Business
Increased investment fuels development boom in The Bahamas
(PRNewswire) – Resort property developments throughout The Bahamas have reported a huge boost in sales in the first quarter as investor confidence returns, with some developments expected to sell out by the summer.
Releasing its second phase due to overwhelming success, is the oceanfront Caves Heights condominiums in Nassau, where North American, Canadian and European investors are showing keen interest in the island nation’s real estate.
“The Bahamas is experiencing a more aggressive turnaround due to the recent revitalization of Nassau, which has been fast-tracked as an accessible, modern and luxurious vacation and second-home destination,” said Gustaf Hernqvist, sales & marketing VP of the private, residential, community.
North Americans are turning a longstanding dream of living the island lifestyle into reality as the US economy stabilizes and the risks inherent in such investment decisions have markedly minimized. The government has invested in new infrastructure, including the new airport and roadworks, to turn West Nassau into a vibrant, modern yet relaxing destination.
Additional foreign investments, like the US$3.5 billion Chinese-backed Baha Mar mega-resort, are expected to turn West Nassau into the most-visited part of the country by end-2014 when it opens.
Caves Heights is doing brisk business, selling nine units with a total sales volume of US$7 million last year, while the first quarter of 2013 has already seen 10 sold at a total of $9 million. Three-bedroom units, ranging from US$800,000-1 million, have proven the top sellers with few remaining.
“They are very well-priced, spacious at 1,855 to 2,439 sq ft and offer outstanding ocean views and over-sized balconies to maximize the indoor-outdoor living experience,” Hernqvist says. “We also have a few penthouse residences left, starting at US$1.95 million. We expect to be sold out by end 2014, early 2015.”
