The Tribune

By NATARIO McKENZIE


Tribune Business Reporter
nmckenzie@tribunemedia.net

THE $3.5 billion Baha Mar development will be the gateway that “opens up” the Asian market for this nation, a leading realtor said yesterday, suggesting that “a lot of moving parts are in place” for the Bahamas to capitalise on it.
 “The Asian market is real. They have set an example. Very few countries have not been impacted by their global outreach. I don’t see why the Bahamian market should be any different,” said Mario Carey, the Mario Carey Realty founder, who has been a proponent of leveraging Asian relations for greater economic benefits in the Bahamas.

To that end, his Mario Carey Realty firm travelled to China last December for an exclusive luxury property show, and showcased waterfront properties in the Bahamas to a crowd of some 5,000 high net worth individuals.

“Baha Mar is going to be the gateway that opens up the Asian market. A lot of moving parts are in place,” said Mr Carey, noting recently relaxed requirements facilitating Visa-free travel between China and the Bahamas were a significant step.

Last December, the Bahamas and People’s Republic of China signed a Mutual Visa Exemption Agreement that allows a Bahamian citizen holding a valid diplomatic, official, ordinary or children’s passport, and a Chinese citizen holding a valid diplomatic, service, public affairs, or ordinary passport, to travel to the other’s country, visa-free, for up to 30 days.

Mr Carey said: “You also have the gaming aspect to attract high level gamblers, and there are plans to facilitate direct flights from the Asia Pacific region. The question now is simply when the resort is going to open; they’re saying that it will be near the end of the year.”

Mr Carey added that there continues to be significant interest in high end real estate in the Bahamas. “Atlantis, for instance, continues to attract investors. The trend now is that investors are looking for, boutique resort developments, certainly is in the Family Islands. We saw a similar thing when Kerzner came on stream. All of that appears to be moving in a positive trend,” said Mr Carey.