Since the economic downturn in 2007, the value of real estate in the Caribbean has dropped dramatically. According to the recently released report by Savills Prime Residential in 2014, after the recession, interest in real estate property decreased across the Caribbean and the properties themselves lost around 30% of its value. In The Bahamas, real estate prices dropped by as much as 40% between 2007 and 2010.
Today, investors see the upsurge in economic activity in the country and this generated interest in investors looking for a strong return on their investment. Investors are now purchasing top class properties at a reduced cost. According to an article on the world property channel, “Investors are also looking for strong returns when it comes to the Bahamas, which is why the Royal Ocean Club on Grand Bahama has attracted such attention. With deposits as low as $29,790 and ocean front units from $99,300, plus non-status developer finance at 70% LTV (Loan to Value Ratio), clients are keen to obtain a stake in the resort before prices across the Caribbean rise to their former levels once more.”
Meanwhile in the United States, investors expect improvement in the commercial real estate industry in years to come. According to the National Association of Realtors, Chief Economist Lawrence Yun joined economists and research experts from leading real estate firms during a panel discussion about the major forces shaping commercial real estate markets. At this forum, Yun stated that,“Realtors from across the country are reporting increases in sales transaction volumes and income, which tells us that things are turning around. We have not reached pre-recession levels, but the recovery is happening; we are almost getting back to normal.”
It seems that echoes of an economic recovery are being heard around the world. This is great news for investors and the real estate industry both locally and internationally. With new projects such as Baha Mar in the pipeline and lots of investment opportunities available, “next year is set to be better than this year”.
Mario Carey Realty Exclusive Listings Near Baha Mar:
Cable Beach Home near Baha Mar
Charming split level four bedroom, three bath home in Cable Beach. Special features include an open plan living area, kitchen with breakfast bar, separate dining room, a second floor office, a fun children’s playroom, and an enclosed back patio. This home has lots of windows giving it a bright and cheery feel. Added extras are a portable standby generator, covered front entry, cedar garden shed, storage room, exterior motion sensor lighting, automatic sliding gate, wrought iron security bars, security cameras and an alarm system.
Upgrades and renovations have been recently completed to the home giving it a functional balance of beauty, comfort and convenience. Located a short distance away from the new Mega Baha Mar Resort, fine dining, boutique shopping and the beautiful western beaches of New Providence. Situated between the City of Nassau to the east and the Lynden Pindling International Airport, Old Fort Bay and Lyford Cay to the west, this serene residential community is made up of established homes. Come enjoy the best of the west in Westward Villas.
Baha Mar Golf Course Home
This lovely house located on the Jack Nicklaus signature Golf Course at the Baha Mar Resort on Skyline Drive. With over 2,600 sq.ft of living space this house has three bedrooms and three full baths. Features include high ceilings in the Living room with two skylights, a Bahama room glassed in with privacy reflectors and four skylights, a Security system with Bradco and a two car garage and custom-designed driveway. Its large rooms are ideal for entertaining. The large master bedroom is 17ft x 15 ft with a large shower and bathroom.
Merrilea Cable Beach
This stunning beachfront property is located 1,000 feet from the Baha Mar Mega Resort and Casino. This prestigious Bahamian home is protected under the Historical Protection Act, making it exempt from Real Property Tax and Stamp Duty on materials. It also has approved open zoning.
This turn key home has a lot to offer starting with the charm of a classic Bahamian style home, hardwood floors, lush landscaping that creates a sense of privacy, a guest cottage, and a three car garage.
A large deck area off the sea wall allows for great entertaining, taking advantage of the full panoramic ocean views. Zoning is open to banks and commercial usage. The property is in very good condition and is well maintained. You must see to appreciate.
Contact us today!
Bay Street & Deveaux Street,
P.O. Box CR56766,
US Tel: 954.773.8256