Source: Date: Updated: |
Property Wire
Thursday, December 5, 2013 Thursday, December 5, 2013 |
Improved tourism and a better economic outlook in the Bahamas is creating conditions where property prices are expected to rise and the number of transactions grow, it is claimed.
Although there are no official house price figures, values are estimated by local agents to have dropped by 30% to 40% from 2007 to 2010 and but they are now starting to recover and sales volumes are picking up, according to Luke Smith, managing director of Crystal Investment and Real Estate.
He pointed out that the Bahamas is expecting double digit growth in visitor arrivals for 2014 and with a mature tourism infrastructure supporting approximately 1.5 million stopover visitors and 3.5 million cruise visitors per annum along with a progressive service industry, tourism has become the largest driver of the economic activity in the Bahamas.