As the Bahamian economy crawls toward normalcy, a young real estate team is poised to take over, introducing a new approach and culture to real estate in the country.
Realtors agree that this year's prospects look much better than last year’s, and those numbers will climb in the coming years. As a result of relatively low COVID-19 cases (compared to other Caribbean countries and others in the western hemisphere), the market is predicted to see a 50% uptick.
Calling it “a boom in the luxury market,” BE Luxury Real Estate’s Vice President, Aaron Davis, said that The Bahamas is in the first wave of an uptick in the market activity as buyers’ confidence grows and they are pursuing investments. International buyers, including those from countries under lockdown due to the pandemic, use virtual tours and DocuSign to purchase properties.
“The industry recently recorded over $400m in transactions in the first quarter alone. Over the next two to five years, we will continue to see an increase in interest, not only in The Bahamas, but throughout the Caribbean. Vacation-home buyers are more inclined to act now than they’ve ever been before,” Davis said.
According to Forbes magazine, “Real estate markets have undergone noticeable shifts since the start of the coronavirus pandemic” (Forbes, 2020). Buyers are looking more into second homes and investments to give them a sense of security.
At the pulse of this new shift is BE Luxury Real Estate, which comprises its Founder and President, Shamon Campbell, Aaron Davis and Theodore Sweeting—associates of the prominent realty firm, H.G. Christie, an affiliate of Christie's International Real Estate.
“Our young ages don't always place us at the forefront, but through innovation, creative marketing, and accurate market knowledge we will remain the go-to for existing clients and attract new ones.”
While some agencies may respond to a client’s specific inquiry with a generic link to a property listing, BE Luxury Real Estate (BELRE) dives deeper to assist their clients. The group mainly focuses on the country's most desirable communities.
This “bespoke” approach to buying and selling properties, coupled with the Bahamian economy broadening once again, has encouraged the group to host educational forums for new, young buyers. In the coming months, BELRE’s team will host a webinar for new buyers to educate them about the market and how to navigate the preliminary steps toward homeownership.
“We work with a lot of young professionals and entrepreneurs that aren’t familiar on how to structure their financials in a way to afford them a mortgage, and so, with that, we’ve partnered with a number of loan officers and financial institutions to guide our clients through that particular process,” Davis said.
He noted that the series of virtual, and eventually in-person, forums are a sound investment, recognizing that when young Bahamians obtain affordable housing and international buyers also invest in The Bahamas, this substantially supports the Bahamian economy.
BE Luxury Real Estate, founded on “setting a higher standard” will remain forward-thinking in their approach to marketing properties and representing their clients. The team was successful in their break-out year, regardless of economic conditions, and have positioned themselves to be leaders in the industry alongside their brokerage.
