The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A well-known realtor yesterday said international visitors had more than doubled their share of ‘hits’ on his website, after he expanded into the luxury market within the last six months.

Matt Sweeting told Tribune Business that international visitors to his site had increased to 10 per cent of the total for the 2013 third quarter to-date, compared to between 3-4 per cent for the first half.

And, explaining the rationale for broadening his portfolio into the luxury market, the Bahama Islands Realty sales associate said he was expecting a change in the real estate “landscape” that would be driven by the $2.6 billion Baha Mar project and a Europe emerging from recession.

“Two things that are very important for us in the real estate market here are the promotions that Baha Mar is doing,” Mr Sweeting said, noting that the developer’s sales offices in London, Dubai and elsewhere were also pushing the Bahamas’ name into regions where this nation previously had little presence.

And, with Europe starting to shake off the worst effects of the post-2008 financial crisis, Mr Sweeting said the Bahamas offered an attractive domicile as a lifestyle, tax planning or real estate investment choice.

Combined with Baha Mar’s late 2014 opening, Mr Sweeting said: “That’ll be an attraction for people coming out of this recession, looking to move some money offshore that is not tied to investments in the European market.”

He added that Baha Mar was promising real estate investors guaranteed returns of 6 per cent for the first two years, and he was now making preparations to drive home the Bahamas’ attractions in Europe.

“What I’m going to do now is invest heavily in talking about the benefits of offshore purchases, moving money offshore,” Mr Sweeting said, “reiterating to Chambers of Commerce in Europe that the Bahamas should be well in the conversation when it comes to tax planning.”

Mr Sweeting is not alone when it comes to targeting European buyers. William Wong, a former Bahamas Real Estate Association (BREA) president, previously told Tribune Business of his plans to do exactly that, while Nick Damianos, of Damianos Sotheby’s International Realty, last year said higher taxes at home were driving many Europeans - especially French ones - to look at the Bahamas and other locations as their main domicile.

Mr Sweeting said a further attraction were the numerous Swiss-owned and other European private banks and wealth management specialists based in the Bahamas.

Describing a European recovery as having “far-reaching implications for our market”, he told Tribune Business: “People plan differently, try different things, and hopefully with the tax structure we have some of that trickles here.

“I have a pretty interesting tracking system on my website, and I’ve seen an increase in international interest.

“I get around 7,000 hits a month, and while international hits were a bit more than 4 per cent for the first two quarters this year, that has increased to close to 10 per cent.”

And Mr Sweeting said further: “I’ve added a luxury portfolio over the last six months to cater to the international market, so I can offer luxury islands and luxury buyer representation. The content is driving people.”

Properties at Baha Mar, Albany and Old Fort Bay have been added to his portfolio, and Mr Sweeting added: “The interest is very, very evident, and the indications are that we’re going to have an influx of buyers.”

With Baha Mar casting its net far and wide to fill the extra 400,000 airline seats it needs for a 2,100 net room inventory increase, the realtor told Tribune Business: “That means our market is going to change in the next 12-24 months, as we’re going to have an influx of so many buyers from different locations, and this is a new destination for them to come to.

“I think our landscape is going to change. I’m excited at this point in time with so many developments going on.”