The prime minister has been informed that a majority of realtors are opposed to the government implementing policy measures to try to lower the cost of property in The Bahamas, the Bahamas Real Estate Association (BREA) has revealed, but its president continues to contend an affordability problem exists.

BREA President Franon Wilson said Prime Minister Perry Christie was told that a "slight majority" of BREA members were opposed to any policy measures being undertaken by the government to affect property prices.

While the BREA members' views were submitted to the government in early August, Guardian Business understands that it has yet to respond to BREA on whether it will pursue any policy changes to address the question of the accessibility of property for the average Bahamian.

In the meantime, Wilson said that BREA has been asked to submit a more broad-ranging document highlighting any steps which its membership believes the government could take to boost the real estate sector. Wilson said he intends to submit the letter in the coming month.

"The letter will offer solutions. It's not in anyone's interest to complain without offering solutions.

You must put what you think is viable on the table, what you want to do and how you want to do it," he said.

The BREA president declined to reveal some of the proposals that BREA will put to the government until the association's document has been submitted.

With regard to the issue of affordability of property, Wilson told Guardian Business: "We wanted to carry the majority view, and clearly it was a decision where you had a majority of opinions. Their view basically was they felt that right now in terms of procedures and so on, things should stay the same. That was the view of the slight majority of members - to let the market dictate.

"That doesn't change the fact that today in Nassau if someone wants to buy a vacant piece of property, the largest subdivision - Serenity - is selling vacant lots at $80,000 to $100,000. It doesn't change the fact that the majority of Bahamians can't afford that, so if the government has a suggestion on what they see is the way forward, then BREA would hopefully have opportunity to look at it and offer any feedback."

Wilson reiterated that the reality is that salaries have not kept pace with property price rises. "There are people who have got degrees and are finding that they can't live in the area where their parents live. They can't live there or around the corner. The main thing is what can be done to ensure that someone who does everything, that they can will get an opportunity to take part in real estate? I am of the view that we have a problem, but with that said, what exactly do you do?"

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