After the pandemic, the Bahamas real estate market is seeing a massive surge in sales. Almost $400 million worth of properties were sold in the first quarter of 2021. Double transactions are being seen compared to pre-covid activities. Buyers are purchasing properties ranging from $700,000 to $3 million and above.
Many realtors are eyewitnesses of these transactions, and Matt Sweeting broker of 1 OAK Bahamas is one of them seeing considerable year over year growth working with clients locally and internationally.
After the covid-19 restrictions were lifted and vaccines rollouts across the U.S. Many citizens suddenly show a big interest in the island real estate. From the northwest to the mid-west, people are buying properties even before viewing the property in person. Also, growing interest from Europe and U.K has been seen.
So, the question is, why are people moving to the Bahamas?
Well, there is not an absolute answer for this, but there are many factors.
Many wealthy people are looking for such places to escape due to high covid-19 rates in their locations.
Working from home gave them the flexibility to work remotely. So, they are looking for a change of scenery after being cooped up for so long due to lockdown.
The stress-free lifestyle of the Bahamas attracts those families or couples who are looking for a hot spot to enjoy their life while working.
It’s also a hot spot for those people who have just retired.
From the financial perspective, there are significant tax advantages. Like citizens of the Bahamas do not pay taxes on income, inheritance, gifts, or capital gains.
They only pay import tax and sales tax.
People who can buy real estate over $750 thousand are eligible to become residents of the Bahamas and can get benefits from the island’s tax laws.
Due to high transactions from international buyers, tourism is being fuelled, boosting the Bahamas economy.
Travel from the United States to the Bahamas is less than 30 minutes from Florida and could be less than 3 hours from many metropolitan states.
Right now, people are looking for a paradise on earth and they found the Bahamas.
If you are looking to purchase real estate in The Bahamas please do not hesitate to reach out to Matt Sweeting at 1 OAK Bahamas at 1-242-808-6868 or email matt@1oakbahamas.com
If you'd like to see what is available start your search now at mattsweeting.com/search
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