The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The real estate sector in the Bahamas is “very solid” with Grand Bahama performing better than it has in 25 years.

The market is experiencing significant growth, particularly in Grand Bahama, according to John Christie, president and Managing Broker at HG Christie

Speaking at the Bahamas Real Estate Exchange, Mr Christie said the sector saw a “huge boom” over the pandemic as investors purchased luxury properties in The Bahamas, driving up the cost, especially in New Providence. 

“We had a huge boom and it sort of continued on,” said Mr Christie.

“All the real estate got bought up especially in the luxury world, there’s very little inventory now, so the prices have increased quite a lot, very little inventory. If you want to buy something in the luxury span, the prices are just high if you want to get in. That’s what it is.

“It’s still very solid. It has probably slightly slowed down a bit, but it’s still very solid. In Nassau the inventory is very low, so that keeps the prices high. And the markets around the Bahamas is still strong, pretty much strong all around.”

He emphasised that real estate is the most sustainable sector in The Bahamas, benefiting both local and foreign investors.

“But as far as the real estate, it’s the most sustainable pillar that we have in the Bahamas, and we should be treating it as such,” said Mr Christie.

“This is what we have to sell, and make money and it’s not only selling to non-Bahamians, a lot of Bahamians are investing and making this money.”

Mr Christie said although most persons tend to focus on purchasing real estate in New Providence, the Family Islands offer the “best values” for persons wishing to invest.

He explained many Family Islands have little development on them and persons should look to secure investment properties on Out Islands while prices are still low.

“When most people think about The Bahamas, 90 percent seems to focus on Nassau,” said Mr Christie.

“I travel all over The Bahamas, and all we have is real estate. I mean, you go to most islands in the Bahamas, its nothing but a sea of green. You fly over and see very little development, just a little spot here, very little spot there. So, we’re framing our real estate mindset based on Nassau and we’ve got to stop.

“The Family Islands offer the best values around. If you’re in Nassau, prices are quite high, but if you want to get going and as an investment, you can buy a cheaper property. Even like $20,000 can get a nice piece of property in Eleuthera, Cat Island, Abaco, anywhere like that. Theres lots of good deals still out there for people that want to get in the business,

He said the real estate market in Grand Bahama is performing better than it has in 20 to 25 years and most Family Islands, except the southern islands have seen an increase.

“It’s been very solid,” said Mr Christie.

“I mean, it hasn’t really slowed down. Most of the islands in the south is still slow, but Abaco and Grand Bahama have been doing very well. Grand Bahama is doing great, better than it has in 20 to 25, years. Eleuthera is amazing, and Exuma even Long Island, so it’s all doing well everywhere.”