The Tribune

• Baha Mar tie-up drives listings volume to $925m

A prominent Bahamian realtor says sales volumes have increased by 300 percent year-over-year during the 2021 first half, with average sales prices hitting a record $2.7m.

Damianos Sotheby’s International Realty, which specialises in high-end real estate sales, in a statement attributed the sales volume quadrupling to a combination of pent-up demand, increased digital marketing efforts and strong customer service.

“At the beginning of 2021, we were hopeful that our market would experience signs of recovery due to the easing of local restrictions and the reopening of international travel,” said Lana Rademaker, Damianos Sotheby’s chief brokerage officer.

“However, the level of activity throughout The Bahamas since January has far exceeded our expectations and has broken all previous years’ sales records. Inventory is at an historical low and demand remains very strong, especially in the luxury markets.”

The 2021 first half was up against relatively weak comparatives due to COVID-19 lockdowns and restrictions that impacted The Bahamas from late March onwards. Border closures that cut this nation off from international travel, as well as lockdowns and other health restrictions that prevented realtors from holding viewings, resulted in market activity slowing to a trickle for much of the 2020 first half.

However, Ms Radmaker added: “Properties in highest demand have been those located in top tier luxury gated communities like Lyford Cay, Old Fort Bay and Ocean Club Estates. We are also experiencing a surge in condo sales, vacation homes and vacant land investments from both local and international purchasers.

“While Nassau was the first market to feel the turnaround, activity in Abaco, Eleuthera and Exuma soon followed with sales activity now at unprecedented levels.” The vacation rental market has also seen accelerated growth in 2021.

“Prior to 2020, our rental business was typically seasonal, with the bulk of inquiries coming in during winter and holidays like Spring Break,” Ms Rademaker said. “But we saw virtually no decline in inquiries throughout 2020, and 2021 is looking much the same.

“With the popularity and ease of working and attending school remotely these days, buyers are taking the option to rent for a few months to get a real feel for the communities where they’re considering purchasing.”

Damianos Sotheby’s said it has received a further boost from its exclusive representation of Baha Mar Residences, which features turnkey properties by two hotel brands, Rosewood Hotels & Resorts and SLS Baha Mar. This partnership has driven the realtor’s listings volume to $925m year-to-date.

“Working with Baha Mar has been the most impactful strategic move we’ve made in the 76-year history of our company, with the exception of becoming a Sotheby’s International Realty franchise in 2005,” Ms Rademaker said. “We cannot be more pleased to have been awarded the honour of exclusively representing these extraordinary residences.

“Despite the challenges and obstacles faced in 2020, our team pivoted and persevered, capitalising on the enduring relationships we’ve cultivated with our clients over many years, and I think this sets a strong foundation for us as we entered 2021.

“Instead of entering the year at a deficit, we simply built on the steady flow of business we maintained throughout 2020. Damianos Sotheby’s International Realty continues to grow in strength and numbers. Developing, mentoring and nurturing our team members are top priorities for our leadership team, and that’s reflected in our remarkable track record of success.”