If you’re thinking about buying or selling property in The Bahamas, you’ll want to know how to buy or sell real estate. There are several factors you should consider. One of the most important is location. The Bahamas is located in the western part of the Caribbean Sea, and property values are relatively low. A home in the Bahamas is likely to appreciate in value over time. But it’s important bahamas real estate to keep in mind that property prices will vary depending on the type of property you’re buying.
The Bahamas offers a diverse property market, including luxurious homes and condominiums. There are hundreds of islands to explore and discover, and the country’s tax code is attractive to foreign investors. There are many things to do in the Bahamas, including world-class golf, shopping and spas. Not to mention some of the finest homes in the Caribbean. The Bahamas has it all, so if you’re looking for a luxury home in the Caribbean, you’ve come to the right place!
Although the country has a high cost of living, residential real estate prices in The Bahamas are falling. Brokers such as Engel & Volkers reported a 20% drop in residential sales during 2019. In March 2020, the Bahamas closed its borders to international tourists to curb the spread of the disease. During the first quarter of 2020, visitor arrivals fell 14.7% year-over-year to 1.7 million. Air travel also decreased by 28%, and tourism is expected to fall further in Q2 2020.
Investors can purchase real estate in The Bahamas with minimal legal hassle. Foreign investors are encouraged to purchase property in The Bahamas, but there are still a few steps to take. Purchasing a property in The Bahamas will require you to register it with the Investments Board and pay a small fee. But once you’ve registered, the government will give you the green light. It’s important to register your property in order to avoid any problems later on.
To buy Bahamas real estate, you must fill out the Declaration of Real Property Form. This document must be signed by the property owner and witnessed by an authorized person, which can be a bank officer, a registered medical practitioner, a justice of the peace, or a notary public. A property’s assessment can be retroactively assessed after ten years, and you’ll be sent a notice five days later. In the meantime, you can enjoy the relaxing, laid-back lifestyle of The Bahamas.
Higgs & Johnson is a firm with a strong real estate practice. They act for international and Bahamian developers, and finance institutions. They also advise on acquisitions and sales. They have a robust in-house search department, which makes them a good option for any real estate transaction. In-house real estate and development is led by Stephen Melvin. Real estate litigation is handled by Timothy Eneas. They have a strong maritime and aviation practice.