The Tribune

Baha Mar’s opening has driven a “resurgence” in the Cable Beach real estate market due to the desire of its senior executives to live close to work.

Lana Rademaker, chief brokerage officer for Damianos Sotheby’s International Realty, said: “Specific to the Nassau market, we’ve recently experienced a resurgence in the Cable Beach market which can be attributed to Baha Mar’s full opening, with property values holding very steady for homes and condos located near the resort.

“Most Baha Mar executives choose to reside in the communities located close to their work, which positively affects the strength of the rental segment and the interest in investment properties suitable for long-term executive rentals.”

Ms Rademaker added that The Bahamas remains a leading destination for second home buyers wishing to purchase an investment property that will realise a profit - either as rental income in the near future or as a long-term asset that appreciates in value.

The Bahamas’ main second home buyer source markets are the US, eastern Canada, western Europe and the US.

“With an increase in new direct flight routes from Canada, the US and Europe, The Bahamas is extremely easy to get to in a relatively short amount of time,” Ms Rademaker said.

“The idea of hopping on a direct flight from Toronto on a Friday afternoon and being on the beach in the Bahamas by sunset is incredibly appealing to most potential purchasers.”

New Providence is not the only island benefiting from “double digit” year-over-year increases in stopover arrivals and most hotel indicators. Laurie Schreiner, Damianos Sotheby’s agent for Lubbers Quarters, said a significant number of sales were to foreign buyers seeking income-producing properties that they will themselves visit during the holidays.

“Historically, the rental homes on Lubbers Quarters are occupied on average 15 to 20 weeks a year,” Ms Schreiner said. “Our value is you pay half the price for twice the house, plus we’re within a 30-minute boat ride to five different cays. You can head to Hope Town or Marsh Harbour for lunch or dinner and come back to the peaceful ambience of Lubbers.”

Located about 20 minutes from Marsh Harbour via taxi and private boat or charter, and a 10-minute boat ride from Hope Town, Lubbers Quarters attracts lower prices than the latter destination.

“The lifestyle we offer is second to none,” Ms Rademaker said. “Between our temperate weather, our proximity to the US and our crystal-clear waters, people from all over the world come here on vacation and decide to make The Bahamas a permanent part of their lives.”