The eastern coast of New Providence is catching the eye of more and more real estate investors, looking to relocate to The Bahamas’ year-round warm climate and waterfront properties, according to BE Luxury Real Estate (BELRE) Group.
Shamon Campbell, President of BELRE, said investors are recognizing the opportunities in the surrounding neighborhoods to acquire properties without any heads of agreement restrictions to rental action. This allows homeowners, who wish to rent their properties, to do so over long- and short-term periods.
“There’s an extraordinary increase in interest for waterfront properties along the eastern coast as we’ve never seen before,” Campbell said. “There’s a huge benefit to foreign investors that seek to use their home when traveling to the island.”
Properties along the eastern coast are ideal for local and international investors or home buyers, who are seeking favorable land sizes, spacious homes, and ocean views at a fraction of the cost that are comparable to properties on the western end of New Providence.
According to BELRE Vice President, Aaron Davis, said investors who are looking to renovate a property to its full potential could see waterfront eastern road properties trade for significantly less than those in the west, especially as inventory for desirable waterfront offerings in the west reduces.
“Many local buyers shy away from properties in the east, as they may have grown up in these communities, but international buyers that are looking for income-producing properties, that can also be used for entertaining family and friends a few times a year, find these deals ripe for the picking,” he said.
One example is the $2.4M property, which was recently sold to an American investor, who sought a home near a canal that would provide him with quick access to boating, jet skiing, and other water adventures. The investor relocated from the United States to this country’s warm climate and friendly people.
Although his search started in western New Providence, with a few properties at the top of his list, once this property came to market, the choice was easy.
“In today’s market, properties at this price point and specifications do not last long. It was our precision and area intelligence—understanding of the market and knowing what expect—that resulted in our client’s success,” Campbell said.
The licensed agents of BE Luxury Real Estate Group are associates of H.G. Christie, Christie’s International Real Estate.