Before the coronavirus hit, demand for bahamas real estate residential property was already down significantly in The Bahamas. Realty firm Engel & Volkers reported 20 percent fewer sales in 2019 alone. The closure of the Bahamas’s borders to international tourists in March 2020 was aimed at containing the disease. As a result, Q1 2020 tourist arrivals fell 14.7% year-over-year to 1.7 million. Similarly, air travel fell 28%. Tourism is expected to deteriorate in Q2 2020.
The Bahamas is an important centre for business and tourism. As such, the government promotes an investor-friendly atmosphere for real estate investment. The Bahamas government has established a ministry of financial services, which aims to spur consistent growth in the real estate sector. The ministry has recently announced its intention to streamline property purchase procedures. This will make the process easier and more transparent for both buyers and sellers. The Bahamas Real Estate Association has provided useful information on buying and selling real estate in The Bahamas.
Non-Bahamians are also welcomed to invest in real estate in The Bahamas. Several policy documents are in place to ease foreign investment. The International Land Holdings Act 1993 aims to simplify the process for non-nationals to purchase Bahamian property. Before purchasing property, however, it is necessary to register with the Investments Board and Central Bank. This process can take anywhere from 25 to 100 dollars. Regardless of which option you choose, the Bahamas is a desirable destination for luxury real estate investors.
As the cost of living in The Bahamas is relatively high, land and property are priced accordingly. Despite the high cost of living in the Bahamas, property purchase prices in Family Islands are significantly lower than those in the capital city of Nassau. It is important to remember that the Bahamas offers some unique advantages, but the country is also known for its high unemployment rates. With low income, many foreign buyers opt to buy property in cash. In addition, rental yields are good.
In addition to land valuation, a person must also file a property tax declaration. This is a legal document that outlines the ownership of the land. If the land is not developed, the buyer’s attorney will prepare a property tax declaration that states the use of the property. The purchase price is a good indicator of the property’s market value. In addition, the Grand Bahama port area is exempt from real property tax until 2015. This agreement aims to promote economic development in the area and create employment.
Several celebrities own real estate in The Bahamas, including Nicolas Cage and Maria Carey. In fact, Sean Connery, Michael Jordan, Tiger Woods, and even David Copperfield are among the famous people who have purchased real estate in The Bahamas. In fact, a lot of celebrities have purchased real estate in The Bahamas, from the smallest island to the most expensive. It’s no wonder that so many celebrities choose The Bahamas as a vacation home.