By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas has been listed as 'hands down' the top international area real estate investors should examine, according to Forbes Magazine.
The Bahamas was ranked number one out of nine jurisdictions by Forbes' Real Estate Council which is comprised of experts and executives in the real estate industry. In an August 3, article, "Nine International Areas Real Estate Investors Should Give a Look", Forbes Real Estate Council The Bahamas came out ahead of Belize, Columbia, Great Britain, Lisbon Portugal, Puerto Rico, Pune India, Tijuana Mexico and Vancouver Canada.
"The 'hands down' answer here is The Bahamas," said Engelo Rumora of List'n Sell Realty and a member of the Forbes council.
"During the global financial crisis, the first thing 'Mr. Wall St.' sold at a loss was his holiday home in the Caribbean. Not just that, but the area has been devastated with two pretty big hurricanes during the last 10 years. Common sense real estate practices indicate buying low and selling high. Now is the time to invest in waterfront Bahamas real estate."
Local realtors told Tribune Business last month there was a significant increase in business for the 2017 first half. John Christie, H. G. Christie Ltd's chief executive, said the company was enjoying "one of our best years ever" after two election results - one in the US, the other in the Bahamas - boosted market confidence. His optimism was shared by fellow realtors. Mario Carey, president and chief executive at Better Homes & Gardens MCR (Bahamas), urged potential buyers to move quickly as increased demand was beginning to drive prices upwards.
Peter Dupuch, head of ERA Dupuch Real Estate, agreed that "people sitting on the sidelines are coming to the table to pull the trigger" on potential real estate purchases, especially since the May 10 general election. He added his firm was ahead of 2016's performance although he was unable to say by how much. Mike Lightbourn, Coldwell Banker Lightbourn Realty's president, told Tribune Business: "This has been a good year as far as numbers are concerned. I'm sure we're up, I don't know what percentage, but hopefully it will get better."
Comments
Bonefishpete 6 years, 8 months ago
Potential buyers first question I Suppose. "Does this house have a Standby Generator?"
TalRussell 6 years, 8 months ago
Comrades! Should we be encouraged that Forbes Magazine is opting for us be selling off our waterfront properties to foreigners?
Sickened 6 years, 8 months ago
You're right! I don't know if this is a good problem to have. I hope they are steering people to the family islands.
realfreethinker 6 years, 8 months ago
That would be great if they do that
TheDingo 6 years, 8 months ago
I purchased a waterfront lot on Long Island and absolutely love the serenity.
The big ticket in my opinion is to get the hotels up and running (Especially in Grand Bahama), this will stimulate more tourists visiting which in return would support other surrounding infrastructure.
I also believe that Bahamians should have first pick for all waterfront/best real estate.
Your country is beautiful and so are your people.
This shouldn't be "ruined" by foreign investment.
Thanks
banker 6 years, 8 months ago
Hmmm .. obviously Forbes hasn't read the Canadian Government's warning about buying real estate in The Bahamas.
TheDingo 6 years, 8 months ago
I'd love to see this. Can you share a link please?
Thanks
screwedbahamian 6 years, 8 months ago
Forbes representatives must have heard through the grapewine that 'ALL BEACH FRONT PROPERTIES IN THE BAHAMAS" were created for the FORIENGERS and they can charge the local Bahamians a fee to view them from a distance.
TheDingo 6 years, 8 months ago
Forbes asked various real estate entrepreneurs for their opinion on the best markets to invest in world wide.
I was more than happy to share my opinion regarding the Bahamas.
I truly believe in the potential and the future on the Bahamas.
Especially with its close proximity to the US.
Thanks
TalRussell 6 years, 8 months ago
Comrades! We need stop selling all residential/commercial lands to non-citizens anywhere in our crowed Nassau.
TheDingo 6 years, 8 months ago
Nassau is indeed very crowded but is known already for heavy foreign investment and many tourists.
In my opinion a better idea would be to put restrictions or "first right of refusal" to any foreigner looking to buy waterfront acreage on the outer islands.
That will one day be prime real estate.
Just my opinion.
Thanks
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