Before the coronavirus outbreak, demand for residential property in the Bahamas was falling. According to a recent Engel & Volkers report, residential sales decreased by 20% in 2019. As a result, the government closed its borders to international tourists in March 2020 to prevent the spread of the virus. As a result, Q1 2020 visitor numbers were down 14.7% y-o-y, while air travel decreased by more than 28%. This trend is expected to continue in Q2 2020.
After the Act passed, the Bahamas Real Estate Association published a handbook that offers comprehensive information about real estate in The Islands. It also addresses current development trends and provides updated information on real estate in The Bahamas. With a wealth of information about the island, Bahamas Realty is the place to turn when you’re ready to buy or sell real estate in The Bahamas. If you’re ready to buy a piece of paradise, get in touch with one of our experts today.
To buy a property in the Bahamas, foreigners must pay high realtor fees, lawyers’ fees, and other costs. Foreign property purchases have become more straightforward since the implementation of the International Persons Landholding Act, which replaced the Immovable Property Act of 1981. Currently, there are fewer permits required to buy property, although foreigners need to obtain a permit for land over five acres and undeveloped land. Once the transaction is complete, foreign properties must be registered with the Bahamas Investment Board and the Central Bank.
While buying or selling real estate in The Bahamas can be complicated, it’s important to do your homework before signing any documents. Make sure to check the real estate’s government records and the owner’s personal documents to ensure you’re not getting ripped off. Make sure you have a legal representative on the island if you’re in any doubt about ownership. Once the buyer and seller are both present, the attorney will make the necessary declarations to transfer ownership to the new owners.
If you are buying a property in the Bahamas for personal or business use, it’s important to know what laws apply to the sale. In general, buyers must pay seven percent of the property’s value. Non-Bahamians may opt to pay an exemption of seven percent from this tax. This tax is intended to encourage developers to develop land. Furthermore, a non-Bahamian may be exempt from paying taxes on a property purchased outside the country.
Celebrity buyers are also interested in Bahamas real estate. The Bahamas has the highest concentration of celebrity-owned private islands. Whether it’s a condo or a beachfront villa, a Bahamas real estate agent can help you find your dream property. If you want to buy a property in The Bahamas, you should contact a real estate agent to ensure a smooth transaction. They will have a wealth of knowledge about the islands and their real estate market.