The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

SALES of high-end Bahamian properties have seen a “solid upturn” year-over-year, a leading realtor noting that continued development in western New Providence was sparking increased interest in that area’s luxury communities.

John Christie, vice-president of H. G. Christie, said the luxury market has been solid to-date. “It’s been pretty good this year’ it’s been a pretty solid upturn from last year,” he added.

“We’re getting into our summer months now, when it usually slows down a little bit, but it hasn’t been a bad year so far.”

Mr Christie said the US stock market recovery was likely one factor driving the rebound. “That is sort of corresponding with the US market as well, and then we have people from Europe coming out looking to buy some property,” he added.

“The west has always been attractive, but it’s growing even more. Lot sales in Old Fort have been doing really well, and Albany has been doing pretty good as well. It’s just more luxury communities in the area, more restaurants, more shops helping everything come together.”

Ryan Knowles, a realtor at H. G. Christie, said sales at the $6 million, 20-unit Devonshire development were a testament to the appetite in the high-end market.

“We were able to go to contract on a good number of units without the first shovel hitting the ground,” he explained. “That’s something that really never happens in the Bahamas; to have pre-construction contracts, not just deposits or reservations but actual contracts.

“It speaks to the market and also to the reputation of the developer. It’s a developer who has done over 100 units, high-end units here in Nassau. The persons that have made a deposit and signed a contract with Devonshire have sole confidence in the developer, based on their previous work.”

“There are 20 units in Devonshire, and right now we are about 50 per cent sold without the first shovel hitting the ground,” Mr Knowles said. “We have eight-nine contracts so far. Nothing has been done except that the land has been cleared, and that was just a few weeks ago.

“There is a lot of demand and the point is very attractive. It’s attainable for a lot of young professionals and in an area where they want to be. They want to be close to amenities, close to the gym, shopping, they want to travel and be close to the airport.”

Construction at Devonshire is set to start soon.