The COVID-19 real estate boom in The Bahamas has now driven up home prices in the Exumas and left realtors with a shortage of inventory, according to Island Living Real Estate agent Andre Bowe.
Bowe said in a statement that there has been a “drastic uptick in demand” for homes in the Exumas.
“There is a shortage of inventory,” said Bowe.
“I don’t see where that will change anytime soon, as expats and Bahamians are looking, but very few people are of the mind to sell.”
According to Bowe, the focus has shifted from home sales to vacant land. He said the vacant land is now being offered with the hope that purchasers will want to build.
“This in turn will be a help to the island economy and provide jobs in construction and related services,” he said.
“For realtors, it will after five to ten years hopefully add the needed inventory.”
Bowe said the demand for homes has been so great he has seen a home resold for double the purchase price.
“Demand has driven the price point on Exuma real estate,” he said.
He explained that the demand is being driven by both Bahamians and foreigners, adding that most Bahamians have made inquiries about modest lots.
“Like most Family Islands, beach and waterfront properties are at a premium price point, and ultimately are sold in the expat market, unlike the commercial property market, where Bahamians have made some premium property purchases,” Bowe said.
He contended in the statement that the demand for homes in The Bahamas is due to the country’s “relatively good management of the pandemic”. He said when travel returned, property for sale simply sold.
“Realtors were all showing and reshowing the few same pieces,” said Bowe.
“So, the worldwide lockdown and our comparative low infection rate was a motivating boon possibly.”