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Advantages of Buying Real Estate in The Bahamas

 

With the coronavirus outbreak, demand for residential properties in The Bahamas has slowed dramatically. In 2019, the real estate company Engel & Volkers reported a 20% decline in residential sales in The Bahamas. The Bahamas government subsequently closed its international border in March 2020 to prevent the spread of the disease. As a result, international tourist arrivals declined 14.7% y-o-y in Q1 2020, with air travel down more than 28%. Q1 2020 numbers are expected to get even worse, with the coronavirus outbreak predicted to affect tourism even more severely in Q2 2020.

One of the primary attractions of buying bahamas real estate property in The Bahamas is the opportunity to enjoy resort-style living and the friendly locals. Investors from the United States appreciate the stable economy and the attractive tax benefits. A number of international investors are attracted to the Bahamas, including those seeking second homes and real estate investments. Listed below are some advantages of buying real estate in The Bahamas:

Investment in Bahamas real estate is welcome for non-Bahamians, and the country has taken steps to facilitate this. For example, the International Land Holdings Act 1993 aims to ease foreign investors from obtaining property in The Bahamas. To purchase property in The Bahamas, investors must first register with the Central Bank and Investments Board. Registration fees can range anywhere from $25 to $100. To avoid problems, make sure you understand the laws and regulations governing foreign investment in The Bahamas.

When buying or selling property in The Bahamas, investors should take the time to understand the property’s legal status. The Bahamas government keeps records of ownership and property tax payments, which can make the transaction more secure. Additionally, a well-established and reputable law firm will provide guidance on the legal aspects of real estate. This means that you can make an informed decision. A good lawyer will make it easier for you to purchase a property in The Bahamas.

Most real estate transactions in The Bahamas are done through an attorney or Bahamian counsel. An attorney will act on your behalf and carry out your instructions, as required. An attorney can help make sure the title is clear and good, and can help you arrange completion. A Bahamian real estate attorney will help you in all aspects of the transaction. If you are interested in purchasing property in The Bahamas, you can take advantage of our Global Property Guide to learn more about the local real estate market.

The Abaco Islands comprise a chain of 120 islands. Little and Great Abaco Islands are the most popular. Elbow Cay is a small eight-mile island. Houses in Elbow Cay start at around US$300,000. Prices for beachfront properties are generally around US$1 million and up. If you’re looking for a luxury property, you can purchase one of the luxurious Royal Ocean Club condominiums in Freeport.

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