Property prices in the Bahamas have been decreasing as of late and it is a prime time to purchase a home right now. Christine Wallace-Whitfield of the Bahamas Real Estate Association reports that property prices have slashed due to sellers who have had their homes on the market for a while and who simply want them sold.
Regardless of the bad plight of the economy, there are always investors who are seeking those great deals on properties and this is the case in a favorable destination such as the Bahamas. Tourists love to visit the islands and with the abundance of homes with decreased prices the market has seen continual growth.
Overseas investors are attracted to the Bahamas because of the close proximity to the US as well as the beautiful climate, beaches and a great number of amenities. It is also easy for foreigners to purchase property in the Bahamas because of the Inter-national Persons Landholding Act, which states that non-Bahamians can purchase residential property of less than five acres on any Bahamas island.
But the market is not only favorable for overseas investors who want rental properties, vacation, or retirement homes, but also for locals who simply want to own their own home as an investment. Whitfield encourages Grand Bahamians to purchase a home and help in the development of their island.
Whitfield also added that low-income homes as well as single and multi-family properties are the most in demand at this time. Optimism abounds that the property market will continue to be favorable in 2011.