With the global economic downturn, demand for residential properties in The Bahamas has decreased, and some areas have seen a decline of more than 60%. The government shut down the country’s borders to international tourists in March 2020, in an attempt to contain the spread of the coronavirus. As a result, Q1 2020 tourist arrivals declined by 14.7% y-o-y, with air travel down nearly 28% and lodging down 10.5%. While this is a positive sign for the Bahamas real estate market, the downturn is expected to worsen by Q2 2020, as the country is expected to suffer another hurricane season.

Before purchasing a piece of Bahamas real estate, it is imperative to understand the local land law. Bahamian land law is very complex, and formal powers of attorney are rare. Most real estate documents are executed directly by the parties, though some are signed by Bahamian attorneys without formality. In any event, the Powers of Attorney Act 1992 provides a mechanism for Bahamian attorneys to execute certain real estate documents. Additionally, if the buyer is unable to sign the real estate documents, an attorney is usually required to complete the declaration of real property.

If you are looking for a home in The Bahamas, make sure bahamas real estate to find an agent that can work with your needs and preferences. Despite the fact that there are hundreds of islands in The Bahamas, the country has an investor-friendly tax regime. In addition to being a highly desirable place to live, you’ll find world-class shopping, golf courses, and spas, and some of the most luxurious homes in the Caribbean. With a local agent who knows the area intimately, you can be assured of finding the perfect home for your needs.

The Bahamas welcomes investment by non-Bahamians, and the government has introduced various policy documents to facilitate the process. One of them, the International Land Holdings Act 1993, makes it easier for foreigners to purchase Bahamian real estate. Purchasing a property in The Bahamas requires registration with the Central Bank and Investments Board. The registration fee varies from $25 to $100. Aside from these benefits, The Bahamas’ economic stability makes it an attractive place to invest.

The Bahamas is also home to some of the world’s most famous residents, including Nicolas Cage, Maria Carey, Sean Connery, Tiger Woods, and Michael Jordan. These celebrities have bought Bahamas real estate and are proud to show it off. The real estate market in The Bahamas has flourished, and prices have increased significantly. In recent years, the country’s economy has become more stable and affordable. The country has been attracting wealthy foreign investors.

Higgs & Johnson handles a variety of real estate transactions. The firm acts for international and Bahamian developers, as well as financial institutions, on the purchase and sale of properties. The firm leverages an in-house search department to find clients. Stephen Melvin heads the real estate and development group. Other key members of the firm include Timothy Eneas and Gia Sands. The firm also has a high-net-worth client practice led by Vanessa Hall.