Luxury prices are inching up in Nassau, thanks in part to foreign investors who see the island nation as a safe investment.
Housing sales slowed in the Bahamas after the 2008 financial crisis. By 2013, however, the market began to rebound, said John Christie, the managing broker of H.G. Christie, a local affiliate of Christie’s International Real Estate. “Since then, it’s been up and down, but it’s slowly getting better and better,” Mr. Christie said. Buyers who took to the sidelines before the presidential election in the United States have since returned, he and other agents said.
The Bahamas’ luxury real estate market is segmented, with different islands, neighborhoods and developments all fetching very different prices, agents said. In general, however, it is performing well this year, they said.
John Christie, the managing broker of H.G. Christie, a real estate agency that has its main offices in Nassau and on Grand Bahama, said the luxury market was not greatly affected by the global economic downturn. Sales slowed down but home prices did not drop, he said, adding that since 2013, prices have risen 5 percent to 10 percent a year, though not across the board. Homes are also selling faster this year.
Trei Bethel had been looking for work in the Bahamas for about a year when he finally got a break: a coveted spot in a program that trained young Bahamians to work at Baha Mar, a $3.5 billion mega-resort nearing completion on Nassau’s white-sand Cable Beach.
There, he said, he learned about fine wine and the choreography of five-star service. He saw the resort as a place of opportunity and stability in a difficult economy.
“They really put so much effort into the growth and development of us as young people,” said Mr. Bethel, now 20, who became a concierge at one of the resort’s four hotels.
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