Aerial Photo of Grand Bahama © 2010 Lyndah Wells
Real estate in Grand Bahama appears to be bouncing back before any of the other islands, with that island's Chamber of Commerce chief noting a shift in particular in interest from second-home buyers.
"Real estate is coming back," said Chamber President Peter Turnquest. "Things have been slow in 2009, but they're beginning to see the return of the second home buyers.
"They're [also] beginning to see a bit of property value increase."
This follows a slow year for real estate sales in The Bahamas, where the entire market saw a shift in the time houses lingered on the market. Unlike most of the region and even the Family Islands, home and land prices in New Providence, however, have been largely recession-proof. That's despite a noted drawback in buyer enthusiasm.
But according to Turnquest, the tide appeared to be shifting for Grand Bahama now.
"There are great opportunities and deals in Grand Bahama," he added. "It's still one of the best buys in The Bahamas and maybe in the southern U.S.
"So it's a really attractive market."
Recently, the head of the Bahamas Real Estate Association suggested the holiday shopping season had provided the perfect opportunity for buyers to see as much as a 10 percent discount on property prices.
It's an opportunity created by relatively slow sales leading up to the month of December, something that has placed developers in a merry mood to bargain in order to generate sales. It's a developing trend that applies throughout the Family Islands.
