In the Bahamas, buying and selling property is relatively inexpensive. The transactional cost is between 15% and 20% of the net price. This includes the buyer’s legal and real estate fees as well as government stamp duty. In addition, the buyer must pay the real estate agent’s commission. Value-added tax is also applied to legal and commission fees.
For the best results, look for a broker with experience in the Bahamas property market. Enness is one of the country’s leading high-value mortgage brokers. They specialize in high-end real estate sales and can provide you with financing for a property in the Bahamas. Specialist brokers can help you navigate the financing options available for Bahamas property and answer any questions you may have about the finance.
The Bahamas Property market has experienced a drop in demand in recent years. Since the global financial crisis, residential property prices have fallen by 20 per cent or more in some areas. According to Engel &Volkers’ 2019 Real Estate Market Report, this is a significant reduction. Additionally, the government has closed the borders to international tourists since March 2020 to combat the coronavirus. During this time, tourism figures have been drastically reduced. Air travellers have decreased by up to 20 per cent since the outbreak of the disease, while sea travellers have dropped by 10 percent or more. The figures are expected to be even worse during Q2 2020.
The government has limited restrictions on foreigners purchasing property in The Bahamas. However, it does permit the sale of property to non-Bahamians if the property is valued at $500K or more. Foreign investors can also buy free title to real estate in the Bahamas. bahamas luxury real estate is an ideal option for buyers who want to invest in real estate without the hassle of a nationality.
The Bahamas is a desirable place for investment, with beautiful beaches and views of the Atlantic Ocean. Its easy access to Miami and New York makes it a popular location for US investors. There are several residency options, as well as a stable economy. Tourism is the main industry in the Bahamas. You can choose between properties in vibrant cities and rural areas, as well as near the islands that are undeveloped.
While buying a property in The Bahamas, you should also consider the tax situation. The country has a low tax structure, and the process is transparent and secure. A buyer’s attorney will check the title to ensure that the property is free of defects. Any missing abstracts, or other paperwork can make a property less marketable. It is also essential for the vendor to keep the property’s history up-to-date and accurate.
Mortgages are available from major banks. Most of them provide mortgages for Bahamians and permanent residents. Some of them require a 10 percent down payment. Some also grant mortgages to foreigners. However, the down payment and interest rates for these mortgages will depend on the financial institution.