How difficult is it to find reasonably priced rental accommodations? Are homes expensive to purchase, or build?

Category: Real Estate

Answer:

Rentals (apartments and homes) in select residential areas can range from $2,000 to $8,000 per month. A minimum outlay of $250,000 can purchase a three bedroom, two and a half bathroom house or condominium in a good area.

Most modest homes cost at least $150.00 per sq. ft. to build. The luxurious and spectacular homes in areas such as Lyford Cay cost at least $250.00 per sq. ft.

Commercial property generally runs between $25-35 per square foot to rent, dependent on whether it is classified as Class B (older than 10 years office space) or Class A (new office space). There has been tremendous commercial property development in recent years, both in the construction of new office buildings and redeveloped properties.

Construction costs for a new Class A office building is approximately $250 per square ft. for the base building only. Tenant leasehold improvements average approximately $100 per sq ft.

There is an active Bahamas Real Estate Association, which provides information and referrals on licensed agents. The industry is regulated under the Bahamas Real Estate (Brokers and Salesmen) Act 1995.