"
Property values are low in many areas, but they are appreciating rapidly, so a relatively small investment can yield good returns," said Richard Cardenas, vice president and regional director of RE/MAX for the
Caribbean and Central America.
The
Bahamas Real Estate Association had already confirmed that real estate locally is a hot commodity for second homebuyers in particular, especially those who are seeking tax breaks.
The government has embarked upon a study to evaluate the impact of the second home market on the economy, particularly on islands like
New Providence, Exuma, and Abaco where the sector is doing extremely well.
Mr. Cardenas called second home purchasing in the Caribbean region a relatively low risk process.
"There are few legal limitations on Americans buying homes," he said. "If you plan to
use a second property for short vacations,
up to 30 days, typically
no visa is required. Many islands have a U.S. or British title system and there are
no restrictions on full ownership.Mr. Cardenas identified the
growing markets in the region as
Turks and Caicos, Belize, Grenada, St. Croix, St Kitts and Nevis, St. Vincent and the Grenadines and the Dominican Republic.He identified
mature and pricier markets as
Cayman Islands, St. John in the U.S. Virgin Islands, Puerto Rico and Jamaica, saying that tourism is well established in these areas and five star hotels and other amenities can easily be found.
Real estate in The Bahamas is viewed as an especially
hot commodity, particularly by foreign residents who are enamoured with what they perceive to be Paradise.
Investing as much as
half a million dollars in a home here guarantees
permanent residency status.
For others, the purchase of a second home is used as a tax break.
Paradise Island, near the exclusive Atlantis Resort, Grand Bahama, Exuma, Abaco and Eleuthera are prime locations, ranging from the dainty bungalows that line the waterfront to other lavish homesteads."
read morefrom
The Bahama Journal
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