The Tribune

A Bahamian real estate firm says a 130 percent year-over-year increase in visitors to its website since June 1 suggests the sector could rebound rapidly in COVID-19’s wake.

Bahamas Realty, in a statement issued prior to the government imposing a mandatory 14-day quarantine on all visitors coming to this nation, said the uptick in online traffic as soon as initial pandemic restrictions were lifted indicates that international buyer interest has rebounded relatively swiftly.

It added that its website trends reflected predictions by economists from The Leading Real Estate Companies of the World, an organisation of which Bahamas Realty is a member. In a recently-released global market update, the group said that while the contraction has been sharp “the recovery is expected to be sharp as well … This outlook is due to the cause of recession, which is not fundamental or economic, but rather public health. In short, the demand for products and services is just stalled”.

Bahamas Realty said data showed a major increases in users visiting its website since June 1, with traffic increasing by more than 60 percent compared to the prior six weeks and 130 percent over the same period in 2019.

The web traffic increase was accompanied by a steady rise in property inquiries, according to Bahamas Realty’s CRM (client relationship manager) software. New inquiries through the website were up 125 percent compared to the six weeks prior to June 30, and nearly 50 percent year-over-year.

“This data is incredibly positive for our business,” said Donald Martinborough, Bahamas Realty’s chief executive. “We see it as an encouraging sign for the Bahamian real estate industry as a whole.” He added that the rebound in property inquiries may lead to a market recovery that is “better even than pre-pandemic levels” over the next couple of years.

“We’re seeing major increases in web traffic, particularly from the United States,” said Iona Henderson, Bahamas Realty’s marketing co-ordinator. “The US is typically our largest audience demographic, with visitors originating in The Bahamas coming in second, but we have seen US visits increase by more than 250 percent in the last six weeks, accounting for 70 percent of our traffic.”

Ms Henderson said there were several factors driving this change, most notably The Bahamas’ swift action during the early stages of the pandemic. “There seems to be a link between The Bahamas’ response and interest in property from offshore buyers, particularly from the US where they have, sadly, seen cases steadily increase,” she added.

“The Bahamas has always been a draw for the American buyer because of our close proximity to the US, and the relative ease of doing business,” said Mr Martinborough. “However, this pandemic has highlighted one of our other major appeals: The safety, privacy, and seclusion that many properties on our beautiful islands offer.”

However, The Bahamas’ number of COVID-19 infections continues to rise with 65 new cases reported yesterday to set a new daily record.