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Tourism & second homes
WHAT-TO-DO - FREEPORT/LUCAYA & GRAND BAHAMA ISLAND - JULY 2006
Tourism & second homes
Demand remains strong
The demand by foreigners for second and retirement homes in The Bahamas is greater today than ever before and there's no sign of a let-up, say local realtors.
And it's not just the very wealthy who are picking up a second house in Grand Bahama. Middle income families, particularly Floridians, are buying weekend properties here, says Lanelle Phillips-Cole of H G Christie Ltd.
"Since 9-11, we've seen a dramatic increase in Americans buying second homes. Before, it was mostly Canadians," says Phillips-Cole.
"Buyers can get beach front and canal property here," says James Sarles of Coldwell Banker James Sarles Realty. "They've been priced out of Florida, and they're discovering the values of Freeport."
Known as the "Venice of the Caribbean," Grand Bahama is particularly popular with boaters, says Sarles. They like the island's many canals, which provide docking facilities at the doorstep.
Another attraction for those who want to leave their boats here: "We're just 19 minutes away from Florida by jet," says Sarles.
"Freeport is unique," agrees Phillips-Cole. "We have no property taxes (unlike other areas in The Bahamas), and Freeport has a new and modern infrastructure."
Link to tourism
While the pace of real estate sales is increasing all the time, buying a second home in The Bahamas is nothing new, says Obie Wilchcombe, Minister of Tourism, who also represents Grand Bahama in the House of Assembly in Nassau.
Wilchcombe maintains there has always been a close connection between tourism and the second home market. People came to The Bahamas more than 100 years ago to escape bitter northern winters. Then they fell in love with the place. At first they took rooms in private residences but then, many of them began to buy their own homes.
For more than a century, tourism has been bolstering the Bahamian construction and housing market, he says. And the building of homes, in turn, helped to bring in more tourists.
The symbiotic relationship "worked back then, and it's working now," Wilchcombe says.
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