Buying or selling Bahamas property can be a lucrative investment, especially if you can find the right location. The real estate market in the Bahamas is booming, with prices topping $70 million per year. Harbour Island is home to numerous real estate offices, including Coldwell Banker Lightbourn Realty, on Dunmore and Crown Sts.
The Bahamas is an archipelago of hundreds of beautiful islands, and is the ideal investment destination. Its tax regime is very investor-friendly, and its property market is secure. It is also home to some of the most luxurious homes in the Caribbean. If you are thinking of buying a piece of paradise, consider these three factors:
Before the recent outbreak of the coronavirus, demand for residential properties in The Bahamas was declining. According to Engel & Volkers’s 2019 Real Estate Market Report, residential sales declined by 20 percent in 2019. The Bahamas government then closed its borders to international tourists in March 2020 to limit the spread of the disease. As a result, air and sea travel declined by more than 30%. Tourism figures are expected to drop even further in Q2 of 2020.
The Bahamas has a low crime rate, stable economy, and excellent natural beauty. It also offers an excellent residency opportunity. While it is not easy to buy a piece of land here, you can find a property with a free title, allowing you to own it in exchange for no money. This means that you don’t have to pay any taxes, or worry about a mortgage or rent.
Among the most sought-after neighborhoods, Harbour Island has become a popular place to buy a home. Recent episodes of HGTV have highlighted the island’s many attractions. harbor island bahamas real estate Sandy Hill, Pink Sands, and Fort Point were all featured on the show. In addition, the Strawberry House, an iconic structure, is currently undergoing a restoration project.
Taxes and fees in the Bahamas are generally lower than in most countries. VAT is generally split between the buyer and seller, and the first $250,000 of residential property is tax-free. Then, after this limit, the tax is capped at 3/4 of one percent of the market value. Any market value above this is subject to a 1.5% tax rate per annum.
Harbour Island has some of the most prestigious real estate in the Bahamas, which attracts wealthy buyers from all over the world. This tropical paradise features warm weather, hospitable residents, festive traditions, and a relaxed lifestyle. In the 1700s, British Loyalists settled on the island, which was later renamed Eleuthera.
The island’s capital city, Nassau, is the heart of its tourism industry. Here, you can find single-family homes, condominiums, town houses, vacant land, rental properties, and other real estate options.