New markets, new business

We're always excited to read about interest from new markets, because tourist visitors who come to experience the Bahamas even just once may become seriously interested in investing or settling down here in the future.

A news piece from the Nassau Guardian on January 10 said eleven Russian buyers are to attend Caribbean Marketplace 2012, an important travel trade show hosted by the Caribbean Hotel and Tourism Association (CHTA) that's going to take place January 22-24 at the Atlantis Resort in Paradise Island. A total of 116 buyers from around the world are coming to meet with 26 suppliers from around the Caribbean region. These meetings can create new and positive impressions for the Bahamas as the ultimate destination. We hope these meetings will  turn into new and repeat business for our friends in the travel agency, hotel, and resort business.

Another piece published the day before that pointed out that China is on its way to simplifying the visa application process for Chinese tourists headed to the Bahamas. We've been open to international investments - the US$2.6 billion Baha Mar resort and casino project in New Providence, which is being financed by the Export-Import Bank of China and constructed by another China firm, is one important example. Now, although based on the piece we think it will take more than facilitating the visa process to encourage more Chinese visitors, we'd like to think each step is a step in the right direction. If this means new airlinks or charter flights into our islands, then so be it - we're all for it.

Many Chinese and Russian visitors represent a vastly untapped, newly affluent traveling set. They've been around less than a generation and as luxury spenders have only recently been finding their way everywhere - across Europe, the US, and Asia. They are looking for new and exotic destinations and are interested in long-stay visits, which means they have a chance to get to know their destination well. That represents great potential opportunity for us.

Visitors to our islands are spoilt for choice; they can come here by plane or perhaps experience the Bahamas as a world-class cruise destination.

Now before I go, here's a brief postscript on the Bahamas Express ferry ride we were discussing last week. Baleària is now offering the return trip to Florida at $49.50 (taxes excluded). Check their website, www.ferryexpress.com, to reserve seats.

Visiting the Bahamas via Freeport

We're always on the look out for the latest cruise ship or sea routes we can recommend to prospective visitors, so we have been monitoring initial feedback on the Bahamas Ferry service (www.ferryexpress.com), which runs from Fort Lauderdale (Port Everglades) to Grand Bahama Island (Freeport) and back. One story reports the news, here.

The 450-passenger ferry ship leaves from south Florida every day at 10 am, except Wednesday, and will do the 32-knot, 76-mile ride in about 2.5 hours if the waters are smooth. Day roundtrip fares cost US$142 and give you six to seven hours of sightseeing time; then it's time to head back at 7:30 pm from Freeport. If you want to head back the next day, get the overnight fare at US$193.

Initially, the high-speed ferry service operated by the Baleària group got mixed reviews in the Chicago Tribune, partly because of the time needed to clear at the departure area (90 minutes, we're told), plus another 30 minutes when you arrive in the Bahamas. On the up side, when they start offering car and cargo transport services, we expect their service to make more of a difference.

Baleària was also planning a Port of Miami-Bimini island route here in the Bahamas as well, but that has been delayed because of improvements needed at the Bimini seaport. That's worth keeping in mind in the future.

Anyhow, there are alternatives like flights from Sky Bahamas or Continental Airlines, which on average cost US$275. (Be warned that a Bahamas airport tax of US$60 each way will be charged to your ticket.)

Further up north, consider taking low-cost carrier Vision Airlines' two-hour, twenty minute direct flight from Baltimore, Maryland, into Freeport, a service which started last November. It flies twice weekly with base fares of about $US99-189, depending on the date you will be flying in. Vision Airlines is also running the Fort Lauderdale-Freeport route.

Freeport is Bahamas' second largest town and an important sea cruise terminal. It may not yet have the same prominence as Nassau or New Providence, which seem to gather the most attention from incoming visitors, but consider this: rent is cheaper in Freeport than in Nassau. Freeport is also a tax free zone till 2054, whereas Nassau is not.

Check Tripadvisor for things to do in Grand Bahama (the first article we linked above lists five great suggestions). While you're at it, come and check out some of our Era Bahamas Real Estate listings in Grand Bahama as well. Better yet, consider taking a few days off to see some of the attractive properties in our beautiful islands. Our knowledgeable brokers will be happy to take you around.

Thoughts for the beginning of the year

We're moving into 2012 with some level of uncertainty, if you're to consider what Patty Birch, president of the Bahamas Real Estate Association (BREA) has said in assessing the Bahamas real estate market. 

According to her, the year 2011 was, and I quote, similar to 2010 in terms of sales, with some companies doing better than others. She added that a "glut" in some areas may lead to some price corrections. Other realtors have mixed opinions on this - we'll just have to wait and see.

What does make sense, as Patty says, is that more realtors are "back to studying" and getting on the Internet.

Although the near-term outlook on the market may be mixed, we see this as an opportunity to scour the market for good deals, and not just within the area of New Providence. William Wong, a former BREA president suggests looking at long-term "legacy" investments - investments that your children or grandchildren will enjoy in twenty, maybe thirty years. That's one option. 

Another option is looking at what works for investors who may not be living in the Bahamas. Partial or vacation ownership is one consideration. The $80 million Emerald Bay resort in Exuma is just one example of our world-class properties where this is possible. 

Incidentally, take a look at the Lonely Planet Feature on CNN's website, "The 10 ultimate Bahamas experiences." If this does not generate excitement about living and vacationing in the Bahamas, we don't know what will!  In terms of leisure activities alone, we offer a wealth of water-based activities, world-class golf courses, all-day entertainment, access to the freshest and most exotic seafood...a quality of life that is hard to beat anywhere.

Real estate offerings in the Bahamas islands offer an unparalleled investment.  I am confident we will do better in 2012 than we have in 2010 or even 2011 if we are able to connect more effectively with potential buyers. We will be providing them with more timely and reliable information and convince them about the quality of their investment in the long-term. 

A happy new year to all of you.