The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Abaco’s economy could be poised for improvement if certain infrastructure issues are addressed, a realtor telling Tribune Business yesterday that the sate of the Marsh Harbour airport were a “definite turn-off” to new visitors.

Chris Roberts, broker/appraiser at Island Properties Sales & Management, told Tribune Business that the overall economy was “not doing well at all”.

“If we can get some of the infrastructural issues fixed I believe things will definitely get better,” said Mr Roberts.

“People are hanging on to see if we we can get an airport fixed in some kind of timely fashion. It’s the first and last thing that people see. It’s pretty disgusting.

“The tourists that have been coming here, they will probably still come, but a lot of people, the new tourist market, they are just not going to out up with it. They think it’s a joke.”

Deputy Prime Minister Philip Davis last week reassured Abaconians that a completion date was “in sight” for the new Marsh Harbour International Airport, adding that his ministry had been unable to issue all the necessary project approvals due to technical concerns.

The airport, to be called the Leonard M Thompson International Airport, was first projected to require a $27.3 million investment.

“The Abaco economy is not doing well at all. In comparison to other areas of the Bahamas it may be doing OK, but not in comparison to what it was,” said Mr Roberts.

“Real estate activity is a bit better than last year. The number one area of activity Baker’s Bay, Treasure Cay, second, followed by Elbow Cay. Elbow Cay has been doing pretty well vacation rental wise.

“Just about everywhere else is pretty dead. The price to purchase a second homes has fallen about 35 per cent or so in some areas. The rental market in Hope Town, for instance, is still doing well, Guana Cay has suffered quite a bit, and vacation rentals on the main land have not been that good anyway; it’s just been the outer cays.

“There’s also been challenges with commercial rentals. We have had to lower the price on some of our spaces by 20 per cent to keep people in there.”