Activity Up Prices Down For Bahamas Property Market

Price falls over recent years resulting in increased activity for Bahamas property

A leading estate agent in the Bahamas believes that falls in the value of property and increased realism about prices by vendors is stimulating the property market in the country.  George Damianos, president of Lyford Cay Sotheby’s International Realty, told Tribune Business that increasing realism among Bahamas-based property sellers was helping to revive the number of property transactions.

Realistic pricing helping property in Bahamas

Prices in the Bahamas have fallen by up to 30 per cent since 2007, with 2009 being arguably the worst year for values.  The market improved slightly in 2010 and agents are optimistic that 2011 will be better again.

Mr Damianos told the newspaper: “The reason this market has picked up is that prices have come down and are more appealing, and buyers are seeking more value for their money. That’s what’s making the trade.”

The property expert also believes that sellers now understand the market better and are more realistic when pricing property.  Mr Damianos accused many 2009 sellers of ‘living in la la land’, adding: “I think in 2010 we all got better at pricing properties and understanding the recession.”

New project will help ‘shore up’ real estate pricing in Bahamas

With the $2.6 billion Baha Mar project under way, Mr Damianos told the Tribune: “I think it will put pressure on the rental market, which will be good, and it will enable the real estate market people to invest and buy to rent out, and get a positive return on their prices.

“It can help to shore up some of the pricing in the real estate market rentals and prices. In that first wave there are probably going to be construction and construction-related people, and I would imagine that the 8,000 Chinese workers are not going to have a great impact, but there will be increased focus and increased pressure on the rental market.