By NATARIO McKENZIE
Tribune Business Reporter
Value-Added Tax’s (VAT) impending implementation may give buyers “the push” to secure properties before January 1, one realtor suggesting: “It may be better to do it now rather than seven months from now.”
Arlington (Ali) Capron, a luxury specialist with Bahama Islands Realty, told Tribune Business that VAT’s potential impact on real estate may be a “game changer”.
“With VAT on the horizon, this may give buyers the push to secure properties before the implementation date. I will definitely discuss this issue with all of my buyers and sellers,” Mr Capron said.
“VAT’s effects on real estate may be a game changer in qualifying for financing, or building a home, apartment or condo. More education on VAT on real estate is needed as soon as possible.
“With the cost of living expected to increase in the coming months and no visible sign that the minimum wage will increase across the board, the real estate market may slow down a bit locally, but the opening of Baha Mar and over 5,000 jobs may be the stabilizer.”
Mr Capron added: “My advice to potential buyers and sellers is that if you are thinking of buying or selling, it may be better to do it now rather than seven months from now.”
Mr Capron said his local client base accounts for around 80 per cent of his business. He added that the primary driver has been western and south-west New Providence.
“From my local clients, the primary activity has been in the west and south-west. There are more young professionals looking to secure an investment, and the west is their preferred location. Some are buying homes, townhouse condos, home sites and multi-family lots. Security is at the top of their list, and family amenities and recreation are also important,” said Mr Capron.