When searching for an ideal Bahamas home, buyers will often have favourite communities in mind and will want to know the potential and if their target properties are fairly priced. Investors may have slightly different criteria, but they are also likely to have a list of top target communities in which to look.
Whether you are searching for property in an established or an up-and-coming community, it helps to have an idea of the potential and general price range.
To help, Engel & Völkers Bahamas Advisors have 10 top tips on estimating the property potential of a community and investigating how it is faring against others.
Like-for-like
One of the most popular ways of estimating property values in a community of the Bahamas is to look at recent values of similar houses to the one you are targeting in the local community. If you want a bespoke home, this is more difficult, of course, but you can still obtain a general idea of price ranges.
Use our online property watch tool here.
Demographic trends
Rising populations inevitably lead to more property demand, and where demand outstrips supply, property values rise.
Market history
The past performance of a community’s housing market can be a reliable indicator of future fortunes. But, redevelopment, improvements, and gentrification can occur, leading to unexpected prices surges, or a sudden economic or natural disaster, leading to a downturn.
Read our 2019 Bahamas Real Estate Market Report
Services
When a region benefits from new services – including water and sewerage, broadband, telephone, and power upgrades – property values are likely to rise.
Amenities
Everyone wants to live on or near the water, beautiful scenery, leisure facilities, and excellent shops and restaurants. The more amenities a community has, the more popular it is likely to be, and the higher the median property prices. However, bear in mind that a neighborhood with lots of amenities can attract a significant influx of tourists. If you are renting out your property, this will be ideal, but if you are looking for privacy, then target a community with a good choice of secluded homes. Ocean Club Estates offers both privacy and access to resort amenities.
Read our Market Insight: Ocean Club Estates
New development and features
An area that has active new infrastructure, development, schools, and retail outlets shows potential for increasing land and property prices.
Read our Condo Amenity Report here.
Transport hubs and links
It is well-known in the real estate sector that where new transport hubs form or new air routes are created, travel demand rises, and property sales follow.
Read New flights set to boost real estate sales.
Surrounding areas
Keep an eye on surrounding communities on the island you are targeting. When real estate opportunities are nearing capacity in a region, buyers often start looking at neighbouring communities instead, increasing the potential value of properties there.
Job creation
When a major employer or tourism attraction moves in, or an industry sector takes off, jobs are created, and housing is needed. Both rental and property sales in nearby areas are likely to increase to house the new workers.
Read Insight: With An Economy On Its Knees, Straight-Shooter Sol Arrived With A Dream
Talk to an Engel & Völkers Bahamas Advisor
Want advice about the best community in which to buy your ideal Bahamas home? Talk to your Engel & Völkers Bahamas Advisor for help and guidance. We live and work locally and so know the property hotspots in the Bahamas, as well as the up-and-coming areas.
