Claire is an investment property specialist whose 20-year background in property management and rentals brings valuable insights to the decision-making process. She focuses on the western areas of New Providence. Here, she answers questions on her market and what she sees moving forward.
Which communities are you focusing on?
Nestled in the far western part of New Providence, are the exclusive, gated enclaves of Lyford Cay, Old Fort, and Albany. They each offer security and member-only clubhouses on the beach. It’s common to see golf carts used to get around within the neighborhoods.
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What is something unique about one of these communities?
Albany distinguishes itself as a modern resort community with an emphasis on sports facilities. The fitness centre, golf course, and tennis courts allow athletes to train year-round. There is a wide range of recreational amenities, an equestrian program, a recording studio, and the marina, which offers one of the most extensive berthing facilities in the Caribbean. Buyers can choose custom homes, beach villas, or one of the condominiums and have the option to participate in the rental program.
How is the community affected due to the present circumstances? What is positive about it?
Albany, having a hotel designation as well as restaurants and a grocery store on-site, allows guests and residents to have most of their essential needs fulfilled without having to venture out of the community during a lockdown.
Currently, most people are spending way more time at home than they likely ever envisioned when buying their existing property and, consequently, are much more conscious of their immediate surroundings.
What is the future of this area later in the year/next year?
I find it interesting that many second home-owners chose their Bahaman properties as their bolt hole during this pandemic. In Lyford Cay, for example, I know of many part-time residents who would typically just visit for two weeks each spring break/Easter, summer and Christmas, who relocated to their estates there in early March with the intent to stay for two or three months. I believe this is indicative of a trend that may continue beyond the current health crisis as people feel more relaxed in lower-density areas and are looking for a second (or third) home to offer a haven away from urban areas.”
Why do you still recommend these communities, despite the circumstances?
Alongside a diverse range of properties, The Bahamas continues to offer incredible weather, crystal clear water, and secluded beaches. I think the massive increase in traffic on the Engel & Völkers video content (75,000% in some shops) is a good indication that people are evaluating their investment interests for functionality and amenities, perhaps making a wish-list of features like a home office, upgraded kitchen, garden areas and expansive views that will be given higher consideration in any future home purchase.
What should people look out for to make an informed decision?
Currently, most people are spending way more time at home than they likely ever envisioned when buying their existing property and, consequently, are much more conscious of their immediate surroundings. Sellers may wish to highlight these areas.
Prices in The Bahamas tend to remain fairly stable, but with some motivated sellers looking to liquidate their assets quickly, there may be opportunities for buyers to make aggressive offers.
