The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Real estate investments are a great “hedge” against currency devaluation, according to a Family Island resort owner, with land “prime” and “plentiful” for development in these locations.

Dr Keenan Larry Carroll, owner of the Sandpiper Inn at Schooner Bay, told the Abaco Business Outlook conference last week: “We have 700 islands and everyone wants to live in Nassau.

“We have all the crime because there isn’t any more space for development in Nassau. In the Out Islands, land is plentiful, land is prime. The true Bahamian is found in the Out Island.

“Nassau is no longer an indication of what a Bahamian is. Nassau has been bastardised and changed into a resort. You name it and Nassau fits into that mold. The people in the Out Islands are eager to work. You can still find the true Bahamian culture.”

He added:“We may want to stand here and fool ourselves, but the reality is that tomorrow your $100 in the bank… may only be worth 10 cents. Investment in land is a great hedge against devaluation, and the trickle ­down economics work.”

Dr Carroll acknowledged that the lack of support services and infrastructure in the Out Islands was a significant challenge, but urged that communities and investors not simply sit back and wait for the Government to address their every need.

“You cannot sit and depend solely on the Government to come to your rescue; it’s not going to happen,” he said.

“It may mean coming together as a community and working together. The Government has certain things they should do and are expected to do, but you cannot sit and wait for them to the detriment of your community. Do not depend on others to do what you believe in your heart will work.”