The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian realtor is planning to target retirement village developers with his first-ever property conference, viewing such investments as “a game changer” for Freeport’s struggling economy.

Arlington (Ali) Capron, principal of RE/MAX Luxury Properties Bahamas, said the conference, scheduled for November 18-19 in Freeport, aimed to “expose the island that has the greatest potential” for real estate development.

He argued that the Bahamas, and especially Grand Bahama, was “not taking advantage” of its proximity to Florida, where the retirement home and village market has expanded rapidly in recent years.

Suggesting that this market’s expansion to Grand Bahama would be a natural development, Mr Capron said the island had “no competition in the Caribbean”, as rivals were unable to match its available land, infrastructure and 20 miles of canal-front.

He added that the conference, to be called the Bahamas Property Show, would exploit his agency’s Re/MAX franchise connection to attract international realtors, second home buyers and developers, plus any Bahamian realtors and their clients who want to attend.

“Baby Boomers are retiring at the rate of 10,000 a day, and we in the Bahamas are not marketing to them,” Mr Capron told Tribune Business.

“We’re not doing it. We’re not targeting those people who have disposable income, had money saved up all their lives, and are looking to retire in a place that is tropical, warm, has 20 miles of canal front and miles and miles of unspoilt beaches.

“We’re specifically trying to find investors or groups with an investment interest in retirement villages in Freeport,” he continued. “That’s a game changer: A 200-acre retirement village. Think of the jobs that it will create; it’s a real domino effect. We’re looking at large investors to purchase and develop retirement homes.”

Mr Capron said such retirement villages offered amenities such as food stores, movie theatres and bowling alleys for residents, in addition to providing employment for nursing staff and caregivers.

He suggested that Freeport, and Grand Bahama, could provide an alternative location for persons seeking to retire in a destination other than Florida.

“A retirement village is ongoing. The investment would be here permanently,” Mr Capron told Tribune Business. “We have no competition in the region because of our proximity and infrastructure.

“No island has the medical facilities and infrastructure like Freeport. An air ambulance will take 15-20 minutes to West Palm Beach. Grand Bahama is like a suburb of Florida, and we’re not taking advantage of it. There’s so much potential for the economy. All we need is one [retirement village], and the rest will follow.”

Besides providing numerous spin-off jobs and economic activity for the healthcare industry and other sectors, Mr Capron argued that marketing Freeport as a retirement and second home destination would also help to provide much-needed diversification for the city and Grand Bahama’s economy.

“Freeport has the most potential of all the islands in the Bahamas, especially because of the infrastructure, and not only the infrastructure - the land,” he added. “It’s under-utilised, just sitting there.

“We want to expose it. Properties up to 200 acres can be targeted in Freeport We will be using it to introduce Freeport to the world, and saying this is not only a place to come and buy second homes, but for large-scale investments.”

Mr Capron said New Providence could not cater to the retirement market because it lacked the necessary available land, with a Freeport beachfront home likely available for $2 million - a price 67-75 per cent below typical Nassau comparatives.

The RE/MAX Bahamas principal acknowledged the uncertainties facing Freeport’s real estate market, especially the new investment incentives regime that potentially exposes foreign developers and homeowners to the imposition of real property taxes.

He pledged that prior to the November 18-19 conference, which will be held at the Grand Lucayan, all necessary information would be obtained from the Grand Bahama Port Authority (GBPA) and relevant government agencies so “they are aware of what they are getting involved with”.

Despite the conference’s focus on Freeport and retirement homes, Mr Capron said it will also cater to the needs of second home buyers interested in markets such as Nassau, Abaco and Exuma.

He added that the first show was targeting between 150-250 attendees, and explained: “We want the first show to be manageable. We don’t want a situation where it’s too much for us to handle, and the quality of service is diminished.

“I’ve spoken to the Minister of Tourism, and he’s verbally committed to supporting the event. We’re also going to be reaching out to other players in the market, including the GBPA.”

Mr Capron emphasised that November’s conference is not targeted exclusively at RE/MAX agents or their clients, although its worldwide network will be used to promote the event to an international audience.

He added that the conference was also open to Bahamian realtors and their clients wishing to attend, plus other foreign agents and potential purchasers.

“Although I think we may want to get it to a maximum of 500,” Mr Capron said of his ambitions for the conference, “we will start with 150-250 persons.

“Freeport needs it enormously. Anything we can do to bring a couple hundred of people to Freeport and staying the in the hotel, taking tours around the island and going to restaurants, will be a plus. That’s why Freeport was selected for this conference; not only for its potential but the current economic situation.”