Man-o-War Cay, and Treasure Cay. The real estate market in The Bahamas is highly competitive. In addition, buyers should be aware of the tax regulations of the country. Besides being a great investment, purchasing property in The Bahamas is a great way to make a comfortable living.
Inflation affects the housing market. The rise of interest rates in the U.S. and other wealthy nations means that buyers may be moving their money to more stable markets. The Bahamas may also benefit from a spillover of luxury buyers from luxury markets in other countries. This means more inventory in the Bahamas. Therefore, investors can expect a drop in prices. It is important to understand the potential impacts of higher inflation on the Bahamas real estate market.
Although the government is encouraging foreign investment, the country has put in place policies to make the process easier for non-Bahamians to buy real estate in the country. In particular, the International Land Holdings Act of 1993 is designed to facilitate the purchase of property by non-Bahamians. Foreign investors must obtain a permit to purchase Bahamian property. Once approved, the process will take a few weeks and cost only a few hundred dollars.
The country’s economy is relatively stable compared to other bahamas real estate Caribbean countries. The country’s property market is growing in popularity. While home prices are lower than in other Caribbean islands, Nassau offers a wide range of properties from lively condominiums to luxurious estates with deep water dockage. This island is a good choice for those looking to enjoy nature, as well as luxury living with all the amenities. Andros Island is the capital of Grand Bahama and its neighbouring Paradise Island are also popular destinations.
Despite its remote location, Bahamas real estate is one of the most affordable and stable markets in the Caribbean. Luxury Bahamas real estate has enjoyed a boom in recent years, possibly due to post-COVID awareness and low inventory, which has made prices more competitive. The country’s proximity to the USA and its tourism-driven economy have helped make the country a desirable place to buy real estate. The Bahamas continues to develop attractive real estate products.