The Bahamas' real estate industry has a "huge" opportunity to regain momentum in the second-home market, according to an international company. Stephanie Pfeffer, executive vice president at Luxury Portfolio, pointed out how beaches, resorts, golfing and gated communities are all amenities that topped the priority list for buyers interested in purchasing a second home, putting destinations in the Caribbean, like The Bahamas, in a position for a "boom". "We asked them what's important to you when purchasing a second home and the number one thing was a beach community, a resort and a gated community.

I think a pool was the other one. The Caribbean falls really high on that list because you have all of those things naturally," she said. Pfeffer pointed out to Guardian Business that there were more affluent people with second homes in 2009. Since then, the number has dropped significantly. But now, the market is set for a rebound. "Right now, we are seeing affluent buyers looking to invest in second homes again. So there is a huge opportunity when it comes to people looking to buy second homes," she explained. According to her, the U.S. is starting to experience a "huge boom" in real estate.

"I think there is huge opportunity. My point is to show what's happening in the U.S., that there is a huge boom and that people are buying in cash. People are going back to what is simple and basic. These are people that didn't grow up with wealth. They acquired it on their own," she said. "They have very middle-class values. The things that are most important to them are family and having an opportunity to be with family. So home has become a refuge and it's a place that they want to be able to escape to rather than invest in. It's really something emotional for them."

The property consultant said her clients are not just seeking a deal. They're willing to pay more if they are getting more. "When working with real estate brokers around the world, we help them to understand how to sell to clients that are interested in emotion and worth." Pfeffer is confident this trend will trickle down to The Bahamas in the near future. Launched in 2005, Luxury Portfolio is described as the largest global network of locally-branded companies dominated by many of the world's most powerful independent luxury brokerages. Its 200 affiliates represent the luxury component of an organization that encompasses nearly 550 companies producing $225 billion in annual home sales in 30 countries.

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