Now is the time to purchase Bahamas real estate.
While the real estate market in the Bahamas definitely took a down turn along with the worlds economy, the bottom did not drop out of the Bahamas real estate market like it did in other parts of the world.
The most significant reasons being the stability of Bahamian economy in general and the fact that our local lending institutions have been and continue to be extremely conservative and prudent in their lending practices, with purchasers enduring a very regimented qualifying process, with significant down payments along with substantial collateral. The idea of a 120% or even 100% loan is unheard of. That's why, when the economy tanked, the Bahamas did not experience the rash of foreclosures like the United States as borrowers were less likely to be in over their heads in the first place.
We did have some trouble with borrowers defaulting on loans because the economy was poor and perhaps they lost their jobs but we never lent money recklessly as they did elsewhere.
Moreover, the Bahamas has a limited real estate inventory in the developed islands like Nassau/New Providence. In the capital, there is only a finite amount of land available, and particularly a distinct lack of desirable beachfront or waterfront property. Therefore, the laws of supply and demand dictate that there is a built in value to owning waterfront property in the Bahamas that will remain despite negative fluctuations in the economy.
So now is the time to buy. I don't think prices will fall any more. Overpriced listings have come down closer to market value, but fairly priced properties will not be given away. If the economy starts to improves prices will Bahamas real estate prices will increase and will eventually return to their pre recession levels.
Bahamian Real Estate and real estate in general has always been the one steady performer throughout history. Somebody once asked, "have you ever seen a poor landowner?" The answer is probably 'No'. Investing in real estate early is the key to an early retirement. Investing in Bahamas Real Estate will not only put money in your pocket but provide you with a nice retirement location when it's time to relax in you later years. Call one of our agents today and visit our website at www.ERABahamas or our Facebook page at ERA Bahamas Real Estate See our blog at Bahamas-for-sale.blogspot.com or follow us on Twitter at ERA Bahamas
But make that sacrifice, stop making your landlord rich. Invest in Bahamas Real Estate Today.