The Bahamas is a “buyer’s industry”
The Bahamas is presently a “buyer’s industry” for actual estate, agents have declared, with property prices currently dropping by 30 to 50 per cent.
As the industry slows, home owners searching to sell in the Bahamas are having to lower costs to attract investors.
Mario Carey, of Mario Carey Realty, told Tribune Organization: “A lot of persons are eager to list but not certainly wanting to sell. They are not actually in the reality of exactly where the property marketplace is right now. We have seen a downward trend in values of something from 30-50 per cent.
Some individuals are holding on their properties to prevent selling for such low costs, causing the Bahamian property market place to be complete up with excess provide that some agents fear will take years to clear. Indeed, according to the Bahamas actual estate Assocation’s Many Listing Service, only 19 properties were sold in the initial quarter of 2012, regardless of more than 500 being up for sale.
But developers are nevertheless keen to shift units, add agents, as building is a essential driving factor in the country’s economic climate. So while many owners are not giving property away, most sellers are prepared “to take one thing off the price”.
The outcome is a industry with a lot more sellers than purchasers, leading to possibilities for new investors, specifically in the upper finish of the market.
Mike Lightbourne, owner of Coldwell Banker Lightbourne Realty, comments: “I would say that the most significant acquiring possibilities are in the high-finish properties, and particularly in the Out Islands. I assume we will sort of be in this scenario for the subsequent two to three years. Consumers have to know that sales are happening, but not at the higher prices that were accomplished 3 to five years ago.”