Second and third home ownership is one of the fastest growing sectors in the real estate industry. The choices are endless, from gated waterfront communities packed with lifestyle amenities from golf and tennis to marinas located in key tourist destinations with shopping and fine restaurants nearby, to grand estates on private islands or hideaways on the Family islands. Many investors “dip a toe” in the second home market by purchasing a condominium or single family residence that is managed by a resort company and rented when not owner occupied.
It is not difficult to purchase real estate in The Bahamas. There are many conveyance attorneys who are skilled in property transactions of all kinds. Concierge residential management services also are abundantly available for homeowners who are not in residence.
The Bahamas Real Estate Association (BREA) is responsible for monitoring and regulating the industry. The BREA site provides usual information for both sellers and buyers, in addition to all licensed service providers. It also gives information on the International Persons Landholding Act, which deals with the purchase of property by non Bahamians and companies under their control. Note that non-Bahamian purchasers will be required to register property with the Foreign Investments Board – and in the case of undeveloped property, to apply for a permit.
BREA members consist of qualified brokers and property management/development agents. In an effort to become more globally oriented, many of the leading real estate offices are affiliated with international real estate operations and franchises, including: Prudential, Coldwell Banker, Remax, Century 21, Sotheby’s International, Christies Great Estates, CB Richard Ellis, and Luxury Portfolio.